A bench headed by Justice Dalveer Bhandari granted bail to Shastry, said his advocate Rajesh Mahale. He submitted before the bench that Shastry had already paid Rs 173 crore to the investors, and would clear the dues.
CoD had filed charge sheet against Shastry, vice-president G Lokesh and 18 others before IV Additional Chief Metropolitan Magistrate on August 8, 2008, for allegedly swindling Rs Rs 203,63,41,950 invested by at least 20,184 people in the firm. Most of the accused are on bail and facing trial.
Shastry had invested most of the money in the share market and lost it. With one sharebroker his total transaction ran up to Rs 1444.42 crore. However, only Rs 1.45 lakh is due from the broker and Shastry lost the rest in the market.
Published 13 July 2009, 17:10 IST