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SC to hear SFIO plea against interim bail to industrialist

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New Delhi, Aug 29 (IANS) The Supreme Court will hear on Thursday a plea by the Serious Fraud Investigation Office (SFIO) against grant of interim bail to Bhushan Steel’s erstwhile promoter Neeraj Singal in the alleged siphoning of around Rs 2,500 crore in loans raised by the company.

A bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud on Wednesday decided on the Thursday morning hearing when Additional Solicitor General Tushar Mehta made a strong plea for the reversal of the Delhi High Court’s interim bail.

This was opposed by senior counsel Abhishek Manu Singhvi, C.A. Sundram and Siddharth Luthra, who contended that Singal has been granted interim bail subject to stringent conditions.

A bench of Justice S. Muralidhar and Vinod Goel of the High Court earlier in the day granted interim bail to Singal on furnishing a personal bond of Rs 5 lakh and two sureties of Rs 2 lakh each.

The court had directed Singal not to meet any of the witnesses whose statements may have been recorded by the SFIO. Also, he should not in any manner, directly or indirectly, seek to tamper with the course of investigation or the evidence gathered.

On August 8, the SFIO had arrested Neeraj Singal, a former Managing Director of Bhushan Steel, accusing him of involvement in a series of corporate frauds punishable under the Companies Act, 2013.

Even as Singhvi and Sundram told the court that Bhushan Steel had been taken over by Tata Group following proceedings under the Insolvency and Bankruptcy Code, Mehta told the bench that he had floated nearly 85 shell companies through which he used to circulate the money which eventually ended up with him.

Singhvi told the court that the matter related to 2016 and the High Court had granted him interim bail after taking into account all factors.

However, Mehta told the court that a fraud that stood at Rs 2,500 crore may touch Rs 10,000 crore and if Singal is set free all investigation which is at a critical stage would get defeated.

Initially hesitant to interfere with the bail order, the court said that it would take up the SFIO’s plea as a first item on Thursday, telling the lawyers for Singal that no prejudice would be caused to him as he is to be released on Thursday only.

When Mehta said that the High Court was slated to hear at 4.30 p.m. Singal’s plea for release on Wednesday itself, Justice Chandrachud said that he could inform the High Court of the apex court hearing on Thursday morning.

A probe had allegedly found that the erstwhile promoters of the company used a multitude of complex and fraudulent manoeuvres to divert thousands of crores raised from public sector banks using several associate companies.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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