Company Law Board member refused bail

NEW DELHI - A city court Friday rejected the bail plea of Company Law Board (CLB) member R.Vasudevan, arrested for graft last month.

“It is apparent that the accused is a very senior officer and he is indulging in such corruption is an extremely serious matter. Considering the facts of the case and the fact that the investigation is still at an initial stage, I am not inclined to enlarge the accused on bail, Additional Sessions Judge O.P.Saini said.

Vasudevan was arrested by the Central Bureau of Investigation (CBI) Nov 23, along with a company secretary of a leading language daily, Manoj Banthia for allegedly taking Rs.700,00 bribe to pass a favourable order in a matter relating to the daily.

The court, dismissing the bail application, considered the CBIs plea that it had found the accused had amassed Rs. 2.27 crore in the form of cash and bank deposits, and around Rs.55 lakh in cash, including the bribe money, was recovered from Vasudevans residence.

Earlier, advocate Aman Lekhi, appearing for Vasudevan, argued the accused never demanded money from Banthia.

“Vasudevan is a judicial officer and has not passed any favourable order nor any application for passing any order was pending before him in the alleged case before the CLB,” he said.

Both Vasudevan and Banthia are at present in judicial custody, facing charges under the Indian Penal Code and the Prevention of Corruption Act.