Delhi HC cancels bail granted to Shivinder Singh
NEW DELHI: The Delhi high court on Monday cancelled the bail granted by a city court to Shivinder Mohan Singh, former promoter of Religare Enterprises Ltd (REL), in connection with a case pertaining to alleged misappropriation of funds at Religare Finvest Ltd (RFL).
The economic offences wing of the Delhi Police registered an FIR in March 2019 after it received a complaint from RFL’S authorized representative Manpreet Suri, against Singh, former REL chairman and managing director Sunil Godhwani, former RFL chief executive officer Kavi Arora, and others, alleging that they had taken loans while managing the firm but had invested the money in other companies.
Suri alleged that these accused put RFL in poor financial condition by disbursing loans to entities with no financial standing and wilfully defaulted in repayments, causing loss to RFL to the tune of ₹2,397 crore, according to the prosecution.
The police had alleged that Singh, in connivance with other co-accused, created the corporate loan book for utilizing the funds of the company for their personal benefits and the corporate loan policy was not followed by the sanctioning authority.
“The (trial court) should have borne in mind the peculiarity of fraud and conspiracy involved in this case and refrained itself from passing a blanket order releasing Shivinder on bail. No doubt on the premise that investigation is complete and accused is behind bars for some time and that trial shall take time, bail can be granted, but only when the offences alleged are of lesser magnitude,” the high court said.