Delhi Court allows bail to employees of Avantha Group co-accused in YES Bank wrongful loss case to the tune of Rs. 466.51 Crores

A Delhi Court on Thursday allowed the bail application filed by employees of the Avantha Group, who have been arraigned as co-accused in an alleged case of wrongful loss to YES Bank, to the tune of Rs. 466.51 Crore, registered by the Directorate of Enforcement.

The Special Judge, Rouse Avenue Court, New Delhi disposed of the application after hearing arguments in detail of several aspects including the scope of section 45 of Prevention of Money Laundering Act, 2002 and the role of all co-accused.

However, the bench dismissed the bail application moved on behalf of the co-accused Rana Kapoor, Former MD & CEO of YES Bank in the matter.

The employees of the Avantha Group were represented by Senior Advocates N Hariharan and PK Dubey, as well as Sandeep Kapur, Senior Partner, Karanjawala & Co. and assisted by his team comprising Vir Sandhu, Vivek Suri, Niharika Karanjawala, Apoorva Pandey, Mridul Yadav, Abhimanshu Dhyani, Sahil Modi and Kajal, advocates from Karanjawala & Co.