India, May 27 -- An additional chief judicial magistrate court has denied bail to Jay Ashok Joshi and Ketan Kadam, who were arrested in connection with alleged irregularities in Mithi river desilting contracts.

In a detailed order dated May 22, the court observed that the duo had caused losses worth Rs.65 crore to the Brihanmumbai Municipal Corporation (BMC) and the public.

Kadam, 50, is the director of Woder India LLP, a Mumbai-based company that provides desilting services, while Joshi, 49, is associated with Virgo Specialties Pvt Ltd, a Mumbai-based industrial product manufacturer. According to the police, the duo charged the BMC inflated amounts to rent silt pusher machines and dredging equipment from a Kochi-based firm, Matprop Tec...