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Former Ranbaxy owners, Malvinder Mohan Singh and Shivinder Mohan Singh along with three other accused persons were arrested and produced in the court of Deepak Sherawat, CMM, Saket District Courts on Oct 11 in relation to an FIR registered by the EOW regarding misappropriation of funds of Religare Finvest Ltd (RFL), the complainant company and other related offences.

Counsel appearing for Malvinder Singh opposed police remand on the grounds that he had earlier joined the investigation. The counsels also pointed out that the SFIO was already conducting an investigation in the matter under the Companies Act, 2013 and the EOW had no jurisdiction to investigate the same.

Senior Advocate Jana Kalyan Das argued for the complainant, Religare Finvest Ltd

RFL, the complainant company, being represented by Sr Adv JK Das and Sr Adv Vikas Pahwa briefed Advocate Sandeep Das and Advocate Surbhi Sharma argued that considering the magnitude of the fraud, custodial interrogation was required to unearth the money trail as the magnitude of the offence was enormous. It was also argued that the Companies Act does not bar an investigation by the EOW and the EOW is free to carry out its investigation for offences under the IPC.

The CMM passed an order remanding the accused persons to EOW’s custody for 4 more days.

— India legal Bureau

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