Delhi HC denies bail to DHFL promoter Kapil Wadhawan in bank fraud case
Justice Ravinder Dudeja rejected his bail plea, saying such economic offences were not only crimes against specific victims but against the financial system at large. The CBI alleged Wadhawan, as promoter and CMD of DHFL, was the principal architect of a massive financial fraud involving diversion and misappropriation of approximately Rs 34,926 crore from a consortium of 17 banks.
"The allegations regarding manipulation of valuable assets and transactions carried out during judicial custody are grave and suggest that the applicant continues to exercise significant control and influence," the HC observed.
You Can Also Check:
Mumbai AQI
|
Weather in Mumbai
|
Bank Holidays in Mumbai
|
Public Holidays in Mumbai
It noted CBI's submission that Wadhawan was facing multiple investigations and cases across jurisdictions involving serious financial offences, which undermined his argument that he posed no risk if enlarged on bail. "The court cannot permit the release of a person who is prima facie the mastermind of a deep-rooted financial fraud, especially when the trial is at a nascent stage," it concluded, noting that if released on bail he might tamper with evidence or, worse, flee from justice.
"Many of the witnesses in this case are stated to be either ex-employees or associates of DHFL and, as such, there is a high risk and possibility that the petitioner might try to influence witnesses," it said.
Wadhawan is accused of creating and operating 87 shell companies in the names of associates, employees, and relatives to siphon off funds, falsely recorded as retail housing loans to over 2.6 lakh fictitious customers through a non-existent "Bandra Branch-001" in DHFL's internal systems.
He was taken into custody in the case on July 19, 2022, and granted default statutory bail on Dec 3, 2022, but the Supreme Court cancelled his bail on Jan 24, 2024.
The court observed his "effective custody" was two years, and not four years as claimed. "Having regard to the nature and seriousness of the allegations, the gravity of the offence, the applicant's central role in the conspiracy, the potential adverse impact of his release on the trial, and the huge magnitude of the funds siphoned off, this court finds no merit in the present application," the order held.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
9 minutes ago
- Economic Times
Tata Investment shares rally 9% after board approves first-ever stock split
Tata Investment Corporation shares surged over 9% after the board approved its first-ever 1:10 stock split to enhance liquidity and retail participation. The move accompanied Q1FY26 results, showing an 11.6% rise in PAT. Technically, the stock remains bullish, trading above all key moving averages and showing strong momentum indicators. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Stock moves and technical Shares of Tata Investment Corporation climbed as much as 9.2% on Tuesday to Rs 7,625 on the BSE after the company's board approved its maiden stock split in a move aimed at improving liquidity and accessibility for retail investors. The announcement came alongside its June quarter results, which showed a double-digit rise in board of Tata Investment Corporation on Monday approved the sub-division of its equity shares in a 1:10 ratio, from one share with a face value of Rs 10 to ten fully paid-up equity shares with a face value of Re 1 its exchange filing, the company said the stock split was designed 'to make the equity shares of the company more affordable for the retail investors and to encourage wider participation in the company's ownership'. The Tata Group-firm said that the sub-division is expected 'to improve the liquidity of the equity shares of the company in the stock market'.The decision is subject to shareholder approval via postal ballot, in addition to any required statutory or regulatory clearances. The company said it would announce the record date for the stock split 'in due course', once all approvals are in is the first time Tata Investment has undertaken a stock split since listing. The company last offered bonus shares in 2005, in a 1:2 ratio, according to Trendlyne Investment also reported its financial results for the quarter ended June 2025. Consolidated profit after tax rose 11.6% year-on-year to Rs 146.30 crore, compared to Rs 131.07 crore in the same period last year. Revenue from operations stood at Rs 145.46 crore, up 2.1% from Rs 142.46 crore in stock has advanced 6.1% year-to-date and is up 21.6% over the past 12 months. In the last one month alone, it has gained nearly 8%.From a technical perspective, Tata Investment shares are trading above all eight of their key simple moving averages, including the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day levels, signalling sustained bullish momentum across Relative Strength Index (RSI) is at 65.2, indicating that the stock is approaching overbought territory but remains within a neutral range. Meanwhile, the Moving Average Convergence Divergence (MACD) stands at 43.1 and continues to hover above both the centerline and signal line, underscoring the strength of the ongoing Read: Sri Lotus Developers IPO: Latest GMP suggests SRK, Big B and Ashish Kacholia may pocket 28% gains (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
