Tag: avantha realty

The case pertains to a loan taken by Oyster Buildwell Pvt Ltd., a holding company of Avantha Realty Ltd., from Yes Bank Ltd. (YBL), and its alleged misappropriation between 2017 and 2019.

The ED had registered a money laundering case based on the predicate offence registered by the Central Bureau of Investigation (CBI) against Kapoor, his wife Bindu Kapoor, and Avantha Group promoter Gautam Thapar for “illegal gratification in lieu of favours extended in connection with official work”.

The agency has pegged the loss caused to the bank at Rs 466.51 crore.

While the court on August 20 had allowed the federal agency’s plea to interrogate Kapoor between August 25 and 27at the Taloja Central Prison, the promoter of YBL on Monday filed an application to recall the order on the ground of not being heard.

Kapoor also pleaded that he should be interrogated only under audio-visual surveillance and in the presence of his legal representatives.

Advocate Vijay Agarwal, along with advocate Ayush Jindal, appeared for Kapoor in the matter. “In view of the fact that the accused had not been afforded an opportunity to be heard which is directly in contravention with his fundamental rights and as principles of Natural Justice were not obeyed,” Kapoor’s counsels contested.

The ED has contested the application.

The Mumbai court, while rejecting the recall application, observed, “In order to record his (Kapoor’s) statement under 50 PMLA, permission of this court is necessary. Granting such permission by this court doesn’t make its order voi-ab-initio to recall as prayed by this application.”

The court, however, allowed his lawyer to be present while Kapoor’s statement is recorded.