1 of 30 21.WP.3293.2021.doc

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

CRIMINAL APPELLATE JURISDICTION

CRIMINAL WRIT PETITION NO.3293 OF 2021

Rana Kapoor

presently lodged in Taloja Jail,

R/o.Flat No.34, NCPA Apartment,

Nariman Point, Mumbai-400021.

Petitioner

versus

1. The Central Bureau of Investigation,

BKC, Mumbai.

2. The State of Maharashtra.

Respondents

Mr.Vijay Aggarwal with Mr.Ashul Agrawal and Ms.Aashvi Shah i/by

Mr.Rahul Agarwal, Advocate for petitioner.

Mr.H.S.Venegavkar along with Mr.Saurabh Kshirsagar, Advocate for

respondent-CBI.

Mr.Arfan Sait, APP, for respondent-State.

CORAM : PRAKASH D. NAIK, J.

Date of Reserving the Judgment

:

1^st April 2022

Date of Pronouncing the Judgment :

20^th June 2022

JUDGMENT :

1.

The petitioner has preferred this petition by invoking Article

227 of Constitution of India and Section 482 of Code of Criminal

Procedure challenging the impugned order dated 14^th August 2021

passed by Special Court (CBI) on Remand Application No.868 of

2021 and Exhibits 3 and 6 filed by petitioner seeking compliance of

order dated 12^th August 2021 passed by this Court in Writ Petition

No.2846 of 2021 and granting police custody remand of petitioner.

The petitioner also seeks declaration that CBI remand and custody

and all subsequent proceedings including further custody of

petitioner as illegal, non est and void ab initio in law.

MANISH

SURESH

THATTE

Digitally signed by

MANISH SURESH

THATTE

Date: 2022.06.21

18:00:06 +0530

2 of 30 21.WP.3293.2021.doc

2.

The brief factual matrix relevant for adjudicating the issue in this

petition is as follows :-

(a)

The FIR bearing No.RC BA1/2020/A0004 was registered

by CBI/ACB, Mumbai on 12^th March 2020 for offence under Section

120B r/w 420 of Indian Penal Code and under Sections 7, 11 and 12 of

Prevention of Corruption Act, 1988 (`P.C.Act’ for short);

(b)

It is alleged that the applicant was the Managing Director

and Chief Executive Officer of YES Bank Limited (`YBL’). He had

obtained illegal gratification in the form of property in prime location in

New Delhi at much less then realizable market value belonging to

M/s.Avantha Reality Limited (`ARL’) for a loan taken by ARL from YBL

for extending concessions, relaxations and waivers in the already

existing credit facilities provided to Avantha Group (`AG;) Companies

and for advancing new/additional loans to them. The petitioner

entered into criminal conspiracy with his wife Smt.Bindu Kapoor and

Mr.Gautam Thapar-Promotor of AG Companies, for the purpose of

obtaining illegal gratification;

(c)

Information reveals that M/s.Avantha Holding Limited had

obtained credit facilities from ICICI Bank Ltd and Development Credit

Bank (`DCB’) against collateral security of the immovable property at

40, Amrita Shergil Marg, New Delhi. This property is owned by ARL

and is lavish bungalow spread over an area of 1.2 acres approximately

in prime location in Delhi. The valuation of the property in the loan

books of ICICI Bank was done at Rs.550 crores. M/s.Avantha Holding

Ltd and ARL are part of AG Companies;

(d)

Information reveals that there was principal outstanding of

Rs.350 crores to ICICI Bank and Rs.30 crores to DCB in March-2016

against charge of the above property;

3 of 30 21.WP.3293.2021.doc

(e)

As a part of conspiracy, YES Bank sanctioned loan of

Rs.400 crores to ARL in March-2016 as lease rental discounting

(LRD) for a period of ten years. In lease rental discounting, the

discounted values of future lease rentals proposed to be received by

the borrower by leasing its properties are sanctioned as loan amount.

For this purpose ARL is stated to have entered into lease rental

agreement with M/s.BILT Graphics Paper Pvt.Ltd (`BGPPL’), another

AG Company. As per agreement, le