Businessman Raj Kundra and his associate Ryan Thorpe will remain in jail till August 10 as a Mumbai court refused to grant bail. The two were arrested by the crime branch of Mumbai Police on July 19. Kundra had contended that his arrest was illegal and had filed a separate petition in the Bombay High Court challenging his arrest.
He had appealed to quash all the orders of the Metropolitan Magistrate Court remanding him to police and then judicial custody. The next hearing is scheduled for Thursday. Trouble seems be to mounting for Kundra as SEBI has imposed a penalty of Rs 3 lakh on Viaan Industries for violating insider trading rules.