Chennai, Sep 28: The Madras High Court has directed the Additional Chief Metropolitan Magistrate (ACMM), Egmore, to complete the case against Dinesh Dalmia of Chennai, more particularly within six months from the date of framing of charges.
Denying bail to Dalmia against whom and three others the CBI had filed a chargesheet on a complaint lodged by the Securities and Exchange Board of India (SEBI), Justice K N Basha, on Friday, said the court was constrained to direct the ACMM to proceed with the matter on a day-to-day basis, giving preference to the case, considering the gravity of the offence alleged against Dalmia and the other accused.
The prosecution case was that Dalmia, who was the then Managing Director of D S Q Software Limited, fraudulently got dematerialised unlisted shares in the name of four entities, New Vision Investment Limited, UK, Technology Trust, Softec Corporation and New Vision Investment Private Limited.
Later, these shares were sold in the market. The proceeds of the sale of the shares were credited in the accounts of D S Q Holdings Limited, Hulda Properties and Trade Limited and Powerflow Holding and Trading Private Limited, in which Dalmia was alleged to have had an interest. Thereby, he misappropriated and cheated investors.
In the process, he was alleged to have made a wrongful gain of about Rs 594 crore.
In his bail application, Dalmia said he was awaiting trial in the case since his arrest in February 2006. The prosecution case was based upon documentary evidence, all of which were with the CBI.
Hence, the question of tampering with evidence did not arise, he said.
The CBI, represented by its Special Public Prosecutor (SPP) N Chandrasekharan, submitted that Dalmia had been most reprehensible and did not inspire an iota of confidence about the reliability of the promises made by him in his bail petition.
He deliberately did not make himself available during investigation and absconded from India, the SPP added.
Justice Basha said in the event of any other accused prolonging the proceedings under the guise of filing discharge petition or any other petition, the Additional CMM should split up the case against the petitioner and proceed with the trial as expeditiously as possible.