INDUSTRIALIST YASH Birla and seven other accused in a case filed by the EOW appeared before a special court Monday. In the absence of a reply filed by the EOW on their bail applications, special Judge D P Surana directed for their interim bail to continue till the next hearing.
In the hearing before the special court , it was submitted that a notification dated November 24, 2016 by the home department has attached properties in the case, including Birla House, two other properties in Juhu and Mahim, six demat accounts and one bank account.
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The court was informed that the notification was not received by the competent authority, the deputy collector. As per procedure, after the EOW made a proposal to the Home Department, a notification is made which has to be sent to the competent authority, which in turn files an affidavit before the court concerned to formally allow the attachment and subsequent auction.
Special Judge Surana told the representative from the deputy collector’s office that if the affidavit is not filed within time, the attached properties will be free. “The deputy collector is now given time till 30 days from the notification for filing objection. He is also directed to be present in person to report compliance on the next date,” the judge said.
The court also rapped the competent authority for not submitting a valuation report of the attached property, a plot in Oshiwara, which Birla’s counsel Ramakant Gaur submitted was proposed to be sold to disburse proceeds of the sale among the investors.
Further, the hearing on the bail pleas was deferred since the investigating officer had not filed his replies on the applications. The court stated that it would be the ‘last chance’ to the IO to file his reply failing which the matter will be fixed for hearing without the prosecution’s say.
Birla has claimed in his bail plea that the dispute with the original complainant, the trustee of Hajarimal Somani Memorial Trust, who had filed an FIR against Birla Power Solutions Ltd, had already been settled.
The allegations by the EOW state the accused company, Birla Power with their group entities and directors, offered attractive interest rates on fixed deposits and collected investments to the tune of Rs 300 crore from around 100 to 150 companies or persons.
Subsequently, a chargesheet was filed in 2014 under sections including cheating and criminal conspiracy and relevant sections of the MPID Act. “The petitioner (Yash Birla) resigned as non-executive director from the accused company BPSL on 27.12.2012. It is submitted that he was not concerned with the day-to-day affairs of the accused company,” the bail application states. He has also complained that sincere efforts have been made to settle the dues of investors.