India, May 10 -- A special CBI court has granted bail to Ajay Kerkar, former director of Cox & Kings, along with two other executives - Urshila Kerkar and Vanaja Rajan - in a Rs.946.44 crore loan fraud case involving Yes Bank. The order comes nearly two weeks after bail was granted to former Yes Bank CEO Rana Kapoor and five others accused in the same matter.

The Central Bureau of Investigation (CBI) has alleged that the executives of Cox & Kings submitted forged balance sheets to secure credit facilities for Ezeego One Travels and Tours Ltd (EOTTL), a group company, despite its poor financial health. The sanctioned funds were then allegedly siphoned off to settle liabilities of the parent company in violation of the loan's purpose.

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