Thursday, March 09, 2017

Kingfisher Airlines case: CFO files for bail again

Mumbai: A Ragunathan, the Chief Financial Officer of the now defunct Kingfisher Airlines, has filed for bail again before the special CBI court. Raghunathan has said in his bail plea that the CBI had claimed that further investigation was on in the case and yet no progress report has been filed before the court till now. Raghunathan’s earlier bail plea was rejected by the special court on February 10.
The court had observed that Raghunathan along with IDBI Bank former chairman Yogesh Agarwal and deputy general manager BK Batra, had influenced the decision-making process and were part of key activities related to the loan granted to Kingfisher Airlines by the bank. Raghunathan has, however, claimed that the funds received through the loan were used by the company to ‘meet the liabilities of various creditors’. He has further said he was merely an employee who ‘acted in discharge of his duties’. Vijay Mallya, the chairman and MD of Kingfisher Airlines, has been named in the chargesheet as an absconding accused with the CBI claiming that meetings were held by him along with the other accused including Raghunathan to facilitate the loan.
Raghunathan, lodged at Arthur Road jail since January, has said in his plea that while the court had declined to release him since the CBI had claimed that they wanted to interrogate employees of the bank and the airlines, the central agency has not filed any remand application or progress report.
09/03/17 Sadaf Modak/Indian Express