The Delhi High Court Monday sought response of former Fortis Healthcare promotor Shivinder Mohan Singh on a plea challenging bail granted to him in a bank fraud case. The matter came up before Justice Anu Malhotra who asked Shivinder's counsel to respond to the plea by complainant Religare Finvest Ltd (RFL) seeking quashing of trial court's orders granting him bail in the case and holding his bail application to be maintainable.
The high court listed the matter for further hearing on November 11. RFL, represented through senior advocate Mohit Mathur, challenged the trial court's order saying Shivinder had scant regard for law and his own undertakings given to the court.
The Supreme Court had held the respondent no. 2 (Shivinder) guilty of contempt and wilful disobedience of orders of the Supreme Court and the solemn undertakings given to this court on five occasions. "Therefore, his undertakings on the basis of which bail was granted were meaningless. While granting bail, the Additional Sessions Judge (ASJ) failed to appreciate that there is likelihood of such a person violating any undertaking given to the ASJ and disobeying the bail conditions, the petition said. Despite grant of bail, Shivinder has not been able to be released from Tihar jail as his bail in another case opposed by the Enforcement Directorate is pending in the Supreme Court.
He is also in judicial custody in another fraud case lodged by the Economic Offence Wing (EOW) of Delhi Police and the bail plea is pending in the high court. It is alleged by the police that Shivinder and his brother Malvinder Mohan Singh in connivance with the employees of Lakshmi Vilas Bank (LVB) misappropriated two Fixed Deposits (FD) of Rs 400 crore and Rs 350 crore made with the bank by the complainant company RFL.
The police had said a probe was initiated after Manpreet Singh Suri of RFL had filed a complaint against the Singh brothers and their companies RHC Holding Ltd, Ranchem Pvt Ltd, and LVB and its then directors/employees. According to the police's statement, the complainant had alleged that in November 2016, RFL had placed an amount of Rs 400 crore in two fixed deposits (FDs) with LVB. These FDs were created by RFL for short-term tenor with an intention to keep them free from all and any encumbrance.
Thereafter, in January 2017, RFL had placed an additional amount of about Rs 350 crore in another couple of FDs with LVB. These were short-term FDs and were renewed by RFL from time to time till their maturity date in July, 2017, it had stated. "However, on July 31, 2017, RFL was shocked to receive an email from LVB with accounts statement with respect to RFL's current account. RFL discovered that LVB had credited the proceeds of the FDs to RFL's current account and subsequently debited from RFL's current account cumulative amount of Rs 723,71,50,920 without any prior intimation to RFL," the police had said.
"It is further alleged that LVB cheated RFL and misused its public shareholder money entrusted with LVB in its capacity as RFL's banker, thus causing wrongful loss to the complainant company to the tune of Rs 729 crores approximately," the police had also said in the statement. Shivinder was arrested in the case on January 1, 2020.
RFL is a group firm of REL, which was earlier promoted by former Fortis Healthcare Promoters Malvinder and Shivinder Singh. The EOW registered a separate FIR in March last year after it received a complaint from RFL's Manpreet Suri against Shivinder and others, alleging that loans were taken by them while managing the firm but the money was invested in other companies.
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