2024-05-07 06:35:32
New Delhi: Bombay High Court has given big relief to Jet Airways founder Naresh Goyal. He has been granted interim bail for two months on medical grounds. The Enforcement Directorate (ED) had arrested him in a money laundering case. A single bench of Justice NJ Jamdar said that Goyal will have to pay a bond of Rs 1 lakh. He cannot go out of Mumbai without prior permission of the subordinate court. The bench said that Goyal will be released on interim bail for two months. He will comply with all the prescribed conditions.
Whenever the names of those who came to the floor from Arsh are taken, Naresh Goyal definitely appears among them. He was once the 16th richest person in India. He had a big name in the industry. Jet Airways was founded in 1993 by Naresh Goyal. He started operations of Jet Airways with initial capital from the Isle of Man backed by Tail Winds Corporation. After the 2005 IPO of Jet Airways, Forbes ranked Naresh Goyal as India’s 16th richest person with a net worth of $1.9 billion.
childhood spent in difficulties
Naresh Goyal was born in 1949 in Sangrur, Punjab, in the family of a jewelery trader. His father passed away when he was still a child. At the age of 11, his family went through a severe financial crisis. In this his house was auctioned. Then he started living with his mother’s uncle. Goyal graduated in commerce from Bikram College of Commerce, Patiala.
In 1967, Goyal started his career as a cashier at his maternal uncle Seth Charan Das Ram Lal’s travel agency East West Agencies. His salary was Rs 300 per month. After graduating in commerce, Goyal joined the travel business with GSA for Lebanese International Airlines. From 1967 to 1974 he received extensive training in the travel business through associations with several foreign airlines. During this period he traveled abroad extensively on business.
Interim bail with many conditions
Bombay High Court has also directed Goyal to surrender his passport. Goyal (75) had requested for interim bail on medical and humanitarian grounds. Both he and his wife Anita Goyal are suffering from cancer. The special court had rejected Goyal’s bail plea in February. But, he was allowed to be admitted and treated in a private hospital of his choice.
What arguments were raised in the court?
Goyal then moved the High Court. Requested to grant bail on the basis of eligibility. Applied for interim relief on medical grounds. Goyal’s lawyer Harish Salve requested the court to hear the case urgently on humanitarian grounds.
However, Hiten Venegaonkar, representing the ED, opposed the bail application. He said that the agency has no objection to keeping Goyal hospitalized for more days. Venegaonkar argued that the court could extend Goyal’s hospitalization by another four weeks. After that a new medical report can be called to assess the situation. On this, Salve argued that besides Goyal’s health deteriorating, his mental condition was also not good.
For which crime is Naresh Goyal behind bars?
Goyal was arrested by the ED in September 2023 for money laundering and embezzlement of Rs 538.62 crore received by Jet Airways from Canara Bank. His wife was arrested in November 2023 after the ED filed a charge sheet. Anita Goyal was granted bail by the special court on the same day considering her age and health.