The Supreme Court has directed the investigating agency to complete the probe into the fund embezzlement case against former Fortis promoter Shivinder Mohan Singh while stating that the probe cannot be going indefinitely. “It has been two years. So should we allow him to be there in jail for 10 years?” the bench led by Chief Justice of India N.V. Ramana noted.
The bench which also comprises Justices A.S. Bopanna and Hima Kohli was hearing the plea filed by Shivinder Mohan Singh against the Delhi Police’s Economic Offences Wing (EOW) timeline stating that it would need four more months to complete the probe in the case.
Senior Advocate Sidharth Luthra appeared for Shivinder Mohan qua promoter of several entities and shareholder of Religare Enterprises Limited. Senior Advocate R. Basant appeared for the complainant.
ASG Nataraj submitted before the Bench that investigation will be completed by the end of January 2022, as stated in the affidavit.
CJI Ramana said, “We will give you either two months to complete the investigation instead of four months, after that we will consider the bail application of the petitioner. If not this then, secondly, we (would) direct Delhi High Court to deal and expedite with the matter.”
The CJI refused to accept the contention of the ASG to send the matter back to trial court and directed it submit their final report by end November. “We will only grant time till November end to wrap up investigation,” said the CJI.
The bench has listed the matter for hearing in the first week of December.
Previously, the Supreme Court had issued notice to the National Capital Territory of Delhi to intimate the court as in how much time the investigation will be completed regarding the misappropriation of Rs 2397 crore through RHC Holding Pvt Ltd qua Director of Shell Entities, in relation to the bail plea of Shivinder Mohan Singh, promoter of several entities and shareholder of REL.
The averments against Shivinder by the prosecution were that he concerted with other persons, along with his brother, in manipulating the management affairs of the company. Shivinder, at the behest of his brother Malvinder Singh and other co-accused for their personal benefit, siphoned the funds of Religare Finvest Limited. By creating a Corporate Loan Book, he also utilised the company funds and corporate loan policy was never followed by the Sanctioning Authority.
Shivinder had approached the Apex Court seeking regular bail. Earlier, the accused was granted bail by the trial court and vide order dated June 14, 2021, the Delhi High Court set aside the trial court order of bail granted to Shivinder on the petition of Religare, which had moved the Delhi High Court, challenging his bail.
A FIR was lodged u/s 409, 420/120-B IPC. He contended before High Court that the bail of the co-accused was also dismissed, considering the gravity and seriousness of offence.
‘Got bail twice but sent back to jail’
Sidharth Luthra had argued that the petitioner has been languishing in judicial custody since October 2019, 23 months to be precise and the investigating officer had filed the chargesheet. Shivinder can’t be kept for longer period of time in custody, contended Luthra.
However, the Bench had observed, “These allegations are serious in nature. Investigation is going on. But admittedly, it has been observed by the investigating officer that money has still to be traced out.”
Luthra had submitted that it is not a case, where the bail application got dismissed twice. “I was granted bail by the trial court and then vide a High Court order, they sent back me to jail,” he said.
Senior Advocate Basant for the complainant had stated about more than Rs 2000 crore has been embezzled. Investigation is not closed yet. To which the CJI asked Basant, how much time will it take to complete the investigation. “You can’t be amending stories,” said the CJI.
Religare Enterprises Ltd (REL) is a public listed company and Core Investment Company (CIC) which has made investments in its subsidiary companies, of which Religare Finvest Ltd. (RFL) is the one. Respondent No.2 having absolute control over REL and its subsidiary companies, put RFL in poor financial condition by way of disbursing loans to entities with no financial standing.
The High Court was of the view that the grant of bail in a case involving cheating, criminal breach of interest by an agent of such a large magnitude of money, affecting a very large number of people would also have an adverse impact not only on the progress of the case but also on the trust of the criminal justice system that people repose. Thus, the parameters set out by the Supreme Court for cancellation of bail in Kanwar Singh Meena (Supra), have been met out.