Following the order, the high court has put stay on its own order for six weeks so that the prosecution can move the Supreme Court. The high court noted that based on his first impression no evidence has been found aginst Peter Mukerjea, who has been in jail for the past four years.
However, the court has sought him to pay Rs 2 lakh and said the bail was granted on the "merits of the case and his medical conditions".
Peter Mukerjea will not be allowed to contact his children Rahul and Vidhi.
Insights of Sheena Bora Case
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Peter Mukerjea, a former media executive has been accused of murdering Sheena Bora, daughter of his wife Indrani Mukerjea from a previous relationship.
Last year in March, the CBI told a special Mumbai court that Peter Mukerjea is the "silent killer" of Sheena Bora. The CBI had said this while opposing his bail plea in the 2012 murder case. He was arrested in this sensational case in 2015 then moved the application in November last year before special CBI Judge JC Jagdale.
Special public prosecutor Bharat Badami, opposed his bail plea, argued that the CBI has sufficient evidence to prove Peter Mukerjea's role in the murder conspiracy.
"Peter was knowing everything...he was not a statue of the family. He took no step when Rahul was desperately asking about Sheena....Peter is silent killer of Sheena," the CBI lawyer had said.
One of the arguments that Peter Mukerjea had forwarded in his defence was that he was not in India when Sheena Bora was murdered.
Reverting him, the CBI had argued that Lashkar-e-Toiba chief Hafiz Saeed was in Pakistan when the 26/11 Mumbai attacks took place, but that doesn't mean he wasn't involved in the attacks.
"So, even if Peter Mukerjea was in London (at the time of the murder) it doesn't mean he was not part of the criminal conspiracy," the CBI had argued.
The April 2012 murder of Sheena Bora (24), Indrani Mukerjea's daughter from an earlier relationship, came to light in August 2015 when her driver Shyamvar Rai spilled the beans after being arrested in another case.
Indrani Mukerjea, a former media executive, her former husband Sanjeev Khanna, Rai and Peter Mukerjea were arrested in the case. Rai later became an approver and was pardoned.
Indrani Mukerjea, who is in jail since her arrest in August 2015, is facing murder charge, while Peter Mukerjea has been accused by the CBI of being a part of the criminal conspiracy.
The CBI has claimed a financial dispute led to the killing of Sheena Bora.