Delhi: Ex-Ranbaxy promoter Shivinder Singh’s bail plea rejected by HC

A Delhi court on Thursday, December 12 has rejected the former Ranbaxy promoter Shivinder Singh’s bail plea in connection with a fund misappropriation case at Religare Finvest Limited. His plea was dismissed by the Additional Sessions Judge, Gulshan Kumar, who observed that there was 'every likelihood of Singh fleeing from justice and hampering the trial'.

The court’s statement was as follows, "Considering the seriousness and gravity of the offenses, there being every likelihood of applicant Shivinder Mohan Singh fleeing from justice or hampering the trial, I find it expedient in the interest of justice, not to enlarge him on bail.”

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In this case, an amount of Rs 2,400 crores was disbursed as loans to entities with no financial standings, which was noted by the court. Because the investigation, in this case, is at a crucial stage, the court suspected that it is likely that ‘the applicant may influence the witnesses or tamper with evidence.’

Nidhesh Gupta, a senior advocate who is also the complainant's counsel, shared that bail should be denied because loans were disbursed to companies known to the promoters and the final beneficiary of each transaction was RHC Holding Pvt Ltd, where Shivinder Singh is a shareholder.  

On the charge of siphoning off funds, the Economic Offence Wing (EOW) of the Delhi Police arrested Shivinder Singh, his brother Malvinder Singh and Sunil Godhwani, the former CMD of Religare Enterprises in October this year.

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The crux of the case is that Religare Finvest has been cheated by the Singh brothers and others accused by disbursing loans to companies that did not have a financial standing. The prosecution has told news agencies that Manpreet Singh Suri of Religare Finvest has lodged a complaint against Shivinder and others accusing them of the same.

In the money laundering case related to the misappropriation of funds of RFL, the court also extended the judicial custody of Malvinder and Sunil Godhwani till December 23.

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(With Inputs from ANI)