New Delhi, Aug 27 (IANS) The Delhi High Court on Monday reserved its order on Bhushan Steel’s erstwhile promoter Neeraj Singhal’s plea against his arrest by the Serious Fraud Investigation Office (SFIO).
The bench said that it will pronounce orders on the plea on August 29.
Singhal, a former Managing Director of Bhushan Steel Limited, was arrested on August 8. The SFIO alleged that he was involved in a serious corporate fraud punishable under the Companies Act, 2013.
A probe allegedly found that he used a multitude of complex and fraudulent manoeuvres to divert thousands of crores of rupees raised from public sector banks using several associate companies.
After insolvency resolution, the ownership and control of BSL was transferred to the Tata Group.