Jig­nesh Shah, Javal­gekar Re­manded to Ju­di­cial Cus­tody

The Economic Times - - Companies - OUR BUREAU

Jig­nesh Shah, vice chair­man of the scam-hit Na­tional Spot Ex­change Ltd (NSEL), and Shree­kant Javal­gekar, for­mer group fi­nance di­rec­tor of Fi­nan­cial Tech­nolo­gies (FT), the ex­change’s pro­moter con­trolled by Shah, were re­manded to ju­di­cial cus­tody by a ses­sions court on Mon­day for their al­leged role in the NSEL scam. This paves the way for their lawyers to ap­ply for bail, which is not pos­si­ble till an ac­cused is kept in po­lice cus­tody. In fact Shah’s lawyers pressed the court to hear his bail ap­pli­ca­tion ur­gently but the judge posted the mat­ter for hear­ing this Thurs­day. The pub­lic pros­e­cu­tor ear­lier prayed that Shah and Javal­gekar be re­manded to ju­di­cial cus­tody for their al­leged role in per­pe­trat­ing the .` 5,600-crore fraud on NSEL. Shah’s lawyers have sought to pin the blame for the scam on the bourse’s for­mer man­age­ment team led by An­jani Sinha, its for­mer MD, and a few oth­ers who were re­cently granted bail by Bom­bay High Court. Shah and Javal­gekar will be sent to the Arthur Road Jail in Mum­bai. At one point, Shah’s lawyers pleaded that the Court or­der the su­per­in­ten­dent of the jail to en­sure his safety as there was a “threat” to his life, given that a few of NSEL’s for­mer em­ploy­ees — in ob­vi­ous ref­er­ence to An­jani Sinha — had been housed there for al­most eight months. How­ever, the pub­lic pros­e­cu­tor op­posed Shah be­ing given dif­fer­en­tial treat­ment and the judge too de­nied this re­quest. Ar­gu­ing last Thurs­day, Ma­hesh Jethmalani, Shah’s lawyer, said a “Chi­nese Wall” ex­isted be­tween the NSEL board com­pris­ing Shah and its man­age­ment. He pointed out that prior to Sinha hav­ing re­canted in a sec­ond af­fi­davit, where he placed the blame for the scam squarely on Shah, the in­car­cer­ated for­mer man­ag­ing di­rec­tor of NSEL had in a sworn state­ment taken the blame solely on him­self be­fore the En­force­ment Direc­torate (ED), a cen­tral agency that is prob­ing the scam from the money laun­der­ing as­pect.

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