Nagpur: The High Court on Tuesday i.e. July 5, 2016 issued notices to the state and granted interim relief to the applicant Avinash Bhute in an application filed by him challenging the orders of the Special Court of Maharashtra Protection of Interest of Depositors Act (MPID), Nagpur.
Justice S.B. Shukre also permitted the applicant to offer his properties as security, in lieu of cash deposit every month. It may be recalled that Bhute is arrayed as an accused in the infamous Wasankar Scam and earlier this year, the Special Court under MPID Act had released Bhute on the condition of depositing Rs.1.5 Crores every month.
Although Bhute did deposit 2 Crores upfront, he thereafter sought modification of the said condition before the Special court. On July 1, 2016, the Special Court turned down his offer of giving his properties worth Rs 15 Crores as security instead of depositing cash every month.
Bhute stood the risk of cancellation of the bail granted to him by the Special court, if the conditions were not fulfilled. The matter is posted for further consideration on July 20, 2016.
The State was represented by Assistant Public Prosecutor Kadu, while Bhute was represented by Senior Advocate Avinash Gupta and Aakash Gupta Advocate.