Two promoters surrender in court | delhi | Hindustan Times
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Two promoters surrender in court

Two promoters of a Faridabad-based private firm, wanted by CBI for allegedly using their links with sacked CWG committee chairman Suresh Kalmadi to secure a lucrative contract for a Swiss firm, surrender before a Delhi court on Tuesday.

delhi Updated: Aug 17, 2011 00:07 IST

Two promoters of a Faridabad-based private firm, wanted by CBI for allegedly using their links with sacked CWG committee chairman Suresh Kalmadi to secure a lucrative contract for a Swiss firm, surrender before a Delhi court on Tuesday.

Promoters of Faridabad-based Gem International, AK Madan and Purshottam Arya, evading arrest since February this year and declared proclaimed offenders, surrendered before special CBI judge Talwant Singh who remanded the duo to judicial custody. “Both the accused be taken into custody and sent to judicial custody,” the judge said.

The duo surrendered before the court after the trial court had confiscated their properties while the Delhi high court and the Supreme Court dismissed their repeated pleas to grant them anticipatory bail.

The court had directed CBI to file by August 18 details of expenses incurred so far in attaching their properties. It had also asked CBI not to attach their immovable properties if the order relating to it has not been executed so far.

Madan and Arya’s Gem International was a sub-contractor of Swiss firm ‘Swiss Timing’ which was allegedly illegally granted the TSR contract causing a loss of over Rs90 crore to the exchequer.