Yes Bank Fraud Case: Bombay High Court Grants Bail To Avantha Group Promoter Gautam Thapar

Thapar, a resident of Delhi, is currently lodged in Tihar Jail and had filed the bail plea after the sessions court rejected his bail application.

According to CBI, co-accused Rana Kapoor, founder MD & CEO of Yes Bank, obtained illegal gratification in the form of a property in New Delhi at much less price than the market value, belonging to Avantha Holdings Limited (AHL) for sanction of a loan to his firm and for extending concessions and waivers in the already existing credit facilities and for advancing additional loans to them by Yes Bank Ltd.

According to reports, Yes bank had already extended credit facilities of approximately Rs 2,500 Crores to various Avantha companies and yet a loan of 400 Crores was granted to ARL.

The CBI then registered an offence against Thapar, Kapoor and other accused punishable under Sections 120B (criminal conspiracy), 420 (cheating) of the Indian Penal Code (IPC) and Sections 7, 11 and 12 of the Prevention of Corruption Act (PCA).

"Prima facie the allegations are sufficient to show the complicity of Gautam Thapar in a grave and serious offence. Considering the facts of the matter, the gravity and nature of the offence and in the larger interest of the society, I am not inclined to allow the prayer by using discretion in favour of Thapar," said the special court had said while rejecting the bail plea.

Senior Advocate Mahesh Jethmalani assisted by advocate Gunjan Mangla appeared for Thapar. They were instructed by a Karanjawala & Co.

The senior advocate submitted that after registration of the FIR Thapar had joined investigation as and when he was called by the investigating agency. Further, it was argued that the chargesheet has been filed in the present case in October 2021 and summons were issued pursuant to which Thapar entered appearance before the Ld. Trial Court through his counsel. Moreover, he was not arrested by CBI throughout the investigation even before the chargesheet was filed and summons were issued by the trial court.

Accordingly, he submitted that the present case is squarely covered under the guidelines issued by the Hon'ble Supreme Court of India, regarding grant of bail in case of "Satender Kumar Antil v. CBI & Anr." dated 07.10.2021 and the clarification order dated 16.12.2021 therein.

Special Public Prosecutor Hiten Venegaonkar appeared on behalf of CBI and submitted that Thapar's bail was rightly rejected considering his role in the offence.

With the present bail order, Thapar has been granted bail in both the CBI & ED matters related to the Delhi property deal.

Senior Advocate Mr. Mahesh Jethmalani appeared on behalf of Mr. Gautam Thapar briefed by a team of Karanjawala & Co. led by Mr. Sandeep Kapur, Senior Partner and comprising of Mr. Vivek Suri and Mr. Abhimanshu Dhyani and Mr Ravi Sharma, Advocates.

Case Title : Gautam Thapar v/s Central Bureau of Investigation, Mumbai and anr.

Citation: 2022 LiveLaw (Bom) 104

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