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HC to give order on bail plea of Jignesh Shah in a day or two

The Bombay High Court on Tuesday said it would pass an order in a day or two on the bail plea of MCX promoter Jignesh Shah, arrested in the Rs. 5,000 crore NSEL scam.

Justice Abhay Thipsay, who was slated to give the order, said in the open court that he would deliver the judgement within one or two days.

Arguments had concluded and the court had reserved the order until. Many investors were present in the court when the matter was called out.

Shah has challenged the order of the trial court which refused to grant him bail.

The lower court, on June 24, rejected Shah’s bail plea on the ground that investigation was still on and he could tamper with evidence or hamper the probe if released.

Advocates Mahesh Jethmalani and Aniket Nikam, Shah’s lawyers, argued that he had played no role in the scam, in which his employees might have been involved, as he personally had no knowledge of what was happening.

A group of investors had also approached the court opposing bail to Shah.

According to Shah’s lawyers, after his arrest on May 7, he helped the investigating agency, Mumbai police, by supplying documents and disclosing all the information he had, so there was no question of tampering with evidence.

Shah has also argued that he was a non-executive director of National Stock Exchange Ltd, and was not involved in its day-to-day operations.

Shah came under the scanner of Economic Offences Wing of Mumbai police and other agencies last year when NSEL, part of the Financial Technologies (India) Limited group founded by him, faced a payment crisis as nearly 18,000 of its investors allegedly lost millions of rupees.

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