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HC cancels bail of Ketan Sheth

The Bombay high court bench in Nagpur cancelled the bail granted by a lower court to broker Ketan Sheth and deposed general manager of Nagpur District Central Co-operative Bank Ashok Choudhary in the Rs 150-crore gilt scam.

Judicial Magistrate First Class M R Puwar had on August 22 granted conditional bail to Sheth and Choudhary in the case on expiry of 60 days in detention. On August 28, a high court bench of Justice R S Mohite stayed the bail operation of both the accused facing criminal charges.

In his final order on Tuesday, Justice Mohite cancelled the bail thereby overruling the lower court verdict and asked the prosecution to take Choudhary into judicial custody. After the lower court bail order, Choudhary had furnished the bail conditions and was accordingly released while Sheth continues to be in custody.

Prosecutor Prashant Sathianathan contended before the court that under section 409, they can only be released on bail on expiry of 90-days in detention.

Sheth and Choudhary are among the main accused facing criminal charges under various sections of the Indian Penal Code in the gilt scam. NDCCB chairman and the main accused Sunil Kedar along with five broking firms Home Trade, Gildedge, Century Dealers (all Mumbai), Indramani Services, Kolkata and Syndicate Management, Ahmedabad are facing the same charges.

Kedar had since been released following failure of the prosecution to file chargsheet against him within the stipulated 90 days.

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