The Hindu : Stock brokers' bail pleas rejected

Online edition of India's National Newspaper
Tuesday, Oct 28, 2003

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Stock brokers' bail pleas rejected

By Our Legal Correspondent

New Delhi Oct. 27. The Supreme Court today rejected the applications of stock brokers Hiten Dalal, A.D. Narottam and Anil M. Narichania seeking bail in a securities scam case in which they were convicted by a special court in Mumbai and sentenced to seven years' imprisonment for defrauding institutions and investors to the tune of Rs. 105 crores. A Bench, comprising Justice B. N. Agrawal and Justice A. R. Lakshmanan, dismissed the petitions saying there had been no change in the circumstances after the apex court had dismissed their bail plea on July 14 this year. On July 14, a Bench, comprising Justice M.B. Shah and Justice A.R. Lakshmanan, had said that considering the nature of the offence and the sentence awarded to them, there was no question of granting bail to them.

The Bench, while admitting the appeal filed by Dalal and others, had given them liberty to move a fresh bail application in case their appeal was not heard expeditiously.

Hence the present application was filed.

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