The Hindu : Interim bail for Jain TV proprietor

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Thursday, Feb 21, 2002

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Interim bail for Jain TV proprietor

By Our Staff Reporter

NEW DELHI FEB. 20. A Delhi court today granted interim bail to the proprietor of Jain TV, J.K. Jain, in a case of alleged Foreign Exchange Regulation Act (FERA) violation of 1998-99.

The Additional Metropolitan Magistrate (ACMM), V.K. Maheshwari, ordered Dr. Jain's release on interim bail subject to his furnishing a bail bond of Rs. 25,000 with one surety of like amount.

The Special Public Prosecutor, Subhash Bansal, opposed the bail application saying he had refused to join the investigations into the various allegations of FERA violation against him, despite being summoned several times.

However, counsel for Dr. Jain, Ashok Arora, submitted that his client was ready to appear before the Directorate and cooperate with the investigating officer in the probe.

On his assurance, the ACMM directed Dr. Jain to report to the investigating officer at Jam Nagar House here on February 28. The ACMM further said that Dr. Jain would be on bail till March 6 when the matter would again come up for consideration in the court.

The Magistrate had summoned Dr. Jain on February 5 on a complaint by the Directorate accusing him of refusing to join the inquiry.

The complaint alleged that Dr. Jain sent foreign exchange worth crores of rupees out of the country without the mandatory permission of the Reserve Bank of India (RBI).

The Directorate alleged that Dr. Jain made a huge payment in foreign exchange to an American company for taking on lease a transponder for his television channel. It said that Dr. Jain, a former MP of the Bharatiya Janata Party, had paid dividend to non-resident shareholders of his company in foreign exchange.

The complaint further said that Dr. Jain had exported goods worth Rs. 15 lakhs to different companies in Russia and Hong Kong.

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