The Supreme Court adjourned the hearing of a plea filed by Rana Kapoor, co-founder of Yes Bank, challenging the Bombay High Court's decision to deny him bail in a money laundering case. The court proceedings witnessed a minor disagreement between the bench and senior counsel Harish Salve, who represented Kapoor, regarding the financial crisis and takeover of Yes Bank by the State Bank of India (SBI).
Rana Kapoor has been in custody since March 2020 on charges of money laundering, related to the Yes Bank-DHFL scam and other financial irregularities. His second bail application was rejected by the high court, leading to an appeal in the Supreme Court.
During the hearing before a bench comprising Justices Sanjiv Khanna, Bela M Trivedi, and Justice Ujjal Bhuyan, Harish Salve urged the court to consider granting bail to Kapoor. He argued that Kapoor had already spent more than three years in jail, while the maximum punishment for the offence he is accused of is seven years.
While acknowledging that bail would typically be granted, Justice Khanna pointed out that the case had caused widespread instability in the banking system and affected thousands, if not lakhs, of people. He highlighted that the State Bank of India had to intervene and take over Yes Bank due to its financial crisis, contradicting Salve's claim that Yes Bank remained a private bank.
The disagreement prompted Justice Khanna to direct Salve to verify the details regarding the financial crisis and the SBI's intervention. The matter was adjourned, and the court will reconvene on Monday, July 17, to continue the hearing.
Rana Kapoor's bail plea was previously rejected by the Bombay High Court in January 2021, which emphasized the seriousness of the allegations and the significant loss of public funds attributed to his companies. Kapoor is facing charges of money laundering and criminal conspiracy related to his alleged involvement with the Wadhawan brothers in illicit activities benefiting his family-owned companies.
The ongoing legal battle surrounding Rana Kapoor's bail plea reflects the complex nature of the Yes Bank-DHFL scam and the alleged financial irregularities committed by Kapoor during his tenure at Yes Bank. As the case proceeds, the Supreme Court's decision will determine whether Kapoor will be granted bail or he will remain in custody for the duration of the trial.
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