New Delhi: The Delhi High Court on Wednesday granted interim bail to Bhushan Steel’s erstwhile promoter Neeraj Singal, arrested by the Serious Fraud Investigation Office (SFIO).
A bench of Justic S. Muralidhar and Vinod Goel granted interim bail to Singal on furnishing a personal bond of Rs five lakh and two surety bonds of Rs 2 lakh each.
The court directed him not to meet any of the witnesses whose statements may have been recorded by the SFIO. Also, he should not in any manner, directly or indirectly, seek to tamper with the course of investigation or the evidence gathered.
Singal, a former Managing Director of Bhushan Steel Limited, was arrested on August 8. The SFIO alleged that he was involved in a series of corporate frauds punishable under the Companies Act, 2013.
A probe allegedly found that the erstwhile promoters of the company used a multitude of complex and fraudulent manoeuvres to divert thousands of crores raised from public sector banks using several associate companies.
After insolvency resolution, the ownership and control of BSL was transferred to the Tata Group.