Ex-GSPC chief Sanjay Gupta still in jail

Vol 19, PW 7 (03 Dec 15) News in Brief

Despite his many friends and connections, GSPC’s flamboyant former MD Sanjay Gupta, 50, cannot get out of jail since his arrest on corruption charges on May 14 this year.

Gupta’s seventh attempt to be released on bail was unsuccessful when on November 27 additional sessions judge HJ Joshi of the special economic offences court reserved his order. “It’s now up to the judge to fix a new hearing date,” says a court source.

Gupta, MD at GSPC from 1998-2002, asked to be released for five days to appear before the Securities and Exchange Board of India which issued a show cause notice to his company Neesa Group on November 4. Public prosecutor Varsha Rao argued against the plea as the police are still investigating, saying Gupta might tamper with evidence if released.

Gupta is charged with embezzling Rs113cr ($17m) when chairman of the high profile Metro Link Express planned between state capital Gandhinagar and Ahmedabad.

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