HC stays bail for former top officials of IL&FS

The Bombay High Court on Saturday stayed the interim bail granted to two former top officials of IL&FS Financial Services Ltd. A holiday court on Friday had granted temporary bail for 75 days to Hari Sankran, former vice-chairman of crisis-hit IL&FS and Ramesh Bawa, former managing director and CEO of the firm.

The lower court had cited the coronavirus pandemic and the duo's advanced ages as grounds. The Serious Fraud Investigation Office (SFIO) then moved the high court against the order.

Justice A K Menon, hearing the matter through video conference on Saturday, stayed the bail order, saying there was no urgent reason for giving them relief. The two were arrested in April last year by the SFIO for alleged fraudulent conduct and causing wrongful loss to the company and its creditors.