A Delhi court on Thursday rejected the bail plea of former Ranbaxy promoter Shivinder Singh in connection with a case related to alleged misappropriation of funds at Religare Finvest Limited.
Additional Sessions Judge Gulshan Kumar dismissed the plea observing that there was 'every likelihood of Singh fleeing from justice and hampering the trial'.
"Considering the seriousness and gravity of the offences, there being every likelihood of applicant Shivinder Mohan Singh fleeing from justice or hampering the trial, I find it expedient in the interest of justice, not to enlarge him on bail," the court said.
The court observed that in the present case, a huge amount of Rs 2,400 crore was disbursed in the form of loan to the entities having no financial standings.
The court also said that investigation in the case is in a crucial stage and there is a possibility of the applicant to influence the witnesses or tamper with evidence.
Complainant's counsel and senior advocate Nidhesh Gupta also opposed his bail plea saying that loans were disbursed to shell compes known to promoters and the ultimate beneficiary was RHC Holding Pvt Ltd. Gupta also said that Shivinder Singh was a shareholder of RHC.
Shivinder Singh, along with his brother Malvinder Singh and former CMD of Religare Enterprises Sunil Godhw was arrested in October by Economic Offence Wing (EOW) of the Delhi Police over charges of siphoning off funds.
As per the prosecution, Manpreet Singh Suri of Religare Finvest has lodged a complaint against Shivinder and others accusing them of putting Religare Finvest in poor condition by way of disbursing loans to those who did not have any financial standings.
Meanwhile, the court also extended judicial custody of Malvinder and Sunil Godhw extended till December 23 in the money laundering case related to misappropriation of funds of RFL.
( With inputs from ANI )