Respite for Amit Bhatnagar, to remain on bail

VADODARA: The Central Excise department's application of revoking industrialist Amit Bhatnagar bail was rejected by a local court on Monday. The Excise officials had prayed to cancel the bail granted to Bhatnagar on March 2 and his arrest for tampering with evidences, breaching bail conditions and misleading the court by making false statement. The court of chief judicial magistrate, however, rejected the Excise department's arguments.Bhatnagar was arrested by the Directorate General of Central Excise Intelligence (DGCEI) officials in connection with alleged evasion of Rs 42 crore Excise duty.
Bhatnagar was granted bail by the court on the same day. Bhatnagar's advocate Kaushik Bhatt said the court rejected Excise department's plea as there was no condition imposed while granting bail to Bhatnagar. "The Excise department said Bhatnagar had flouted bail conditions and not deposited the money. But the court had not kept any condition while granting bail to Bhatnagar. Also the court mentioned that Bhatnagar had earmarked Rs 25 crore in favour of the Excise department in his Cenvat credit balance on March 5 this year," Bhatt told TOI.
"The case is still under investigation. But Bhatnagar showed willingness to pay the money by keeping aside Rs 25 crore in good faith. The case will now come up for regular hearing," Bhatt added.
Bhatnagar was arrested by the DGCEI officials for alleged fraudulent misuse of Cenvat credit. The Excise officials said Bhatnagar's company showed on paper that it purchased goods to get Excise benefits but the goods were never purchased. Bhatnagar had denied all the allegations and said that he would pay the money if investigations show that he evaded Excise duty. Arun Kumar, intelligence officer of DGCEI, Vadodara had prayed in the court in March this year to cancel Bhatnagar's bail for misusing the bail for influencing the witnesses, tampering with evidence and failing to honour the commitment given to court.