The Bombay High Court on Wednesday stayed for a day the bail granted to Hari Sankaran (66), the former vice chairman of Infrastructure Leasing and Financial Services (IL&FS) on Tuesday.
A single Bench of Justice C.V. Bhadang was hearing, through videoconferencing, a plea by special public prosecutor Hiten Venegavkar appearing for the Serious Fraud Investigation Office (SFIO), seeking the stay. Mr. Venegavkar said that after quashing criminal proceedings against Mr. Sankaran and other auditors, the HC has stayed the ruling for eight weeks, and the SFIO plans to move the Supreme Court against it.
The matter of Mr. Sankaran’s bail will be heard again on Thursday.
On Tuesday, Mr. Sankaran was granted temporary bail for a period of eight weeks by the trial court on furnishing a surety of ₹50,000.
Earlier on April 3, a special court had granted temporary bail to Mr. Sankaran and Ramesh Bawa, former managing director of IL&FS, considering the spread of COVID-19, the ill-health and old age of the petitioners. However, their bail was stayed by the High Court on April 5, and the order was extended till April 30.
