Delhi’s Saket Court on Friday sent Ranbaxy’s former promoters Malvinder Singh and Shivinder Singh and three others — Sunil Godhwani, Kavi Arora and Anil Saxena — to four days of police remand. Earlier today, the Delhi High Court also reserved its order on the plea filed by Malvinder, against the FIR registered by Economic Offences Wing (EOW) of Delhi police. Singh had moved the court, saying the EOW of the Delhi police lacks jurisdiction to register an FIR in this case.
During the hearing at the Delhi High Court, Abhishek Manu Singhvi, who was representing Malvinder Singh, told the court that the issue was whether the case, which was being invested by the SFIO, could be probed by the EOW since the law bars “the overlap of jurisdiction”.
Advocate Avishek Singh, who was representing the EoW, said the arrest had already been made, and that crucial facts had to be brought before the court. “This case should be adjourned,” he pleaded. Senior advocate Mohit Mathur, who was representing Religare Fivest Ltd, told the court that plea was without filing all documents. “We can’t respond to the plea without all the documents in place,” he added.
Sighvi told the court that if Centre had assigned a case to the SFIO for investigation, no other investigation agency could proceed with the probe. Calling it a direct overlap of the investigation, Singhvi said: “SFIO summons are there. Same company, same transactions, same allegation that the promoter/directors transferred money from subsidiaries and siphoned it off. If you read all notices and charges together it is clear that it’s the same offense. If the SFIO is investigating, the EoW can’t jump the gun.” He said the EoW investigation was “doomed to failure” and that there should be stay on the proceedings.
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Avi Singh said the EOW was investigating conspiracy and cheating. “SFIO, under the act, can share its documentation with other investigation agencies, which are investigating offences under any other law.” He that SFIO was investigating Religare Enterprises and Fortis, while it was probing the Religare Finvest case.
Former Religare promoters Malvinder Singh and Shivinder Singh, former Religare CMD Sunil Godhwani and two others — Kavi Arora and Anil Saxena — were arrested on charges of fund misappropriation on Thursday. Those arrested have been accused of siphoning off public’s money and causing wrongful losses to Religare Finvest Ltd to the tune of Rs 2,397 crore.
The police action comes after a fund diversion complaint filed by Manpreet Singh Suri of Religare Finvest, which is the lending entity of Religare Enterprises, against Malvinder, Shivinder, Godhwani and others. Delhi Police last month lodged an FIR against Lakshmi Vilas Bank (LVB) directors, board members, Shivinder, Malvinder and Godhwani on charges of “cheating and criminal conspiracy” to the tune of Rs 740 crore.
Edited by Manoj Sharma
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