Today, i.e. September 4th, 2018, the Supreme Court of India upheld Delhi High Court’s order for granting interim bail to Neeraj Singhal - former promoter of Bhushan Steel.
On August 30th 2018 a bench comprising of Justice D. Y. Chandrachud and Justice A. M. Khanwilkar of Supreme Court of India reserved its judgment on the plea made by Serious Fraud Investigation Office (SFIO) to stay the order granting bail to Neeraj Singhal.
Neeraj Singhal was arrested by the Serious Fraud Investigating Agency (SFIO) for a loan fraud of allegedly siphoning off Rs. 2,500 crore of public funds. Singhal was the first person to be arrested by the SFIO after it was granted the power to arrest in August 2017.
Appeal was filed in the Supreme Court against the order of the Delhi High Court passed by a Bench of Justices S Muralidhar and Vinod Goel. The Delhi High Court had granted interim bail to Singhal pursuant to a Habeas Corpus Writ Petition which was filed by Singhal’s mother against his arrest by the SFIO.
Before the Supreme Court, the SFIO argued that Singhal’s release would fiercely affect the ongoing investigation which stands at an advanced stage.
The Supreme Court has stayed the other findings and observations of the order and transferred the matter to itself. However, the interim bail granted to Singhal, who was implicated in the Bhushan Steel case, will continue to operate. The order was passed by a Bench of Justices AM Khanwikar and DY Chandrachud.