Religare Finvest Case: Singh Brothers Seek Interim Bail, Offer Settlement
The Singh brothers, Malvinder and Shivinder, sought on Friday interim bail from a Delhi court, saying they wanted to settle the Religare Finvest case, with the complainant.
Delhi Chief Metropolitan Magistrate Deepak Sherawat took note of Singh brothers' submission and issued production warrant for the accused persons on Tuesday. Senior Advocate Vikas Pahwa, appearing for complainant Manpreet Singh Suri of Religare Finvest, said he wanted the proposal in writing.
"If proposal is suitable, we will not oppose the bail," Pahwa said.
The court posted the matter for hearing on Oct. 22.
Singh brothers, the former promoters of Fortis Healthcare Ltd. and Religare Enterprises Ltd., were arrested on Oct. 10-11 for allegedly misappropriating funds of Religare Finvest. On Thursday, they and three other accused—Sunil Godhwani, Kavi Arora and Anil Saxena—were placed in judicial custody till Oct. 31.
The Singh brothers have disclosed that about Rs 1,000 crore was transferred to various persons from the entities linked to the corporate loan book, which was then allegedly siphoned off, the Delhi Police told the court.
Religare Finvest had accused them of diverting funds, claiming that loans were taken by Shivinder Singh while managing the firm but the money was invested in other companies.