Sterlite VP gets bail in Rs 750-cr customs evasion case

The Madurai Bench of the Madras High Court today granted bail to Sterlite Industries Vice-President S Varadharajan, who was arrested in an alleged Rs 750-crore import duty evasion case, on condition that the firm deposits Rs 200 crore with the authorities concerned.

The amount would have to be paid to the commissioner of the Central Excise and Customs at Tirunelveli, Justice R Mala said, adding Varadharajan has to to appear for any enquiry and cooperate with the authorities whenever required.

Sterlite, which is the largest non-ferrous and miner in the country, claimed its has time till February 2013 to complete export obligation.

Opposing the bail, special public prosecutor (Central Excise and Customs) C Arul Vadivel Sekar said Sterlite has evaded customs duty of Rs 750 crore. Accusing the company of adopting every conceivable method to stall and drag the investigation, he said it has caused huge losses to the Exchequer.

Stating that Varadharjan had admitted to duty evasion of Rs 360 crore, Sekar urged the court to direct the company to pay the said amount before the bail.

Varadharajan was arrested on July 23 on charges of evading customs duty of about Rs 750 crore. His bail plea was dismissed earlier by the remanding magistrate and also by the district and sessions judge.