Delhi court grants pre-arrest bail to Pharmacy Council of India chief in corruption case
Pharmacy Council of India
(PCI) president
Montu M Patel
in an alleged multi-crore-rupee scam, prima facie finding the allegations against him not backed by "any cogent material".
In an order on July 23, special judge Sushant Changotra said, "The courts are under a bounden duty to strike a fair balance vis-a-vis the protection of
personal liberty
of an individual and the right of the investigating agency for fair investigation."
Explore courses from Top Institutes in
Please select course:
Select a Course Category
Leadership
MBA
Degree
Healthcare
Project Management
MCA
healthcare
Cybersecurity
Artificial Intelligence
Data Analytics
Public Policy
Finance
CXO
Product Management
Technology
Others
others
Data Science
Digital Marketing
Design Thinking
Operations Management
Management
Data Science
PGDM
Skills you'll gain:
Critical Thinking & Decision-Making Skills
Power of Emerging Technologies
Innovation and Drive Organizational Change
Fostering a Culture of Innovation
Duration:
9 Months
MIT xPRO
MIT Technology Leadership and Innovation
Starts on
May 14, 2024
Get Details
Skills you'll gain:
Duration:
10 Months
IIM Kozhikode
CERT-IIMK-Women Leadership Programme INDIA
Starts on
undefined
Get Details
Skills you'll gain:
Duration:
18 Weeks
109820388
Strategic Marketing for Leaders: Leveraging AI for Growth
Starts on
undefined
Get Details
Skills you'll gain:
Duration:
10 Months
IIM Indore
Executive Programme in Business Management
Starts on
undefined
Get Details
Skills you'll gain:
Strategic Thinking & Planning
Competitive Advantage & Market Positioning
Strategic Leadership & Decision-Making
Change Management & Organizational Transformation
Duration:
1 Year
IIM Kozhikode
IIMK Advanced Strategic Management Programme
Starts on
Mar 30, 2024
Get Details
Skills you'll gain:
Duration:
12 Months
IIM Kozhikode
SEPO - IIMK CEO Programme India
Starts on
undefined
Get Details
Skills you'll gain:
Duration:
12 Weeks
IIM Kozhikode
CERT-IIMK EPIS Async India
Starts on
undefined
Get Details
Skills you'll gain:
Duration:
11 Months
IIM Lucknow
CERT-IIML SLP India
Starts on
undefined
Get Details
Skills you'll gain:
Financial Accounting & Analysis
Financial Instruments & Markets
Corporate Finance & Valuation
Investment Management & Banking
Duration:
12 Months
IIM Kozhikode
IIMK Professional Certificate in Financial Analysis and Financial Management
Starts on
Mar 30, 2024
Get Details
Skills you'll gain:
Duration:
12 Months
IIM Kozhikode
Advanced Strategic Management Programme
Starts on
undefined
Get Details
Skills you'll gain:
Opportunities & Outlining Plans to use AI & ML
Applying Data-Driven Business Innovation Best Practices
Changing Culture to Integrate AI-Enabled Technologies
Ethics, Privacy and Regulations in AI & ML
Duration:
20 Weeks
Indian School of Business
ISB Leadership in AI
Starts on
May 14, 2024
Get Details
Skills you'll gain:
Duration:
22 Weeks
Indian School of Business
SEPO - ISB Venture Capital & Private Equity India
Starts on
undefined
Get Details
Skills you'll gain:
Duration:
12 Months
IIM Kozhikode
Senior Management Programme
Starts on
undefined
Get Details
The court observed given the facts of the case, where the allegations were "prima facie not supported by any cogent material", it would fail in its duty if Patel's liberty was not protected.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Secure Your Child's Future with Strong English Fluency
Planet Spark
Learn More
Undo
The CBI conducted searches at Patel's premises after he was booked for alleged
corruption
and
systemic irregularities
in the inspection and approval processes for pharmacy colleges.
The action against Patel was taken based on the findings of a preliminary enquiry, indicating instances of alleged corruption, control and potential manipulation in granting approvals to colleges, besides initial allegations against him of pre-election inducements and post-election nepotism.
