KATHMANDU: The Supreme Court today refused to grant bail to Bhimendra Kumar Goyal, a businessman hailing from Bishalnagar, who is convicted of violating the Foreign Exchange Act, 1962. He was sentenced to one year jail by the Kathmandu District Court on February 10, 2005 as per section 3(4) and 17 of the Act.

A division bench of Justices Bala Ram KC and Bharat Raj Upreti refused the bail citing that the documents produced by the defendant were 'unconvincing'.

"The documents he produced before the bench are not convincing of being valuable and worth to the bail amount imposed on him for his release," the bench noted.

As per the June 9 order of the Supreme Court, he has to pay Rs 11.7 million bail to be a free man. However, he had produced the land certificates from Dhading District showing inferior quality of land.

The apex court had issued the release order after a protracted tug of war between the Kathmandu District Court and the apex court.