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Kapil Wadhawan had executed a joint deed of personal guarantee to secure the credit facilities extended to erstwhile Dewan Housing Finance Corporation Ltd., not exceeding INR. 50,656.84 Crores.
These acts which are alleged against Kapil Wadhawan, if proven, are not merely violations of penal statutes, but subvert the very integrity of financial institutions and investor confidence. Such economic offences are not private disputes, but public wrongs that corrode the nation’s economic fabric.
Supreme Court stated that the respondents could not have claimed statutory bail as a right.