Live Events
Judge Changotra, however, said the accused had already joined the investigation and he was not at flight risk besides no recovery was to be effected from him and no facts necessitated his custodial interrogation.
The alleged offences, the court said, were punishable with a maximum punishment of seven years.
Despite the court's queries, it was observed the investigating officer (IO) failed to specify how he had quoted the bribe amount of Rs 5,000 crore and instead said it was arrived at via "secret information" and "media reports".
The judge said the ownership of the properties worth Rs 118 crore, allegedly purchased by Patel, was not specified, nor were the dates of purchase mentioned.
"Further, perusal of the case diary of the IO vis-a-vis the interrogation of the accused shows that he was not confronted with the aforementioned facts. The said facts on the face of it make the allegations qua the above stated quantum highly doubtful," the order read.
The court wondered if the allegations were true, how was the agency unable to find any material to support the case despite investigating it for over two years.
He said there was "absolutely no material" to show that Patel took any bribe amount or favour from any person regarding the discharge of his duties.
"The court is constrained to note that the IO/prosecution have not been able to show any cogent material in support of the allegations against the accused," the court said.
The reprieve was allowed on furnishing a bail and surety bond of Rs 1 lakh each besides saddling Patel with condition that included not tampering with the evidence and joining the investigation whenever required.
The Pharmacy Council of India is statutory body under the central Ministry of
Health and Family Welfare
. PTI
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
Samsung Electronics signs $16.5 billion contract to supply semiconductors
Samsung Electronics said on Monday it has signed a contract valued at $16.5 billion to supply semiconductors to a major global corporation . The world's biggest memory chipmaker said in the regulatory filing the deal signed on Saturday was for contract chip manufacturing and said details of the agreement including the counterpart and terms would not be disclosed until the end of 2033. Explore courses from Top Institutes in Please select course: Select a Course Category Public Policy Digital Marketing Data Science PGDM MCA Finance Data Analytics Cybersecurity Others Data Science Project Management Management Leadership Healthcare Operations Management others Technology Degree Design Thinking healthcare MBA CXO Product Management Artificial Intelligence Skills you'll gain: Economics for Public Policy Making Quantitative Techniques Public & Project Finance Law, Health & Urban Development Policy Duration: 12 Months IIM Kozhikode Professional Certificate Programme in Public Policy Management Starts on Mar 3, 2024 Get Details Skills you'll gain: Duration: 12 Months IIM Calcutta Executive Programme in Public Policy and Management Starts on undefined Get Details Samsung Electronics declined to comment on the contract. Shares in the tech giant opened up 3.5% on Monday. Samsung Electronics is a major player in contract chip manufacturing, also known as foundry services . Live Events While Samsung is the second-largest player in the industry, behind TSMC in market share. Economic Times WhatsApp channel )
Time of India
3 hours ago
- Time of India
Boeing fighter jet workers reject contract: Strike threat looms amid increased F-47 production for US airforce
Union members at Boeing 's fighter jet assembly plants in Missouri and Illinois have overwhelmingly rejected the company's latest contract offer, setting the stage for potential strikes that could disrupt production at critical defense manufacturing facilities. More than 3,200 members of the International Association of Machinists and Aerospace Workers (IAM) Local 837 voted down the contract on Sunday, the day their previous agreement expired. The contract on the table included a 20% wage increase over four years, a $5,000 ratification bonus, and improvements to vacation and sick leave benefits. However, union representatives argued the proposal fell short of addressing the workforce's priorities and sacrifices, motivating the decisive rejection. A statement from IAM Local 837 stressed that the offer did not adequately reflect the skilled workers' value, signaling significant dissatisfaction within Boeing's defense workforce. Explore courses from Top Institutes in Please select course: Select a Course Category Management Operations Management Degree Cybersecurity Project Management Leadership Public Policy healthcare Design Thinking MBA PGDM Product Management CXO Finance Data Science Technology others Others Artificial Intelligence Healthcare Digital Marketing Data Science MCA Data Analytics Skills you'll gain: Duration: 11 Months IIM Kozhikode CERT-IIMK General Management Programme India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK GMPBE India Starts on undefined Get Details Skills you'll gain: Duration: 9 Months IIM Calcutta CERT-IIMC APSPM India Starts on undefined Get Details With the expiration of the contract on Sunday, a legally mandated seven-day cooling-off period will begin, after which IAM Local 837 members could proceed with strike action if no agreement is reached. This development risks severe disruption at Boeing's key fighter aircraft assembly operations in the Midwestern states of Missouri and Illinois, locations critical to the company's defense manufacturing output. