Bail given to Venugopal Dhoot, Chairman of Videocon Industries

The Mumbai Sessions Court, directed the Chairman of Videocon Industries, Venugopal Dhoot, after granting him bail to submit a bail bond of Rs. 5 lakhs and not to leave the country. The bail was sought on ill-health  conditions and was entitled to bail under Section 45 of the Prevention of Money Laundering act.

Owing to non-service of summons and being in his Aurangabad residence, Dhoot was not present in the Court on 12th of February after which he made a suo-moto appearance.

His advocate stated that these allegations were harming him and his family  and their assets were given to the bank as a security. The plea stated that Dhoot was not the criminal instead a victim since he suffered a loss of cancellation of 21 telecom licenses.

To quote the plea:

“The applicant has till date never even considered fleeing the country inspite of mounting debt of several thousand crores and health with all proceedings against the Videocon group and him personally in a head-on manner”

The Enforcement Directorate allowed bail on hearing this plea with the conditions that he should not leave the country and also to submit his passport to the Enforcement Directorate.

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