BackBhushan Steel vice-chairman Neeraj Singal released on bail
Singal was arrested on 7 August for his alleged involvement in the Syndicate Bank bribery case
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Mumbai: A top executive of Bhushan Steel Ltd, who was arrested in August for allegedly offering bribes to a bank to raise the company’s borrowing limit, has been released on bail, it said in a statement to the BSE on Monday.
“Bhushan Steel Ltd has now informed BSE that as per order of the Hon’ble Court, Mr. Neeraj Singal, vice-chairman and managing director of the company who was in judicial custody has been released on bail on 27 September, 2014," the BSE announcement said.
Singal was arrested on 7 August for his alleged involvement in the Syndicate Bank bribery case, after the bank’s managing director was also arrested, raising concerns in the banking sector that has an exposure of about Rs40,000 crore to the steelmaker.
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