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CSE case: Court rejects bail pleas of Gaud, Jain

A court in Kolkata rejected the bail petitions of former managing director and CEO of Stock Holding Corporation of India Limited B V Gaud and Hinduja-controlled IndusInd Bank vice-president Santinath Paul and extended their police remand till October 24.

The court also rejected the bail plea of Dinesh Jain, managing director of SREI Securities, a subsidiary of SREI International Finance Limited, and remanded him to judicial custody till October 31.

Gaud and Paul were arrested on October 9 for alleged involvement in the Rs 120 crore (Rs 1.2 billion) scam at the Calcutta Stock Exchange in March, 2001.

Jain was arrested on October 3 for his alleged involvement with one of the key conspirators of the scam, Dinesh Kumar Singhania. Singhania is also alleged to be an accomplice of big bull Ketan Parekh.

Rejecting the bail prayers, the Fifth Metropolitan Magistrate S S Chatterjee, who heard the case in the absence of chief metropolitan magistrate said the police investigation in the case was at a very infant stage.

Remanding Gaud and Paul to police custody and Jain to judicial custody after he completed 15 days of police custody, the court directed the Investigating Officer to provide medical help to the accused as their counsels pleaded that they were suffering from various ailments.

Member of Parliament Ajit Panja appeared on behalf of Gaud while former advocate general of West Bengal N N Goopto pleaded for Dinesh Jain.

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