The Central Bureau of Investigation has approached the Supreme Court, seeking cancellation of bail of one Ayodhya Prasad Mishra, arrested under Sections 409, 420, 467, 468, 471, 120-B IPC and Section 13(2) of the Prevention of Corruption Act.
Bail was granted by the Allahabad High Court on July 13, 2021.
Respondent Ayodhya Prasad Mishra was a Managing Director of Uttar Pradesh Power Corporation Limited (UPPCL). Allegations against him and co-accused Praveen Kumar Gupta, the then Secretary of Uttar Pradesh State Power Sector Funds and Sudhanshu Dwivedi, the then Director (Finance), were that they had invested the money from these funds in private sector companies in a wholly illegal and mala fide manner to earn huge illegal commission in violation of the provisions of the Companies Act, Employees Provident Fund and Miscellaneous Provisions Act, 1952 and provisions of the Indian Trust Act, 1882 as well as Rules framed thereunder.
For GPF contribution investment made in DHFL, as alleged, the total amount of Rs 2267.90 crore (Principal Amount) and interest was yet to be received from company.
A case was filed at Police Station Hazratganj, District Lucknow, wherein, the investigation of the case was thereafter transferred to the Central Bureau of Investigation which was then registered at Police Station CBI-ACB, Lucknow on March 5, 2020.
An SLP for bail was then filed before Supreme Court which was dismissed on the ground of no cogent reasons stated for bail.
The respondent then moved to Allahabad High Court where he was granted bail. The petitioner, with intent to seek cancellation of bail, had knocked the doors of the Supreme Court.
The petitioner sought bail on following conditions:
- old age of the respondent
- Inability of CBI to collect any evidence in this regard and till date, not a single charge-sheet/supplementary charge-sheet being filed against the accused-applicant or any other accused
- No prima facie role of respondent established in making investment in DHFL.
- Phase of Covid-19 pandemic
Aishwarya Bhati, ASG: It is a case where Rs 22000 crore of principal amount is defaulted, which is the GPF and CPF contribution of employees.
Khanwilkaar- We will disapprove the approach of the High Court but now, he is a senior citizen and has health issues.
ASG- The health issues were prior to arrest, which was December 2019, not now. These were regular lifestyle diseases. He has been a citizen, even when the fraud was being carried out.
The fraud was that the GPF and CPF funds of UPPCL employees were invested in Private companies and Rs 22000 crore PA has not been recovered.
Khanwilkar- This is not the manner in which the High Court can deal with the matter when we have rejected on merits.
The Apex Court issued notice, to be replied within two weeks. While ordering to submit rejoinder within one week, the Bench fixed April 8 as the next date of hearing.
Senior Advocate Vivek Tankha appeared for the respondents.