BOMBAY HC REJECTS ALL BAIL APPLICATIONS FILED BY WADHWAN BROTHERS

4^th NOVEMBER, 2020

The Bombay high court on 4^th November rejected all bail pleas requested by Kapil and Dheeraj Wadhawan, who are promoters of Dewan Housing Finance Ltd (DHFL), in the fraud case of Yes Bank. The Wadhawan brothers had reached the high court, requesting bail, claiming that the Central Bureau of Investigation (CBI) and the prosecuting agency in the case had not fulfilled the procedural requirements under the Code of Criminal Procedure (CrPC) while filing the charge sheet before the special CBI court. A lawyer from the CBI side had opposed the bail application assuring that CBI had followed all procedures and compliances.

As per the information provided in the FIR filed by CBI, Yes Bank invested Rs 3,700 crore in short-term debentures of DHFL between April and June 2018. The Wadhawans gave Rs 600 crore kickback to the former CEO and managing director Rana Kapoor of YES Bank. The kickbacks provided were in the form of a loan from a company registered in the name of Kapoor’s daughters.