Supreme Court Justice L Nageswara Rao on Monday recused from hearing a bail plea by Bengali film producer Shrikant Mohta who was arrested in January, 2019 for his alleged role in Rose Valley Ponzi scheme.
Justice Rao, who headed a three-judge bench, also comprising Justices Navin Sinha and Indu Malhotra, opted out of hearing the matter.
The court directed for posting the matter before a different bench on January 11.
A vacation bench of Justices Indira Banerjee and Hemant Gupta, last month, issued notice to the CBI on a plea by Mohta challenging validity of the Orissa HC's order of December 1.
Mohta, co-founder of Shree Venkatesh Films Pvt Ltd (SVFPL), is accused of embezzling crores of rupees on the pretext of producing films by entering into an agreement with Brand Value Communications Ltd (BVCL), a sister concern of Rose Valley Group.
His bail had earlier been declined thrice reportedly by the HC.
According to the CBI, the Rose Valley Group of Companies collected a huge amount of money from public enticing them with false promises of paying higher rates of interest. The Rose Valley cheated the public as it was not having any authorization from the Reserve Bank of India or the Reserve Bank of India or the Securities and Exchange Board of India for carrying out such activities.
Mohta was arrested on January 24, 2019 for alleged links with Rose Valley. He is accused of entering into conspiracy with the Rose Valley's sister concern and misappropriating crores in the name of producing films.
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