Kathmandu. The District Court has ordered the release of businessmen Deepak Bhatta and Sulav Agrawal on bail.
A single bench of Judge Shiva Prasad Acharya on Thursday issued the order demanding a total of Rs 5.80 crore from Agrawal and Rs 2.5 crore from Bhatta.
The court has sought Rs 2 crore bail from Agrawal and Rs 1.5 crore from Bhatta. Judge Acharya ordered Agrawal to furnish bail of Rs 1.5 crore and Rs 10 million from Bhatta.
Preliminary arguments were held against them for a week from July 24. After hearing arguments from both sides, the court concluded that there was no need to keep him in custody in connection with the case.
In a separate case, the court also sought bail of Rs 2.30 crore from Agrawal in a separate case related to the sale of promoter shares of Himalayan Reinsurance Company using forged assignment documents.
Although the order to release them by demanding bail against them under the Insurance Act 2079 and Securities Act 2063 has been ordered against them, both the accused will remain in jail due to other cases. They have been remanded in custody for further investigation in a money laundering case against them.
