The Supreme Court of India (Source: PTI)

Supreme Court Transfers Case Involving Ex-Promoter Of Bhushan Steel To Itself

The Supreme Court said Neeraj Singal, former promoter of Bhushan Steel, will remain out on interim bail granted by the Delhi High Court in a Rs 2,500-crore fraud case.

A bench comprising Justice AM Khanwilkar and Justice DY Chandrachud, however, stayed the operation of the Delhi High Court judgement and transferred to itself the plea Singal had filed in the high court for adjudication.

The bench said it was only allowing the interim bail to continue, and the operation of the rest of the judgment regarding various aspects, including the Serious Fraud Investigation Office's power to arrest and investigate, will be deliberated later.

The Delhi High Court had on Aug. 29 granted bail to Singal, arrested by the Serious Fraud Investigation Office for allegedly siphoning off public funds.

The apex court was hearing an SFIO plea to stay the Delhi High Court order in the case. The agency had earlier said his release will cause grave harm to the ongoing probe, which has reached an advanced stage.

Bloomberg Quint

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