The Delhi High Court on Wednesday (August 29) granted bail to former Bhushan Steel promoter Neeraj Singhal in an alleged Rs 2000 crore siphoning case.
While hearing the bail plea, the bench comprising Justices S Muralidhar, Vinod Goel asked: “What happens to criminal liabilities of organizations in case of takeover?”
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