The Delhi High Court on Monday reserved its decision on Bhushan Steel’s erstwhile promoter Neeraj Singal’s plea seeking release from judicial custody. Mr. Singhal was arrested for allegedly siphoning off funds worth over ₹20 billion.
A Bench of Justice S. Muralidhar and Justice Vinod Goel said that on the face of it, it does not find “frivolous” the plea by Mr. Singal against the powers of arrest of the Serious Fraud Investigation Office (SFIO).
“Prima facie, we do not think the challenge is frivolous,” the Bench said.
It also said that it will pronounce its decision on Mr. Singal’s interim application on Wednesday.
The SFIO opposed any interim relief to Mr. Singa. It said that given the seriousness and magnitude of the offence of which he was accused and his antecedents, he was not entitled to be released from custody.
