NEW DELHI:
The Delhi High Court today issued notice on a petition by Religare Finvest Ltd (RFL) challenging the bail granted by the Saket District Court to its erstwhile promoter Shivinder Singh last week.
RFL was represented by Advocate Sandeep Das in the Delhi High Court.
Although Shivinder, the younger of the two brothers was granted bail last week , he could not walk out of the Tihar Jail where he is lodged currently, as his bail in another case opposed by the Enforcement Directorate (ED) is still pending in the Supreme Court.
Both Shivinder and his elder brother Malvinder Mohan Singh were arrested by the Economic Offences Wing (EOW) of the Delhi Police last December in a case related to alleged misappropriation of funds at Religare Finvest Ltd (RFL, which was an arm of Religare Enterprises. The EOW alleged that the Singh brothers had connived with the employees of Lakshmi Vilas Bank and misappropriated two FDs of Rs 400 crore and Rs 350 crore made with the Lakshmi Vilas Bank by the complainant company.
The investigation in the case, filed in September last year, revealed that the duo misappropriated the amount by availing loan from the bank against these FDs in RHC Holdings Pvt Ltd and Ranchem, companies which they owned. The EOW further alleged that Malvinder and Shivinder systematically siphoned off and diverted public money in a clandestine manner for their own benefit.
RFL is a group firm of REL, which was earlier promoted by the Singh brothers. According to the ED, both the accused, along with Sunil Godhwani and two others had transferred an amount of approximately Rs 1,000 crore to various persons from entities linked to the corporate loan book and finally, the money was siphoned off. The agency started its investigation in the matter on the basis of a case lodged by the Delhi Police. Malvinder (46), Shivinder (44), along with Godhwani (58) and two others were arrested by the Delhi Police’s EOW for allegedly diverting the money and investing in other companies.
The EOW registered a FIR in March after it received a complaint from RFL against Shivinder, Godhwani and others, alleging that loans were taken by them while managing the firm but the money was invested in other companies.
