MANINDER SINGH Vs. STATE OF NCT OF DELHI

JUDGEMENT

(1.) Petitioner seeks regular bail in case FIR No.50/2019 under Section 409/420/120B IPC registered at police station EOW.

(2.) The complaint is made by Manpreet Singh Suri, AR-authorised representative of Religare Finvest Limited (RFL) against Malvinder Mohan Singh (MMS), Shivinder Mohan Singh (SMS), the then promoters/ directors, Sunil Godhwani, the then Chairman-cum-Managing Director, and NK Ghoshal. The AR of RFL alleges the above personshaving absolute control on REL and its subsidiaries, have put RFL in poor financial condition by disbursing loans to entities having no financial standings. These entities willfully defaulted in repayments and caused wrongful loss to RFL to the tune of Rs.2397 crores. These shell companies/entities were controlled by above persons.

(3.) It is further the case of prosecution the Reserve Bank of India (RBI) has pointed out such discrepancies in its analysis viz. the top borrowers of RFL, under Corporate Loan Book(CLB) portfolio, were related entities; there is inter linkage between the borrowers as funds were routed from one borrower to another; and the loan amounts ultimately are coming to the group companies of RFL.