The Bombay High Court had in October 2020 rejected the bail application of Karunakaran, arrested by the Enforcement Directorate (ED) on June 19, 2019, leading to the present appeal.
The allegations deal with illegally sanctioning loans to other companies to repay IL&FS’ finance arm’s own loans, while the accused continued to receive high salaries.
₹2,270 crores were allegedly siphoned off.
Senior Advocate Kapil Sibal, appearing for the appellant, cited the age of accused as a ground.
“He is 67; charges have not been framed in the predicate offence.”
Additional Solicitor General SV Raju reiterated the serious nature of the offence.
Sibal then pointed out that the other members of the IL&FS’ finance arm have been released or never arrested.
Source: Barandbench