&w=3840&q=100)
Business Standard
13 minutes ago
- Business Standard
KICL forays into value footwear market with Zodiz and Jeetlo acquisition
Chennai-based Kothari Industrial Corporation (KICL), a part of the D C Kothari group, has acquired Zodiz, Jeetlo, and other associated sub-brands in the footwear field. These brands cater to the price- and quality-conscious mass market, offering products below Rs 1,000 per pair — a segment that accounts for nearly 80 per cent of total Indian footwear consumption, valued at Rs 80,000 crore to Rs 85,000 crore annually. This is KICL's official entry into the branded value footwear and accessories segment, marking a significant milestone in its growth journey in the footwear sector. "We are pleased to confirm the successful acquisition of the Zodiz, Jeetlo, and other associated sub-brands, effective 4 August 2025. This acquisition gives KICL an immediate foothold in one of the fastest-growing and underserved consumer segments," said Jinnah Rafiq Ahmed, Executive Chairman, KICL. This comes at a time when India's footwear industry is witnessing rapid shifts in consumer preferences. Footwear is no longer viewed purely as a utility — it has evolved into a symbol of personal style and self-expression, the company said. "This entry in the value segment is significant, given the fact that Indian footwear consumption is slated to grow and is evolving from a utility to self-expression for young, discerning consumers," said N Mohan, Director of the company. "Key differentiators will be fashion-relevant, comfort-first, and price-accessible products aimed at Tier 2 and Tier 3 consumers, the emerging urban centres," he added. With per capita consumption at 1.9 pairs per annum and expected to double by 2030, the opportunity for value-driven, fashion-apt products is immense in India. The Government of India's continued focus on this sector further reinforces the timing and relevance of entry, a statement said. "Our business strategy will be distribution-led, targeting Tier 2 and Tier 3 cities — India's emerging urban hubs where the appetite for affordable fashion is on the rise," said Ahmed. "We aim to deliver products that are style-relevant, aligned with evolving fashion sensibilities, comfortable, and affordable. Our extensive distribution network will be instrumental in scaling reach and building long-term value across the ecosystem," he added. "With a strong team, deep market understanding, and robust infrastructure, KICL is well-positioned to capture this opportunity. We view this move not just as an acquisition, but as the beginning of a new chapter — one that will unlock value for consumers, partners, and stakeholders alike," Ahmed said. "We are excited to embark on this journey at a time when the Indian footwear market is undergoing a profound transformation. Our goal is to serve the rising aspirations of young Indian consumers while creating lasting stakeholder value," he said.
Time of India
13 minutes ago
- Time of India
Meghalaya initiates land acquisition process for ₹23,000 crore Shillong-Silchar high-speed corridor
Advt Join the community of 2M+ industry professionals. Subscribe to Newsletter to get latest insights & analysis in your inbox. Get updates on your preferred social platform Follow us for the latest news, insider access to events and more. The Meghalaya government has initiated the land acquisition process for the construction of the Rs 22,864-crore high-speed corridor from Umiam Lake near Shillong to Silchar in lower Assam, officials said on greenfield four-lane highway, which will pass through the Ri-Bhoi district , will be built by the National Highways and Infrastructure Development Corporation Limited (NHIDCL), they a notification, Ri-Bhoi's Deputy Commissioner Abhilash Baranwal asked villagers not to undertake any new construction or development activity within the designated area of the proposed corridor without prior permission from his office."It is hereby clearly stated that any unauthorised structures, whether temporary or permanent, erected within the proposed alignment after the issuance of this notice will not be considered eligible for any compensation at the time of land acquisition or project implementation," it villages have been identified for land acquisition. Among them are Pyllun, Umeit, Umroi Labansaro, Nongrah, Nonglakhia, Wahmyntait, and Lumsohphoh, officials 166.80-km corridor will begin at Mawlyngkhung near Shillong and end at Panchgram near Silchar. While 144.80 km of the route is in Meghalaya, 22 km is in Assam, they project is aimed at boosting connectivity and economic development in the region.
