Yashovardhan Birla gets bail in cheating case
The complaint against Birla Power Solutions was that 100-150 depositors and companies, which made investments of Rs 300-400 crore, were cheated.
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The court said that ever since interim bail was granted to Birla in 2016, there has been no breach of conditions reported by the prosecution. A special court has made absolute the interim bail granted to Yashovardhan Birla in connection to the Birla Power Solutions case, filed against him by the EOW in 2013 on charges, including cheating.
The complaint against Birla Power Solutions was that 100-150 depositors and companies, which made investments of Rs 300-400 crore, were cheated. The probe claimed that Rs 277 crore collected from the investors was not returned.
The court said that ever since interim bail was granted to Birla in 2016, there has been no breach of conditions reported by the prosecution. “Even prosecution or depositors through prosecution, have not applied for cancellation of interim bail contending that even after attachment, applicant had sold shares as alleged and contended in the written submissions of depositors,” the court said.
It added that assets had been attached and no purpose would be served by keeping Birla behind bars for an uncertain period since nobody knows when trial will begin and conclude. It set various conditions before releasing Birla on bail.
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