New Delhi, September 4: The Supreme Court bench of Justices D. Y. Chandrachud and A. M. Khanwilkar on Tuesday, confirmed the Delhi High Court order which granted bail to Neeraj Singhal, former promoter of Bhushan Steel.
However, the bench has stayed the other findings and observations in the said order and has transferred the matter to itself.
On August 30, the Court had reserved its judgment on a plea filed by the Serious Fraud Investigation Office (SFIO) seeking a stay on Delhi High Court order which granted interim relief to former Bhushan Steel promoter Neeraj Singal for allegedly transferring funds illegally worth over Rs. 2000 crore.
On August 8, SFIO arrested Singhal as it is probing the fraud of multi crores, belonging to the ex-chequers, in pursuance of a order of the Ministry of Corporate Affairs, assigned under the provisions of the Companies Act in the year 2016.
On August 29, the Delhi High Court granted bail to Neeraj Singal, following which, SFIO immediately approached the Supreme Court seeking stay on the release order contending that Singhal's release would hamper the ongoing probe, which has reached in it's advanced stage.
However, earlier, during the course of proceedings, the bench though, would not prefered to intervene with Singhal's release orders but contemplated transferring all connected matters from the High Court to itself.
SFIO has also raised a question about the Delhi High Court order staying that how it could grant bail in a Habeas Corpus petition when it was well-known that he was arrested as per law.
Originally, Singhal's mother had filed a Habeas Corpus petition in Delhi High Court seeking his release from alleged illegal arrest and custody by the SFIO.