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Friday, November 27, 2020

Court dismisses Religare ex-chief’s bail plea

Additional Sessions Judge Sandeep Yadav dismissed Singh’s plea considering the severity and seriousness of the crime allegedly committed by him.

By: Express News Service | New Delhi | November 13, 2020 12:04:18 am
Via Mauritius, Religare moved funds to Singh brothers’ offshore company: recordsGroup chairman of Fortis and Religare Ent. Malvinder Mohan Singh and Fortis MD Shivvinder M Singh. (PTI )

A Delhi court Thursday dismissed the bail application of former CEO of Religare Enterprises Ltd (REL) Maninder Singh in a case related to alleged siphoning of money to the tune of Rs 2,397 crore.

Additional Sessions Judge Sandeep Yadav dismissed Singh’s plea considering the severity and seriousness of the crime allegedly committed by him.

“Considering the overwhelming evidence available on record… and severity… of crime, applicant/accused is not entitled to bail,” the court said in its order.

It said an investigation has allegedly revealed that Singh turned a blind eye to corporate loan books and kept on siphoning money to the promoter’s companies.

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