Supreme Court refuses to cancel bail for Religare ex-CEO Maninder Singh

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July 13, 2021 4:00 AM

Former Fortis Healthcare promoters Malvinder Mohan Singh and his brother Shivinder Mohan Singh, former CMD of REL Sunil Godhwani and former CEO of RFL Kavi Arora are also behind bars in the case since 2019 for allegedly diverting RFL's money and investing in other companies.

The Supreme Court will continue hearing the case on Wednesday.The Supreme Court will continue hearing the case on Wednesday.

The Supreme Court on Monday refused to cancel bail to former CEO of Religare Enterprises (REL) Maninder Singh, in a case related to alleged siphoning of money to the tune of Rs 2,397 crore from Religare Finvest (RFL).

Former Fortis Healthcare promoters Malvinder Mohan Singh and his brother Shivinder Mohan Singh, former CMD of REL Sunil Godhwani and former CEO of RFL Kavi Arora are also behind bars in the case since 2019 for allegedly diverting RFL’s money and investing in other companies. Singhs are allegedly the beneficiaries of the siphoning of public monies as per the prosecution.

A Bench led by Justice AM Khanwilkar dismissed the appeal filed by RFL, which is a group firm of REL (earlier promoted by Malvinder and Shivinder) against the Delhi High Court’s order that granted bail to the former CEO, allegedly the key conspirator, on May 5.

He was arrested on October 27, 2020, for allegedly conspiring with other accused persons and swindling Rs 2,397 crore, thereby causing wrongful loss to complainant RFL and wrongful gain to themselves.

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