NEW DELHI: Giving relief to Neeraj Singal, former promoter of Bhushan Steel, the Supreme Court on Tuesday said he could remain out on interim bail granted by the Delhi High Court in a `2,500-crore fraud case.
A Bench comprising Justices A M Khanwilkar and D Y Chandrachud, however, stayed the operation of the HC’s judgment that had held that Singal could not be compelled by the Serious Fraud Investigation Office (SFIO) to sign documents under the companies law. The Bench transferred to itself the plea Singal had filed in the high court for adjudication.
The Bench said it was only allowing the interim bail to continue, subject to observing certain conditions. The operation of rest of the judgment regarding other aspects, including the SFIO’s power to arrest and investigate, would be deliberated later, it said.
The SC Bench also took strong note of the haste shown by the HC in executing its order granting bail to Singal on August 29, despite the fact that the top court had kept SFIO’s appeal against the order for hearing the next day.
The court also gave liberty to the SFIO to file a fresh plea for recall of the interim bail granted to Singal.