KRISHNAN SUBRAMANIAN Vs. STATE OF NCT OF DELHI

JUDGEMENT

(1.) The instant bail application under Sec. 439 of the Code of Criminal Procedure, 1973 has been filed on behalf of the applicant seeking regular bail in FIR bearing No. 50/2019 registered at Police Station EOW Mandir Marg for offences punishable under Ss. 409/420/120B of the Indian Penal Code, 1860.

(2.) Status report filed by the State is taken on record.

(3.) The brief facts of the case are that the aforesaid FIR was lodged by M/s. Religare Finvest Limited (hereinafter "RFL" - New Management) with Police Station EOW Mandir Marg against Malvinder Mohan Singh, Shivinder Mohan Singh, the then Promoters/Directors, Sunil Godhwani, the then Chairman-cum-Managing Director and N.K. Ghoshal. It is alleged that the aforesaid persons having 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 huge money. The Reserve Bank of India (hereinafter "RBI") has pointed out some discrepancies in its analysis viz. the top borrowers of 'RFL', under Corporate Loan Book (CLB) portfolio were related entities; there was inter linkage between the borrowers as funds were routed from one borrower to another; and the loan amounts ultimately were coming to the group companies of 'RFL'.