SpiceJet promoter Ajay Singh will on Wednesday appeal before a Delhi court an arrest warrant issued against him in a financial fraud case filed by a Delhi-based businessman.
Singh, through his lawyer, has filed for an anticipatory bail before a court in south Delhi’s Saket. Singh faces a non-bailable warrant, which can be used to send a person to jail, for allegedly not joining a police investigation despite several notices issued to him.
A SpiceJet spokesperson confirmed that warrants were issued against Singh adding that he couldn’t appear for hearing as he was in isolation after his wife tested positive for Covid-19.
“It’s a purely civil matter and the non-bailable warrant has been issued because Mr Singh could not appear for a hearing as he was in isolation because of his wife testing positive for Covid,” the spokesperson said.
According to the First Information Report (FIR) copy, filed with the Hauz Khas police station in South Delhi and reviewed by 'Business Standard', the complaint was filed by a Delhi’s Sanjeev Nanda, owner of Star Mobitel, a shop for electronic appliances.
According to the FIR, Singh entered into a share-purchase agreement with Nanda where he agreed to transfer 25 lakh shares of the company for Rs 25 lakh. While 10 lakh shares were to be transferred in favour of his son Chetan Nanda, 15 lakh shares were to be transferred in favour of his wife Priti Nanda.
Subsequently, Nanda was given delivery instruction slip, a document used to facilitate and authorize the sale or transfer of shares from one account to another. However, when Nanda went to deposit the instruction slips, he was told that the slips were outdated and no share transfer could be effected.
Following the FIR, the court asked the Hauz Khas police station to investigate the case.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU