HC reserves orders on Dalmiya's bail petition

Chennai, Dec 1 (UNI) Madras High Court today reserved orders on a petition filed by Mr Dinesh Dalmiya of DSQ Software Limited, seeking to vacate the stay on a lower court's order, granting him bail in the Rs 594 crore transfer of shares scam case.

Justice R Raghupathy reserved the orders, after hearing elaborate arguments from both sides.

CBI, BS and FC, Delhi had registered a case against Mr Dinesh Dalmiya on a complaint from SEBI and chargesheet was filed in the Additional Chief Metropolitan Magistrate (ACMM)'s court on October 24, 2005 against him and three companies - DSQ holdings Limited, Hulda Properties Limited, Powerflow Holding and Trading Private Limited for offences under Section 409, 420, 468 and 471 of IPC, showing him as absconding.

On December 9, 2005, the ACMM issued a non-bailable warrant. He was arrested on February 12, 2006 at Delhi and produced before the ACMM on February 14, 2006. He filed a bail application and the ACMM dismissed it. He filed a revision petition and the Fifth Additional Sessions Judge set aside the ACMM's order dated May 30, 2006 and granted bail. Aggrieved, the CBI moved the High Court, which on October 9, 2006 stayed the operation of the Sessions Judge's order.

Against this, Dalmiya filed the present petition.

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