Delhi HC cancels bail granted to Shivinder Singh

“The (trial court) should have borne in mind the peculiarity of fraud and conspiracy involved in this case and refrained itself from passing a blanket order,” the high court said.

The Delhi high court on Monday cancelled the bail granted by a city court to Shivinder Mohan Singh, former promoter of Religare Enterprises Ltd (REL), in connection with a case pertaining to alleged misappropriation of funds at Religare Finvest Ltd (RFL).

Former promoter of Ranbaxy pharmaceuticals Shivinder Singh was arrested on Thursday by Delhi Police’s Economic Offences Wing (EOW). (Photo: Raj K Raj/Hindustan Times)

The economic offences wing of the Delhi Police registered an FIR in March 2019 after it received a complaint from RFL’s authorized representative Manpreet Suri, against Singh, former REL chairman and managing director Sunil Godhwani, former RFL chief executive officer Kavi Arora, and others.

Suri alleged that these accused put RFL in poor financial condition by disbursing loans to entities with no financial standing and wilfully defaulted in repayments, causing loss to RFL to the tune of ₹2,397 crore, according to the prosecution.

“The (trial court) should have borne in mind the peculiarity of fraud and conspiracy involved in this case and refrained itself from passing a blanket order,” the high court said.