New Delhi: The Delhi High Court today granted interim relief to Bhushan Steel’s erstwhile promoter Neeraj Singal. The court has granted him bail. Singhal was arrested by the SFIO for allegedly siphoning off $20 billion funds.
A bench of Justices S Muralidhar and Vinod Goel said Singal would be released from custody subject to his furnishing a personal bond of Rs 5 lakh and two sureties of Rs 2 lakh each.
The court also declined an oral plea made by the Serious Fraud Investigation Office (SFIO) to stay the operation of the interim order for a week.
The court has imposed several conditions, including that he would not influence witnesses or hamper the investigation.
Singal was arrested on 8 August in relation to an SFIO investigation into the affairs of Bhushan Steel Ltd and Bhushan Steel and Power Ltd, pursuant to a May 2016 order of the Centre under the Companies Act. He was the first person to be arrested by SFIO which was given this power only in August 2017.
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