He was first arrested and remanded in judicial custody on July 3. On court instruction, Jain was admitted to the government-owned JJ Hospital on the same day. On July 5, he was moved to the Bombay Hospital following an order by the additional chief metropolitan magistrate RB Chorge.

His remand was extended till July 15 and the order on his bail application was reserved till Thursday.

Dixit also directed that a panel of five doctors be appointed with the head of the panel to be named by the additional director general of health services. One of the five doctors may be from Bombay Hospital, the magistrate directed. Only the operative part ofthe magistrate's order was announced on Thursday, the whole text of the order will be available only on Friday.

The court also ruled that Jain would be shifted to Delhi only if the panel certified him fit to be moved. The FERA case against Jain is being investigated in Delhi, and the ED had sought permission to take him to Delhi by air.

The ED had pleaded that Jain be examined by a panel of independent doctors, led by the additional DG, Health Services, since Bombay hospital was virtually a "family hospital" for Jain and no unbiased reports could be expected from them. This submission was strongly objected by Jain's counsel SB Jaisinghani.

The ED is investigating certain transactions involving the transfer of Rs 4 crore ($1.25 million) abroad in foreign currency allegedly into a foreign account, besides an alleged transfer of $21,000 to one MM Sehgal abroad and another transfer of $11,000 to the solicitors of Sehgal.