Delhi High Court grants bail to Malvinder Mohan Singh and three others in Religare fund diversion case

The HC also granted bail to then Chairman-cum-MD of REL Sunil Godhwani, another former Managing Director and Chief Executive Officer of RFL Kavi Arora and one Rajender Aggarwal.

A single judge bench of Justice Amit Sharma, after examining certain judgments on the point of bail said, ” …it can be said that gravity of an offence would be a factor at the time of consideration for grant of bail, but, at the same time, it cannot be the only criteria for denying bail either. As laid down in the aforesaid precedents, the object of bail is neither punitive nor preventative and the same is to secure the presence of the accused at the trial. The underlying principle in the aforesaid judicial pronouncements is that a person, who otherwise has roots in the society and is satisfying the other general conditions for grant of bail should, after completion of investigation, not be kept in continued judicial incarceration as a matter of punishment, even before the conclusion of trial”.

“In the present case, this Court is of the opinion that no possible prejudice can be caused to the case of the prosecution before the learned trial Court if the applicant is released on bail with necessary conditions, safeguarding the interests of the prosecution, especially when other co-accused persons have also been granted bail,” Justice Sharma said.

The court noted that the investigation in the matter is complete and the main chargesheet and supplementary chargesheets have been filed before the Trial Court. The court also noted that the evidence in the matter is “primarily” “documentary in nature” and all material documents have been recovered and are in the custody of the prosecution.

“In view of the law laid down in the judicial precedents cited hereinabove and in view of the facts and circumstances of the present case, the present application is allowed,” the HC said.

The court granted bail to Singh, Godhwani, Arora and Aggarwal after furnishing a personal bond of Rs. 10 Lakh each with two sureties of the like amount, subject to certain conditions. Some of the conditions directed by the HC is that the applicants will not leave India without the prior permission of the Trial Court and they will give their mobile numbers to the concerned Investigating Officer and keep them operational at all times.