No bail for Shivinder Singh
The Delhi High Court on Monday cancelled bail given to former Fortis Healthcare promoter Shivinder Mohan Singh in a case of misappropriating funds of Religare Finvest Ltd (RFL), saying his detention was necessary to unearth the “conspiracy hatched by him” and trace the siphoned off money. The decision by Justice Suresh Kumar Kait came on the plea of RFL challenging the March 3 order of the trial court granting bail to Shivinder Singh in the case registered against him by the Economic Offences Wing (EOW) for cheating, criminal conspiracy and criminal breach of trust. The RFL complained to EOW against Shivinder and partners for siphoning Rs.2397 crore.
“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 mind the factual matrix of the present case as also the pertinent observations of the Supreme Court in various decisions, I have no hesitation to hold that the impugned order suffers from serious infirmities, resulting in miscarriage of justice.
Fortis promoter brothers Shivinder and Malvinder were embroiling in so many financial irregularities for the past five years.
“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 Suresh Kait said in the 29-page judgment setting aside the bail granted to the Fortis Hospital Group promoter Shivinder by the trial court.
The EOW of Delhi Police registered an FIR in March 2019 after it received a complaint from RFL’s Manpreet Suri against Shivinder, former CMD of Religare Enterprises Limited (REL) Sunil Godhwani and former CEO of RFL Kavi Arora and others, alleging that loans were taken by them while managing the firm but the money was invested in other companies.
According to the prosecution, RFL’s authorised representative Manpreet Suri alleged that these accused put RFL in poor financial condition by disbursing loans to entities having no financial standings and willfully defaulted in repayments thereby caused wrongful loss to RFL to the tune of Rs 2,397 crore.
Fortis promoter brothers Shivinder and Malvinder were embroiling in so many financial irregularities for the past five years. In 2019, Fortis Group has asked agencies for the arrest of brothers in an Rs.474 crore embezzlement related case[1].
In 2018, the billionaire brothers engaged in the physical fight too. Elder Malvinder accused Shivinder of attacking him[2].
The brothers had inherited more than 34% shares in big pharma company Ranbaxy and from 2015 their business empire was collapsing[3].
References:
[1] Fortis asks Sebi to arrest Malvinder, Shivinder Singh to recover Rs 472 crore – Feb 25, 2019, HT
[2] Fortis fight comes to blows: Malvinder Singh accuses Shivinder of assault – Dec 07, 2018, Economic Times
[3] The Malvinder, Shivinder Singh story: Why the brothers, once billionaires, are in the dock – Oct 11, 2019, India Today
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