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HC rejects Shankar Sharma's bail plea in FERA case

The Delhi high court on Wednesday rejected the bail application of First Global chief Shankar Sharma who has 14.5 per cent stake in news portal Tehelka.com, in a FERA case.

Sharma was arrested by Enforcement Directorate on December 18 for allegedly transferring huge amount earned from the sale of Himachal Futuristic Communication shares abroad in violation of FERA in March 2000.

Dismissing the bail application, Justice S K Agarwal rejected the contention of Sharma's counsel that the First Global Chief was being harassed because of his links with Tehelka.com.

The court said the investigation against him was initiated in Mumbai on March 7 last year, about a week before the Tehelka expose.

"Considering the gravity and seriousness of the allegation, there is no ground for grant of bail at this stage," the court said.

If released on bail at this stage, the entire investigation process by Enforcement Directorate would be hampered, the court observed.

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