9911796707
TMI Blog2021 (5) TMI 1064X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 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 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( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to route funds to the group companies; borrower companies had a weak financial standing with no revenue from operations; cash losses etc and loan for working capital was given when there was no business. Further, loans were given on the recommendations of the promoters as the owners of the borrowing entities had good relations with the promoters; the loans given were without any documentation, except a loan agreement/MoU entered into between RFL and the borrower(s). The end-use of these funds is not known. 6. During the course of investigation, the accused persons namely Malvinder Mohan Singh, Shivinder Mohan Singh, Sunil Godhwani, Anil Saxena and Kavi Arora are arrested. After completion of investigation, the charge sheet is filed agains ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich were misappropriated so that no objection could be raised from any quarter. He was drawing huge salary and benefit in the capacity of Chief Business Officer and Group CEO of the holding company i.e. Religare Enterprise Limited. It is also alleged he was highly paid and qualified chartered accountant but flouted all corporate governance norms to extend unsecured loans to the promoters linked entities which was eventually misappropriated/siphoned off. 10. It is also alleged public money have been swindled with the conspiracy of officials of the company and promoters. The main charge sheet has been filed and further investigation is being carried out and if accused is released on bail he can influence the witnesses and can temper with the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olved in this case only on account of being in employment with REL from 26.10.2020 till 14.11.2017 during which period he was also appointed as a Non-Executive Director. However, the tripping of loans took place from the year 2008-2017. Admittedly, co accused Anil Saxena is granted regular bail vide order dated 17.06.2020 of this Court, was a group CFO of REL from 2010 till 14.11.2017. He was admittedly a part of the Risk Management Committee and worked as a key management personnel for about six years. 13. The Supreme Court did not disturb the bail order of co-accused Anil Saxena but with a rider such order would not operate as a precedent for other accused. The main beneficiary Shivinder Mohan Singh has also been granted regular bail by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etitioner regarding approval of 73 loans is already part of the first charge sheet where the petitioner was not even made an accused or was arrested. Thereafter no new material surfaced, yet he was arrested. It is alleged the offences are premised on financial transactions, all of which have taken place through banking channels, hence, even the custodial investigation was never sought by the prosecution upon arrest. 16. Admittedly the investigating authority did not arrest members of other instrumental committees viz. Related Party Transaction Committee, which committee used to recommend the sanctioning of loan-such members are Rashi Dhir, Avinash Chander Mahajan, Harpal Singh, Monish K Dutt, Sunil Kumar Garg and Pankaj Sharma. 17. It is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lt with the same manner while doing so. The Court has certainly not only an obligation but also a right to call upon the investigating agency to explain its actions qua a particular co-accused and in case any reasonable explanation is not given it may draw its own conclusion. 18. The petitioner herein was an employee; not a beneficiary to a single penny; the main beneficiaries Shivinder Mohan Singh and Narender Kumar Ghoshal have since been granted regular bail by the learned Trial Court; such bails have not been cancelled as yet; the properties worth Rs. 300 crores stood attached; there being no allegation against him of tempering of evidence or influencing of witnesses; the perusal of chargesheet shows the entire trail of money stood inv ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
