In his bail plea, Jain has argued that the special judge gave a finding in his favour that he never had one-third shareholding in the three companies through which money is alleged to have been laundered.
This demolished the entire substratum of the Central Bureau of Investigation (CBI) case which is the predicate case for the ED, he claimed.
It has also been argued that even as per allegations, the notional amount attributable to Jain is ₹59 lakh, and therefore, he is entitled to bail as per Section 45 of the Prevention of Money Laundering Act (PMLA).
Source: Barandbench