Sejal Chaturvedi –
The Delhi High Court rejected the bail granted by the trial Court to Shivinder Singh in the Economic Offences Wing (EOW) case. Singh was former promoter of Fortis Healthcare and was booked for misappropriating funds at Religare Finvest Ltd.
The Court held that, his detention was necessary as the gravity of the accusations against Singh was serious.
Further it was observed by the Court that, the grant of bail in this case involves criminal breach which would affect life of many people. Hence, it was important that the accused continued to stay in custody for progress of the case.
Moreover, the Court stated that the continued detention was important to unearth the conspiracy executed by him.
In March 2019, the EOW reported a FIR against Shivinder Singh, former Chairman and Managing Director at Religare Enterprises Ltd. and former CEO of Religare Finvest Ltd. Kavi Arora and others on the accusing that some loans were taken by them while managing the firm but were invested in some other companies.
Further, Singh has also been booked for a bank fraud case where it has been alleged that he misappropriated two Fixed Deposits of worth 400 crore and 350 crore respectively.
