38.6c New Delhi, India, Monday, July 15, 2024
Judiciary

Supreme Court Sets Aside Delhi HC Order Granting Bail To Bhushan Steel’s Ex-CFO [Read Judgment]

By LawStreet News Network      13 September, 2019 12:09 PM      0 Comments

The Supreme Court on September 12, 2019, in the case of Serious Fraud Investigation Office v. Nittin Johari & Anr., has set aside the Delhi High Court order granting bail to Bhushan Steel’s former chief financial officer Nittin Johari who was arrested by the Serious Fraud Investigation Office (SFIO) for alleged fraudulent activities.

A Bench comprising of Justices N.V. Ramana, Mohan M. Shantanagoudar and Ajay Rastogi passed the judgment while referring to the law laid down by the Supreme Court in past decisions on the question of granting bail to persons accused of economic offences.

“Economic offences constitute a class apart and need to be visited with a different approach in the matter of bail. The economic offences having deep-rooted conspiracies and involving huge loss of public funds need to be viewed seriously and considered as grave offences affecting the economy as a whole and thereby posing serious threat to the financial health of the country,” the court held.

The court found that the Delhi High Court, while granting bail to Johari on August 14, 2019, did not apply its mind to all the circumstances required to be considered while granting bail, particularly in relation to economic offences.

The apex court thus set aside the Delhi High Court order and asked it to consider Johari’s bail plea afresh at an early date.

Johari was arrested by the SFIO on May 2, 2019, for alleged fraudulent activities, including filing false documents with various banks.

The case of the prosecution is that from 2009-10 to 2016-17, Brij Bhushan Singal and Neeraj Singal, promoters of the BSL, assisted by employees and close associates, used a complex web of 157 companies to siphon off funds from it for various purposes, and also fraudulently availed themselves of credit from lender banks and cooked account books.

Their activities, according to the prosecution case, caused a loss of around ₹3,500 crore.

[Read Judgment]



Share this article:

User Avatar
About:


Leave a feedback about this
TRENDING NEWS


TOP STORIES

journalist-soumya-vishwanathan-murder-case-sc-issues-notice-to-4-convicts-on-appeal-by-delhi-police
Trending Crime, Police And Law
Journalist Soumya Vishwanathan murder case: SC issues notice to 4 convicts on appeal by Delhi police

SC issues notice to 4 convicts in Soumya Vishwanathan murder case on Delhi police's appeal against their bail. Convicts had served over 14 years.

09 July, 2024 09:49 AM
why-indian-high-courts-still-have-old-names-despite-change-in-city-name
Trending Judiciary
Why Indian High Courts still have old names despite change in city name ? [Watch Video]

Know the reasons why Indian High Courts, like Bombay HC, Madras HC, and Calcutta HC, Allahabad HC still retain their old names despite the cities’ name changes. LawStreet Journal delves into the historical and legal context. Watch report !

09 July, 2024 09:56 AM
what-is-keir-starmer-stance-on-kashmir-issue
Trending International
What is Keir Starmer’s stance on Kashmir issue ? [Watch Video]

Under Keir Starmer, the UK's Labour Party shifts its stance on Article 370, focusing on strategic ties with India, moving from past criticisms to cooperation.

09 July, 2024 10:04 AM
ed-moves-sc-against-jharkhand-hc-order-of-bail-to-cm-hemant-soren
Trending Judiciary
ED moves SC against Jharkhand HC order of bail to CM Hemant Soren

ED moves SC against Jharkhand HC's bail order for CM Hemant Soren in a money laundering case linked to an alleged land scam.

09 July, 2024 12:14 PM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email