Additional Sessions Judge A R Patel rejected the bail pleas of Rashmikant Modi, Accountant General Manager (AGM), and Nishit Baxi, Managing Director.
Modi was arrested on January 26 and Baxi on January 28.
The case pertains to selling of the cattle feed to Maharashtra when the neighbouring state was facing a severe drought.
District Registrar (Patan) had registered a cheating case stating that no records of the sale of cattle feed to Maharashtra by Dudhsagar Dairy were kept.
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