January 20, 2020
The court granted Singal interim relief on furnishing
The court granted Singal interim relief on furnishing of a personal bond of Rs 5
lakh and two sureties of Rs 2 lakh each.He was the first person ever to be
arrested by SFIO which was given this power only in August last year.. New
Delhi: The Delhi High Court on Wednesday directed interim release of Bhushan
Steel&wholesale
heavy hex nuts39;s ex-promoter Neeraj Singal, arrested by the Serious Fraud
Investigation Office (SFIO) for allegedly siphoning off Rs 20 billion funds. The
court granted Singal interim relief on furnishing of a personal bond of Rs 5
lakh and two sureties of Rs 2 lakh each.The plea has claimed that his arrest was
illegal as no grounds for arrest were communicated to him orally or in writing
by the probe agency at the time of arrest.
Singal, represented by advocate Pramod
Kumar Dubey, was arrested on August 8 in relation to an SFIO investigation into
the affairs of Bhushan Steel Ltd and Bhushan Steel and Power Ltd, pursuant to a
May 2016 order of the Centre under the Companies Act. The plea has claimed that
his arrest was illegal as no grounds for arrest were communicated to him orally
or in writing by the probe agency at the time of arrest.A habeas corpus
petition, filed through advocates Ranjana Roy Gawai, Arshdeep Singh and Hemant
Shah, has also challenged certain provisions of the Companies Act on grant of
bail to persons arrested under the Act, claiming that they were violative of
fundamental rights as they # imposed "unreasonable restrictions".A bench of
Justices S Muralidhar and Vinod Goel declined SFIO's oral plea for stay of its
interim order
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03:48 AM
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