Textile tycoon Neeraj Saluja granted bail

Chandigarh, May 3

The Punjab and Haryana High Court today granted bail to textile tycoon Neeraj Saluja in a cheating, forgery and a corruption case registered in August 2020. The order by Justice Anoop Chitkara came after Saluja – in custody since October 28 last year – prayed for bail “by imposing any stringent condition”.

Appearing before Justice Chitkara’s Bench, his counsel had on a previous date of hearing submitted that the petitioner had no objection to declare all his assets through a notarised affidavit, along with his wife and children’s affidavit, in accordance with format provided by the CBI within two weeks of release in case of bail.

It was added they would voluntarily declare all their assets, including foreign accounts. Further, he would not have objection in case the court imposed the condition of freezing his property, account and restricted it to the withdrawal of amount to the extent of Rs 10 lakh per month for their own expenses.

It was added that the petitioner would not sell the property, except to repay the loan amount and would do so only with the court’s permission. It was added they “were willing to disclose all accounts even if any account held by them in Swiss Bank on a notarised affidavit”. Saluja was represented by senior advocates Mukul Rohatgi, RS Rai and Anand Chhibbar with counsel Gautam Dutt, Shikhar Sarin and others.

Allowing the plea filed through Dutt, Justice Chitkara asserted the petitioner was in custody since October 28, 2022, as per the CBI’s reply. “Given the undertakings made by the petitioner through his counsel, subject to their strict compliance, vis-à-vis pre-trial custody of six months, coupled with the other factors peculiar to this case, there would be no justifiability further pre-trial incarceration at this stage, subject to the compliance of terms and conditions mentioned in this order.”

The CBI, in response to his plea, had stated that during forensic audit of M/s SEL Textiles Ltd observed serious irregularities viz. diversion of bank funds to its related parties, siphoning off public money out of India, fictitious sales, misrepresentation in the stock statements etc. — TNS

Booked in 2020

Neeraj Saluja was booked in a cheating, forgery and a corruption case in August 2020. The order by Justice Anoop Chitkara came after Saluja — in custody since October 28 last year — applied for bail.