Former COO, MD of Reebok denied bail

A city court on Saturday dismissed the anticipatory bail application of Subhinder Singh Prem, former managing director (MD), and Vishnu Bhagat, former chief operating officer (COO) of Reebok India, who have been accused of being involved in the Rs 870 crore fraud in the company. After two hours of argument, the judge rejected the bail appeal of the duo.

The bail application plea was heard by additional and district session judge, Vikram Aggarwal. During the hearing, lawyer Rohit Kochhar, who is representing Reebok India, objected to the plea. He argued that custodial interrogation was necessary since it would bring out several facets of the case. Kochhar also argued that the fraud and manipulations perpetuated by the accused amounted to a huge sum of money and that after the Satyam case, this is the largest scam in the history of corporate India. Therefore, he said this was not a fit case for granting anticipatory bail to the accused.

Appearing for both the accused, advocate Subhash C Gulati, submitted that the allegations in the FIR were baseless. Commenting on the allegation of secret warehouses maintained by Shivam Enterprises - which allegedly paid the rent for these warehouses - Gulati argued that the firm was a third party logistical service provider and its selection had official clearance from the headquarters in Germany.

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