HC grants bail to FTIL's Jignesh Shah in NSEL case

The Bombay High Court on Friday granted conditional bail to FTIL founder Jignesh Shah in the Rs 5000 crore NSEL scam over three months after he was arrested in the case.

“I am inclined to grant bail,” Justice Abhay Thipsay said asking Shah to furnish two sureties of Rs 5 lakh within two weeks. When Shah's counsels Amit Naik and Aniket Nikam made a prayer to allow the accused to furnish cash surety of Rs 5 lakh instead of two sureties on health ground, the judge accepted it and granted bail.

The lawyers also argued that there was no likelihood of the accused absconding and hence he be allowed to furnish cash surety. Shah is likely to be released later on Friday evening or on Saturday after completing the formalities.

The court ordered Shah to personally appear before the investigating agency every week on Monday and Thursday until further orders of the trial court. Since his passport has already been impounded, no order was passed for surrendering the travel document.

The state and intervenors (investors who lost money) in the case urged for a stay on the order granting bail to Shah but their plea was rejected.