Vijay Joshi, the co-convict of Jharkhand’s former Chief Minister Madhu Koda in the multi-crore coal block allocation scam case, has been granted bail by the Delhi High Court, which also granted interim stay on depositing fine of Rs 25 lakh imposed on him by Special CBI court.

Justice Anu Malhotra granted interim relief to the Vijay Joshi, the majority shareholder in Kolkata-based Vinni Iron & Steel Udyog Ltd, which has illegally allocated the Rajhara North coal block in Jharkhand in January 2007, despite it not meeting the eligibility criterion.

Joshi was sentenced to three-year imprisonment and fine of Rs 25 lakh by the Special CBI court on December 13.

He had then also pleaded against hefty fine being imposed on him on the ground that his financial condition is weak and that he has not been able to pay even for the shares in VISUL, which was also slapped a fine of Rs 50 lakh.

During arguments on Joshi’s appeal, his counsel Harsh K. Sharma, founder of Prosoll Law Inc. along with advocate Vaibhavi Sharma and advocate Rohit Gaur, brought to the court’s attention the decision of the high court in Sanjeev Sehgal vs CBI to say that on presentation of appeal, no payment of fine can be directed to be paid during the pendency of the appeal.

On his application for grant of bail, the court ordered, “Taking into account the factum that the appellant is stated to have been on bail during the entire period of trial, the appellant is allowed to be released on bail on furnishing a personal bond in the sum of Rs 1 lakh with one surety of like amount…”

The appeal is now listed for January 22, till which date the deposit of the fine amount has been stayed.

The court has directed Joshi not to leave country during the pendency of appeal.

A similar has been filed by VISUL and is pending before the high court.

Special CBI judge Bharat Parashar had sentenced Koda, former Coal Secretary HC Gupta, former Jharkhand Chief Secretary Ashok Kumar Basu and Vijay to three-year imprisonment for their involvement in the multi-crore scam.