The Delhi High Court has sought a response from the police on the bail plea of former Fortis Healthcare promoter Shivinder Mohan Singh in a case related to alleged misappropriation of funds at Religare Finvest Ltd (RFL). Justice Suresh Kumar Kait issued the notice on Shivinder Mohan Singh's plea and sought a response from the Delhi Police and RFL, the complainant in the case.
"The Additional Public Prosecutor accepts notice and seeks time to file a status report. Let needful be done within one week with an advance copy to the other side," the court said and listed the matter for further hearing on October 12. Singh has challenged a trial court's September 25 order dismissing his bail plea.
Senior advocate Mohit Mathur, appearing for complainant RFL, said he will file a reply to the contention raised in the petition by Singh. He had opposed the bail plea in the trial court saying RFL did not get back its money and suffered losses because of the acts and omissions of Singh and others.
The trial court had observed economic offences having deep-rooted conspiracies needed to be considered as grave offences affecting the economy of the country. It had said the possibility of the witnesses being influenced by Shivinder cannot be ruled out as during investigation statements of directors of the companies to which loans were extended by RFL were recorded and they were found to be associated with him.
The trial court had also said it was prima facie established from the investigation that Singh in conspiracy with others caused wrongful gain to RFL to the tune of Rs 2,397 crores. Shivinder Mohan Singh's brother Malvinder Singh(46), also a former Fortis Healthcare promoter, former CMD of Religare Enterprises Ltd (REL) Sunil Godhwani (58), Kavi Arora (48) and Anil Saxena were arrested by the Economic Offences Wing of Delhi Police last year, for allegedly diverting RFL's money and investing in other companies.
His counsel had submitted that the entire evidence was documentary in nature and has been seized and thus there was no possibility of evidence being tampered with by him. The police had opposed the bail plea saying huge financial fraud has been committed in the case and hence, Shivinder Mohan Singh was not entitled to bail. RFL's counsel had alleged it was the public money which was swindled by Shivinder Mohan Singh.
The EOW registered an FIR in March last year after it received a complaint from RFL's Manpreet Suri against Shivinder, Godhwani and others, alleging that loans were taken by them while managing the firm but the money was invested in other companies. The Enforcement Directorate lodged a money laundering case based on this.
RFL is a group firm of REL, which was earlier promoted by Malvinder and his brother Shivinder.