The Allahabad High Court last week granted bail to Ayodhya Prasad Mishra, former Managing Director of Uttar Pradesh Power Corporation Limited (UPPCL) vide order dated July 13, 2021. An earlier bail application had been rejected by Justice D.K Singh of the High Court back in April 2020.
Justice Dinesh Kumar Singh granted bail to the accused taking into consideration his frail health and insufficient evidence.
“Considering the age of the accused-applicant, his health condition and his long incarceration in jail and so far, no evidence of money trail involving him having been unearthed by the C.B.I., it would be appropriate to enlarge the accused-applicant on bail”, the order stated.
In the instant case the Central Bureau of Investigation (CBI) had taken over the investigation from the State police authorities. Accordingly, the accused had been charged under Sections 409, 420, 467, 468, 471, 120-B of the Indian Penal Code and Section 13(2) of the Prevention of Corruption Act, 1998 on March 3, 2020.
The accused along with his co-conspirators had allegedly misappropriated funds from the Uttar Pradesh State Power Sector Employees Gratuity Fund and the Uttar Pradesh State Power Sector Employees Pension Fund to invest in private sector entities in order to incur huge illegal commission. Such illegal investments were done in abject violation of the Companies Act, 1956, Employees Provident Fund and Misc. Provisions Act, 1952 and provisions of the Indian Trust Act, 1882 as well as…