Arguments concluded today before a division bench of Justices P V Hardas and Revethi Dhere who reserved the order.
Vinod Asrani's counsel Adhik Shirodkar pleaded that except his client's confession given to the police, there was no other evidence against him.
Shirodkar also denied Asrani's involvement in the murder of the late Jyotirmoy Dey, who was the crime and investigations editor of Mumbai-based tabloid MiD Day, and said it is a fit case for discharge of the accused.
Shirodkar said the police had in their possession a recorded telephonic conversation between gangster Chhota Rajan and his associate wherein the former said Vinod Asrani was unnecessarily arrested in the case and that he was not involved.
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He also said Asrani's confession to police was made under duress. Asrani was neither a member of any gang or syndicate nor was he associated with the Chhota Rajan gang, Shirodkar argued.
However, government pleader Ajay Gadkari opposed Asrani's plea for discharge, saying he was allegedly involved in the conspiracy to kill Dey who was shot dead on June 11, 2011.
Asrani is accused of calling Dey to a suburban hotel and identifying him to members of Chhota Rajan gang who allegedly shot the journalist dead in suburban Powai.