The Bombay High Court today extended till November 27 the interim anticipatory bail granted to Manish Pandey, North India head of the scam-hit National Spot Exchange Ltd (NSEL).
After Pandey sought time to submit some documents, the court kept Pandey's anticipatory bail application for hearing on November 27.
Investors' Grievances Forum has lodged a police complaint against NSEL for defrauding people. Fearing arrest, he applied for anticipatory bail.
Pandey was granted interim relief against surety of Rs 50,000. The court has also directed him to attend the office of the Economic Offence Wing (EOW) in Mumbai four times for investigation.
The EOW had registered a case against Financial Technologies India Limited (FTIL), board of directors of NSEL including Jignesh Shah and 25 borrowing companies on charges of criminal breach of trust, forgery and conspiracy.
Raja Thakare, Pandey's counsel, argued he (Pandey) was based in Haryana and his job was to get members.
Pandey would recommend prospective members to the head office. A scrutinising committee would then conduct a background check and then decide whether to induct them as members.
"I had recommended 47 persons, of whom only 7 were inducted as members. Pandey had no discretion in inducting members," said Thakare.
Besides, Pandey had nothing to do with the trading, added Thakare.
Pandey had approached the High Court after his anticipatory bail was rejected by the sessions court.
The EOW has already frozen 80 accounts related to the accused in the case.
So far, the EOW has arrested four persons for their alleged role in the scam. They are former MD and CEO of NSEL Anjani Sinha, Vice President of the business development Amit Mukherjee, former Assistant Vice President Jai Bahukhandi and Chairman and Director of N K Proteins Nilesh Patel.
