The Bombay High Court granted the bail to the person alleged to have availed inadmissible ITC to the extent of Rs.191.66 crores.
The petitioner, Daulat Samirmal Mehta has pleaded to be released on bail on the grounds that he is a senior citizen aged about 65 years. He is the Director of two companies by the name of Twinstar Industries Limited and Originet Technologies Limited.
On the basis of the evidence collected during the investigation, it is evident that petitioner is the managing director of M/s. Twinstar Industries Limited and M/s. Originet Technologies Limited besides being the promoter of M/s. Boost Metric Solutions Limited, M/s. Stuti Comtrade Private Limited, M/s. Vintage Comtrade Private Limited and M/s. Kala Exports has created a cartel in active collaboration with the officials of Al Fara’s group of companies wherein they have indulged in circular transactions of goods without actual supply of the same.
Enquiries conducted till date have revealed that petitioner through his companies has availed inadmissible ITC to the extent of Rs.191.66 crores and has also passed on inadmissible ITC to the tune of Rs.122.59 crores to other companies, totalling Rs.314.25 crores.
Firstly, petitioner shall be released on bail on furnishing cash surety of Rs.5,00,000.00 before the Additional Chief Metropolitan Magistrate, 8th Court, Esplanade, Mumbai and within two weeks of his release, to furnish two solvent sureties of the like amount before the said authority.
Secondly, the petitioner shall cooperate in the investigation and shall not make any attempt to interfere with the ongoing investigation.
Thirdly, petitioners shall not tamper with any evidence or try to influence or intimidate any witness.
Fourthly, the petitioner shall also deposit his passport before the Additional Chief Metropolitan Magistrate, 8th Court, Esplanade, Mumbai.
Fifthly, within 15 days of his release, petitioner or any of the companies in which he has a substantial interest and which are under investigation, shall deposit a sum of Rs.10 crores with respondent which shall be without prejudice to his rights and contentions.
Lastly, after the said amount is deposited, the petitioner or any of the companies in which he has a substantial interest and which are under investigation shall deposit a further amount of Rs.15 crores before respondent within 30 days of the first deposit which again shall be without prejudice to his rights and contentions.Subscribe Taxscan AdFree to view the Judgment