Anticipatory bail plea of gold export Co MD posted to Monday

A court in Kerala today posted to May 20 the anticipatory bail application of Prashant J Mehta, Managing Director of Rajesh Exports, a listed gold exporting and retail company in Bangalore, against whom a case has been registered for allegedly selling gold jewellery, meant for export, in the domestic market.
The anticipatory bail plea had been moved before the sessions court here.
Prashant Mehta had been summoned by Directorate of Revenue Intelligence (DRI) to appear before them in connection with the case. But he has failed so far, DRI authorities said.
The case against the company, which has a unit at Cochin Export Processing Zone at nearby Kakkanad, is that it allegedly diverted imported gold as jewellery to the domestic market.

Company Chairman Rajesh Mehta had denied the allegations, saying they are "baseless" and "fabricated".
The case came to light after two of its employees were picked up by DRI and later arrested. About one kg of gold ingots was seized by DRI from Hareesh Babu, a company official last week from Kerala while he was allegedly transporting the consignment to the company outlet in Bangalore.
His arrest led to the arrest of Biju Varghese, who heads the company in Kerala.