Businessman Raj Kundra and his co-worker Ryan Thorpe will remain in jail until August 10 after a Mumbai court refused to grant bail. The two were arrested on July 19 by the Mumbai Police Department’s Criminal Investigation Department. Kundra alleged his arrest was unlawful and filed a separate petition against his arrest with the Bombay Supreme Court.
He had appealed to overturn all Metropolitan Magistrate Court orders that transferred him to the police station and then to the correctional facility. The next hearing is scheduled for Thursday. Difficulties appear to be mounting for Kundra as SEBI has fined Viaan Industries a Rs 3 lakh penalty for violating insider trading rules.