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Doctor Walks Free: Mumbai Court Grants Bail in High-Profile ESOP Cheating Probe
In a significant ruling, the , has released Dr. Rashmi Saluja on bail in an case involving alleged cheating and criminal conspiracy over Employee Stock Ownership Plans (ESOPs) at , a Religare subsidiary. Judge Abhijit R. Solapure imposed strict conditions, balancing liberty with trial integrity.
From ESOP Allotments to EOW Chargesheet
The case stems from FIRs registered in (C.R. No. 65/ by EOW and C.R. No. 355/ by ) under , carrying up to seven years' imprisonment. In , EOW filed chargesheet No. 918/PW/2025 against Saluja and three others, alleging irregularities in ESOP allotments that caused wrongful gains to the accused and losses to CHIL and its stakeholders.
Dr. Saluja, a New Delhi resident, was never arrested during the investigation despite cooperating by providing documents. However, she failed to appear after a related petition was dismissed in , leading to a on . She surrendered on the bail hearing date, .
A parallel case (ECIR/MBZO-I/27/ under ) remains pending at a .
Defense Stands Firm on Cooperation, Prosecution Fears Flight
Saluja's counsel argued she had fully cooperated, holds no criminal antecedents, and wasn't arrested during probe—making custody unnecessary post-chargesheet. They pledged compliance with court conditions.
The Learned Assistant Public Prosecutor (APP) opposed, warning Saluja might abscond, tamper with evidence, or hamper prosecution, especially given the NBW history. The Investigating Officer, however, filed a no-objection note.
Supreme Court Precedent Tips the Scales
Drawing from Aman Preet Singh vs. CBI (Criminal Appeal No. 929 of 2021), the court noted:
‘In such a scenario, it is appropriate that the accused is released on bail as the circumstances of his having not been arrested during investigation or not being produced in custody is itself sufficient to entitle him to be released on bail... if a person has been enlarged and free for many years and has not even been arrested during investigation, to suddenly direct his arrest and to be incarcerated merely because charge sheet has been filed would be contrary to the governing principles for grant of bail.’
While acknowledging Saluja's "conduct... speaks volumes" for dodging appearance pre-NBW, the judge emphasized no arrest during investigation and her undertaking to attend trial.
Key Observations
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On non-arrest's weight
:
"Record shows that the accused did not appear even after having knowledge of this proceeding... However, the accused has not been arrested in the investigation of this offence and now she undertakes to remain present."
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Precedent's rationale
:
"The rationale has been succinctly set out that if a person has been enlarged and free for many years and has not even been arrested during investigation, to suddenly direct his arrest... would be contrary to the governing principles."
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Balancing act
:
"Considering these aspects, the bail should be granted with some conditions, hence following order is suffice."
Bail with Strings Attached: What the Order Says
Dr. Saluja was directed to furnish a of Rs. 3 lakhs with sureties, deposit cash in lieu till next date, and adhere to these mandates:
- Accused Dr. Rashmi Saluja be released on P.B. of Rs.3,00,000/- (Rs. Three Lakhs only) with one or more of like amount.
- The applicant shall not .
- The applicant shall not leave India without permission of the Court.
- The applicant to provide contact numbers of her two relatives and provide proof of her permanent resident.
- The applicant shall attend each and every date of trial.
This bail reinforces that prolonged freedom sans arrest during probe strongly favors liberty post-chargesheet, even with procedural lapses like NBW. For white-collar cases like this ESOP saga, it signals courts' reluctance to detain without compelling custody needs, potentially easing bail in similar EOW probes while safeguarding trials through conditions.
