Company Law Board chairman gets bailJanuary 14th, 2010 - 9:28 pm ICT by IANS
New Delhi, Jan 14 (IANS) The Delhi High Court Thursday granted bail to suspended chairman of Company Law Board R. Vasudevan in a graft case but restrained him from going outside the national capital.
Justice V.K. Shali granted bail to Vasudevan who has been in custody since Nov 23 when Central Bureau of Investigation (CBI) officials arrested him for allegedly accepting a bribe of Rs.7 lakh to pass a favourable order.
The court asked him to furnish a personal bond of Rs. 50,000 and two sureties of the same amount. He has also been directed to report to the CBI headquarters on a weekly basis.
The CBI lodged a case against Vasudevan under various provisions of the Indian Penal Code and the Prevention of Corruption Act after carrying out searches at several locations in Delhi, Kolkata and Chennai.
The agency told the court that it has recovered Rs.55 lakh in cash, including the alleged bribe amount, from Vasudevan’s residence here.
Tags: board chairman, bribe, cbi officials, central bureau of investigation, company law board, delhi high court, graft case, indian penal code, kolkata, lakh, New Delhi, personal bond, prevention of corruption act, provisions, rs 50, shali, sureties, vasudevan