JOIN USSC grants bail to Bengali film producer Shrikant Mohta on medical grounds
The Supreme Court has allowed a plea for bail by Bengali film producer Shrikant Mohta, arrested in January, 2019 for his alleged role in Rose Valley Ponzi scheme.
The court granted him relief on medical grounds for having suffered brain strokes.
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.
A bench of Justices D Y Chandrachud, Indira Banerjee and Sanjiv Khanna acceded to his plea for the release on bail on medical grounds. The court directed that he should be released on bail, subject to such terms and conditions as may be imposed by the Special CBI court.
Senior advocate Kapil Sibal, appearing for Mohta, submitted that it was an undisputed position that the appellant has suffered two brain strokes for which he was being treated initially at SCB Medical College and Hospital, Cuttack and thereafter, AIIMS Bhubaneswar.
Solicitor General Tushar Mehta, appearing for the CBI confirmed the contention of Sibal saying that it appeared correct that the appellant has undergone treatment for two brain strokes which have a bearing on his present medical condition.
Allowing plea by Mohta, the bench clarified said, "Since the appellant is being released on medical grounds, this court has had no occasion to express a prima facie opinion on the merits of the allegations either against the appellant or any other accused in the case."
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.
His bail has 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.