NEW DELHI :
A Delhi district court on Thursday sent former Ranbaxy promoters Malvinder Singh and Shivinder Singh to 14 days judicial custody in the case filed by Religare FinVest Limited (RFL) - an arm of Religare Enterprises(REL), for allegedly causing wrongful loss worth ₹2,397 crore. The Singh brothers will be lodged in Tihar Jail for next 14 days.
The case was being heard by the Saket District Court's Metropolitan Magistrate (MM) Nishant Garg who passed an order directing the Singh brother along with Sunil Godhwani, former Religare Enterprises Ltd. chairman and managing director, Kavi Arora and Anil Saxena, who both occupied important positions in REL and RFL to judicial custody till 31 October.
The Singh brothers will spend at least a night in Tihal jail for the bail application of Malvinder, Shivinder and Arora will be heard on 18 October.
The Economic Offences Wing (EOW) of Delhi Police had on Tuesday told the court that Singh brothers have disclosed that an amount of about ₹1,000 crore which has been transferred to various persons from the entities linked to corporate loan book which was then allegedly siphoned off.
The investigating officer of the Delhi Police (EOW), in the remand application, had sought custodial interrogation of the accused saying it was required to identify the persons to whom the alleged siphoned off money was transferred and to ascertain the purpose of creating the shell companies.
On 11 October the Delhi district court had sent the five accused persons to four days police custody for questioning in a case of alleged diversion of funds from Religare Finvest Ltd (RFL) to other companies controlled by them.
The brothers, former promoters of Ranbaxy Laboratories Ltd, were arrested across Thursday and Friday last week after Religare Finvest Ltd (RFL), an arm of Religare Enterprises Ltd (REL), alleged “wrongful loss" worth ₹2,397 crore.
The arrests were made based on a complaint filed by Religare Finvest in December, when it alleged that the Singh brothers and others misappropriated funds of the company to the tune of ₹740 crore through loans to entities that were related to them or their associates. In December, Religare Enterprises and its subsidiary made another complaint to the corporate affairs ministry alleging misappropriation of funds worth ₹2,230 crore of the company and its units. The complaint also alleged that illegal issuances and redemption of preference shares led to undue gains of approximately ₹290 crore to promoter groups.