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Moneylife » Investing » Regulations » Suspended DGM of SEBI gets bail in graft case

Suspended DGM of SEBI gets bail in graft case

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MDT/PTI | 26/06/2012 01:02 PM | 

CBI had arrested Averjeet Singh along with his accomplice on a complaint filed by Ahmedabad-based trader for demanding and accepting bribe of Rs10 lakh to clear his name in a case of market manipulation

 

Ahmedabad: The Gujarat High court granted bail to Avarjeet Singh, the suspended deputy general manager of Securities and Exchange Board of India (SEBI) in a bribery case lodged by a city-based trader, reports PTI.

Justice JC Upadhyay, while allowing the bail petition of Singh, also directed him not to go to Mumbai, where he used to work at Sebi office, till 31st July.

The court has granted bail to Ashok Mehta, an accomplice of Singh in the case, as well.

"The bail was granted subject to both of them furnishing bonds of Rs25,000 and would need to report once every month to CBI office here which is investigating the case," said Senior Counsel PM Thakkar, who represented Mehta.

The bail applications of the accused currently lodged in Sabarmati Central Jail under judicial custody were rejected by the special CBI court last week.

CBI had arrested Averjeet Singh on 2nd June along with Mehta on a complaint filed by a city-based trader for demanding and accepting bribe of Rs10 lakh to clear his name in a case of market manipulation.

Singh was first sent for three-day remand by a CBI special court. The agency then sought further remand which was refused by the court.

Following this, the investigating agency approached the high court pleading that it needed five more days to interrogate the accused. The court on 15th June allowed another four days' custodial interrogation of Singh.


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