Giving a major relief to Bhushan Steel former promoter Neeraj Singhal facing charges in a
Rs 2,500 crore corporate fraud, the apex court on Tuesday (Sep 4) upheld Delhi HC order granting bail to Singhal.
The court was hearing the petition by Serious Frauds Investigation Office (SFIO) challenging the grant of the bail.
On August 29, the Delhi High Court had granted bail to Singhal. Singhal had moved the high court on August 20 after being arrested (the first person to have been arrested in serious fraud) by SFIO on August 8 for allegedly siphoning off Rs 2,000 crore from Bhushan Steel and Bhushan Power and Steel (companies that have been sold through NCLT intervention).
—India Legal Bureau