J&K High Court today granted bail Hilal Rather son of Ex-Finance Minister Abdul Rahim Rather who was facing trial in much publicized 177 Crore J&K Bank Loan Case.
Justice Javed Iqbal Wani after hearing both the sides observed that deprivation of liberty tentamounts to punishment. The consequences of pre trial detention are grave. Prison hell destroys the manifestation of feelings and sensibility of a person. The petitioner has been languishing in jail for the last more than 10 months by now and he cannot be hampered from preparing for his defence which is of an essence in a criminal trial. The discretion for grant of bail has to be exercised on the well established propositions and principles laid down from time to time by the Apex court. Sentiments, strain, temper and passion do not have any role to play in exercising the discretion for grant of bail bestowed unto the courts.
With these observations Justice Javed Iqbal Wani granted bail with the conditions that petitioner will furnishing of personal bond to the tune of Rs. 5 Lac with 2 sureties of the like amount to the satisfaction of the Trial court. He will co-operate with the investigating agency in the investigation of the case as and when required by the investigating agency, without any fail. He will face the trial before the Trial court without any fail and to present himself before the Trial court as and when asked to do so.
Court further directed applicant to surrender and deposit passport before the Trial court, (if not already surrendered) and deposit the same within three days from the date of passing of this order and he willnot to leave the territorial jurisdiction of this court
without the permission of the Trial court and also not to influence or intimidate directly or indirectly the prosecution witnesses or temper with the prosecution evidence by any manner, mode or method.
The case related to the alleged misappropriation of crores of rupees from the term loans running into Crores sanctioned by Jammu and Kashmir Bankfor his ambitious township project known as Paradise Avenue at NarwalBala Jammu in the year 2012. The investigation conducted by the Bureau has revealed that Paradise Avenue, a Partnership Concern of Hilal Rather, Dr Rizwan Raheem Dar of Sanant Nagar Srinagar, Ghulam Mohd Bhatt of Baramulla Kashmir, Daljeet Wadhera and Smt. Deepshikha Jamwal of Jammu was sanctioned a term loan of Rs 74.27 crores in the first phase and in relaxation to the credit policy of the bank which restricts loan to a partnership firm at Rs 40 crores and the loan was approved by the Board of Directors of the J&K Bank when Hilal Rather despite the fact that he had already entered into a OTS with the State Financial Corporation in the past. The remaining loan amount were granted by the Board despite the fact that the repayments of the first loan taken was not complete. Hilal Rather, who also owns Simula Group of Companies, was being questioned for the last few months by the Bureauin connection with the siphoning off crores of rupees from the loan amount sanctioned by the New University Campus Branch of J&K Bank for the construction of Flats under the name of Paradise Avenue. He has been evading details of property raised & others transaction related to siphoning of funds meant for construction. It has also been revealed that the funds diverted have been used to purchase huge properties in abroad, holidaying abroad with family and friends and also for other entertainment activities. All the loan amounts availed by Hilal Ahmed Rather to tune of Rs.177 crore have become NPA.