February 7, 2023

Shivinder Singh has been accused of misappropriating funds of Religare Finvest Ltd. (File picture)

New Delhi:

The Delhi High Court on Monday put aside an order granting bail to former Fortis Healthcare promoter Shivinder Mohan Singh in a case of allegedly misappropriating funds of Religare Finvest Ltd, saying his detention was essential to unearth the “conspiracy hatched by him” and hint the siphoned off cash.

The determination by Justice Suresh Kumar Kait got here on the plea of RFL difficult the March 3 order of the trial court docket granting bail to Shivinder within the case registered towards him by the Economic Offences Wing (EOW) for dishonest, legal conspiracy and legal breach of belief.

Allowing RFL’s plea, the excessive court docket stated that within the current case, the “nature and gravity of the accusation against respondent No.2 (Shivinder) is serious”.

“The grant of bail in a case involving cheating, criminal breach of interest by an agent of such a large magnitude of money, affecting a very large number of people would also have an adverse impact not only on the progress of the case but also on the trust of the criminal justice system that people repose.

“Keeping in thoughts the factual matrix of the current case as additionally the pertinent observations of the Supreme Court in varied choices, I’ve no hesitation to carry that the impugned order suffers from severe infirmities, leading to miscarriage of justice.

“Moreover, continued detention of respondent No.2 in this FIR case is necessary not only to unearth the conspiracy hatched by him, but also to derive out/ trace the siphoned money which he has credited for his personal benefit,” Justice Kait stated within the 29 web page judgement setting apart the bail granted to Shivinder by the trial court docket.

The EOW of Delhi Police registered an FIR in March 2019 after it obtained a grievance from RFL”s Manpreet Suri towards Shivinder, former CMD of Religare Enterprises Limited (REL) Sunil Godhwani and former CEO of RFL Kavi Arora and others, alleging that loans have been taken by them whereas managing the agency however the cash was invested in different firms.

According to the prosecution, RFL’s authorised consultant Manpreet Suri alleged that these accused put RFL in poor monetary situation by disbursing loans to entities having no monetary standings and willfully defaulted in repayments thereby prompted wrongful loss to RFL to the tune of Rs 2,397 crore.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *