MUMBAI, Dec. 31 -- A special CBI court in Mumbai has granted bail to Sanjeev Kundanlal Bhasin, a Chandigarh-based businessman arraigned in the Rs.5,600-crore National Spot Exchange Limited (NSEL) scam case, holding that there was no material to show his direct role in the management or policy decisions of the alleged financial establishments and that the principle of parity applied in his favour. Special Judge VP Desai, while allowing Bhasin's bail application, noted that the prosecution arises from allegations that around 13,000 investors were duped of approximately Rs.5,600 crore in the NSEL scam. At the same time, the court recorded that Bhasin was "not the director or officer of any Financial Establishment declared by the State Government of Maharashtra". The applicant had contended that he was falsely implicated and that there was no specific allegation in the FIR attributing to him any role in framing company policy. It was also submitted that he had been named as an accused on the basis of statements made by co-accused in a separate MPID case, and that his bank accounts had been frozen and his movable and immovable properties attached, ruling out any possibility of absconding. The court took note of the fact that a bailable warrant issued against the accused had remained unexecuted, but observed that he had appeared suo motu before the court in a wheelchair. Referring to the medical documents placed on record, the judge noted that the records showed that "plates are installed in his both legs", accepting the submission that the accused was suffering from serious physical disability. The CBI opposed the bail plea, contending that the case involved "socio-economic offences" of a grave nature and sought rejection of the application. However, the court noted that other accused persons were either released on bond or on bail, and expressly held that the "ground of parity is applicable to the present applicant". The court directed that Bhasin be released on execution of a personal recognisance bond of Rs.50,000 with one or two sureties of like amount....