The Delhi High Court on Thursday granted interim protection from arrest to SpiceJet promoter Ajay Singh in a case of an alleged fraud related to the transfer of shares of the airline to certain individuals.
"No coercive action till the next date of hearing," said Justice Anoop Kumar Mendiratta who listed Singh's anticipatory bail application in the case for further consideration on May 24.
The court directed Singh to join the investigation and keep the disputed shares frozen in the meantime.
The trial court had rejected Singh's anticipatory bail application last month, stating that it did not find sufficient grounds to grant relief to him in view of the overall facts and circumstances of the case and the gravity of the offence.
Senior advocate Sidharth Luthra, appearing for Singh, had earlier argued before the high court that there was no need for the SpiceJet promoter's custodial interrogation and he was not going to abscond and he was cooperating in the investigation.
He has stated that Singh even returned the sum of Rs 10 lakh which was given to him by the complainant for the transfer of shares after the same could not materialise on account of a separate pending dispute before an arbitral tribunal and that he was willing to "secure and set aside separately" the number of shares in question in the investigation.
In his bail plea, Singh has submitted that ex-facie no offence was made out against him and the criminal case was an abuse of the criminal machinery.
Senior advocate Vikas Pahwa, appearing for the complainant, had opposed the anticipatory bail plea as well as the grant of interim relief, saying that the present case was "serious" in nature.
Senior advocate Mohit Mathur, also appearing for the complainant in the matter, had argued that Singh made promises that he never intended to fulfill.
Delhi Police lawyer had said that other criminal cases were pending against Singh and a non-bailable warrant was also issued against him in the present case.
In the present case, which pertains to two similar FIRs, a Delhi businessman and his family members have alleged that there was a share-purchase agreement between him and the accused and he paid Rs 10 lakh for 10 lakh shares of SpiceJet.
These shares, however, were not transferred leading to the filing of the police complaint against Singh.
The complainant has also claimed that the accused deliberately and dishonestly handed over outdated and invalid DIS (delivery instruction slip) to him.
Singh had moved the trial court seeking protection from arrest in the case after non-bailable warrants were issued against him in January for failing to appear before the police for investigation.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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