Hyderabad: Justice G. Radha Rani of the Telangana High Court posted to Monday an application for bail relaxation by an accused involved in an Rs.82 crore scam relating to IPOs. The petitioner Nirmal Kumar Kotecha was granted bail by the High Court in December 2023 in connection with an enforcement case. The Enforcement Directorate (ED) alleged that Taksheel Solutions limited had made various misstatements and false disclosures.
SEBI levied a penalty of Rs.76 crore for various violations under the SEBI Act and the directors were charged for the offenses under the PMLA Act. In its bail order, the High Court had required the petitioner to submit his passport to the court and seek its leave when it was required to travel outside the country. The petitioner would now contend that the bail condition be relaxed and he be returned his passport. The ED opposed the same contending inter alia that the petitioner was a resident of Veneto, an island country in Italy and if he is allowed to leave the country, it would be difficult to ensure his presence. D. Narendar Naik, counsel appearing for ED, pointed out that India does not have an extradition treaty with Veneto and such an amendment of condition would amount to permitting the petitioner to move out from the country safely, once and for all.
