[Live-Updates From Supreme Court] Chidambaram Bail Hearing

Hearing resumes. Dr A M Singhvi arguing for Chidambaram.

Says gravity of offence cannot be the sole ground to deny bail in law.

Sibal concludes. Dr AM Singhvi will resume after lunch.

Sibal : The only argument they have is Karti was a beneficiary through a company that he allegedly owned and I am his fathe

Sibal : If gravity of offence is enough to deny bail, and court accepts that, one could be incarcerated for life. One would never get bail.

Sibal reading paras from HC judgement to show how it's been copied from ED's submissions

Sibal on gravity of offence - The maximum punishment for the offence I've been charged with under PMLA is 7 yrs. Gravity of offence is to be seen in accordance to length of sentence, length that is ascertained after finding the accused guilty

Sibal- An offence under PMLA requires there to be a predicate offence before proceeds of a crime. But no crime or offence has as yet been established. They say bribe of ₹10 lakh taken but ED says proceedings run into 1000s of crore

Sibal : FIR is filed in a cognizable offence. In PMLA, there's no FIR, but an ECIR. In this case, CBI's FIR became ECIR

Sibal for P Chidambaram : - If allegations are taken to be established then what's the point of a charge? Might as well convict me since the gravity of offence won't change