NEW DELHI: The Supreme Court on Thursday reserved its order on a plea of the Serious Fraud Investigating Office (SFIO) seeking a stay on a Delhi High Court order restraining the investigating agency from taking a signed statement of an accused in custody which might be used against him in a case. While releasing Bhushan Steel’s erstwhile promoter Neeraj Singal on bail on Wednesday, the High Court (HC) had restrained the SFIO from taking a signed statement from him.
A Bench of Justices AM Khanwilkar and D Y Chandrachud said it was reserving the verdict on the appeal of the SFIO against the HC order. During the hearing, Additional Solicitor General Maninder Singh, representing SFIO, said though the apex court had not issued any stay on the release of Singal from custody, the expectation was that he would not be released till the top court decided the appeal. He said after the SC’s hearing on Wednesday, Singal was released from jail pursuant to the HC order.
Singh said this was a serious matter as Rs 2,368 crore of public loans have now disappeared through 146 shell companies and Rs100 crore in cash was deposited in his bank accounts. All the shell companies would only be found if Singal was arrested. Senior advocates Kapil Sibal, AM Singhvi and Siddharth Luthra and advocate PK Dubey, appearing for Singal, opposed staying of the judgement saying these were serious issues and the verdict cannot be stayed in a simple manner. Singal was the first person ever to be arrested by SFIO on August 8 for allegedly syphoning off over Rs 23 billion.