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 20 Things Women Should NEVER Wear! Undo This year, Boeing is increasing production capacity in St. Louis for the new F-47 fighter jet contract awarded by the U.S. Air Force , underscoring the stakes involved in maintaining uninterrupted labor relations in these strategically important facilities. Dan Gillian, Vice-President of Boeing Air Dominance and general manager of the St. Louis site, expressed disappointment over the rejection of the company's "richest contract offer ever," emphasizing that the offer was designed to meet all stated labor priorities. Boeing has yet to provide further comment as negotiations are expected to continue amid growing pressure. Live Events
Time of India
7 hours ago
- Time of India
Bank of Baroda, Canara Bank let go of ₹54,000 crore loans for margin safety
Kolkata|Mumbai: Large banks such as Bank of Baroda and Canara Bank collectively shed about ₹54,000 crore of corporate loans in the June quarter to protect their net interest margins from falling sharply. These loans, largely extended to various public sector undertakings , came under pressure for repricing following the 100 basis points (bps) repo rate cut since February. Some of these organisations sought revisions to their existing loans, beyond the already reduced rates, bankers said. Explore courses from Top Institutes in Please select course: Select a Course Category Management Data Analytics MCA Digital Marketing Project Management Public Policy PGDM Technology Product Management Leadership Data Science Design Thinking Degree Finance healthcare CXO Operations Management Others others MBA Cybersecurity Artificial Intelligence Data Science Healthcare Skills you'll gain: Duration: 11 Months IIM Kozhikode CERT-IIMK General Management Programme India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK GMPBE India Starts on undefined Get Details Skills you'll gain: Duration: 9 Months IIM Calcutta CERT-IIMC APSPM India Starts on undefined Get Details Faced with the demand to lower interest rates further, the banks chose to let go of the business rather than compromise margins that were already under stress. In the June quarter, Bank of Baroda's corporate loan book fell 10% quarter-on-quarter to ₹3.7 lakh crore. Loans to NBFCs, which form nearly a third of the corporate book, were down 11.6% sequentially. "There were some transactions, we had to let it go because the pricing was not working. They are high-quality assets but do not give optimal margins. Because of fine pricing, we could not retain those customers," Bank of Baroda managing director and CEO Debadatta Chand said. In sync with lower bond yields , the pricing of loans to companies has gone from fine to very fine. BoB's corporate loan book fell by ₹42,000 crore in the first quarter of the current fiscal to ₹3.70 lakh crore. It has shed ₹15,000 crore in the NBFC loan book within the corporate loan portfolio. Some of the PSUs were negotiating interest rates on existing loans beyond the repo rate reductions, Canara Bank managing director & CEO K Satyanarayana Raju told ET. "Hence we requested them to repay," he said. The lender shed about ₹12,000 crore of loans in the first quarter given to NBFCs, including a large central PSU. "We need not compromise on margin while chasing balance sheet growth. The demand from the retail segment is good enough to take care of advance growth," Raju said. Canara Bank's gross advances grew 12.4% year-on-year to about ₹11 lakh crore. Canara's net interest margin contracted to 2.55% in the June quarter as compared with 2.73% in the March quarter. BoB's NIM shrank to 2.91% against 2.98% over the same period. A large public sector lender is luring corporation or NBFC borrowers with much cheaper 5.8-5.9% rates for one year, apparently to show top line growth, leading to a rate war, a senior bank executive said on the condition of anonymity. The falling bond yields also gave corporations another window for raising funds at lower rates. Fund raising through issuance of corporate bonds rose to a four-year high of ₹3.27 lakh crore in the June quarter at lower rates compared to bank lending rates, according to a BoB report.
