Tue, 19 Jan 2021

New Delhi [India], November 27 (ANI): The Delhi High Court has issued a notice to the Enforcement Directorate (ED) on the bail plea of businessman Malvinder Mohan Singh in connection with a money laundering case related to the alleged misappropriation of funds at Religare Finvest Ltd (RFL).

A bench of Justice Anup Jairam Bhambhani, while issuing notice on Thursday, said let the status report be filed before the next date with an advance copy to the opposing counsel.

"In particular, let the up to date order sheet of the case be filed on record. Let applicant's updated nominal roll be also requisitioned from the Jail Superintendent for the next date," the bench said slating the matter for further hearing on January 8, 2021.

Malvinder Singh, former RFL promoter, is currently in judicial custody in the case.

Advocate Manu Sharma, representing Singh, submitted that the applicant has been accused along with his brother Shivinder Mohan Singh as also three other persons by name Sunil Godhwani, Anil Grover and Kavi Arora and that the essence of the allegation is that they, in connivance with each other, siphoned-off sum of about Rs 1,260 crores from Religare Finvest Limited by causing it to extend unsecured loans to various entities which are under the direct or indirect control inter alia of the applicant.

Sharma also submitted that co-accused Shivinder Mohan Singh was granted bail in the present case on July 23 and the role of the applicant is identical to that of Shivinder Mohan Singh and as such the applicant deserves parity.

Standing counsel advocate Amit Mahajan, on the other hand, opposed the bail petition, pointing out that the order dated July 23 made in bail has been assailed before the Supreme Court, which in its order dated July 31, while issuing notice in the matter has ordered status quo as to the release of the co-accused and has further directed that the said bail order be not treated as a precedent for any other case.

Former Fortis Healthcare promoters Malvinder Singh, his brother Shivinder Singh, former REL CMD Sunil Godhwani, and others including Kavi Arora and Anil Saxena were arrested in the case by the Economic Offences Wing (EOW) of Delhi Police last year, for allegedly diverting Religare Finvest Ltd's money and investing it in other companies. (ANI)

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