The Delhi High Court on Wednesday reserved the order on the anticipatory bail plea by Ajay Singh, Managing Director, and Promoter of Spicejet, in a case of an alleged fraud related to the transfer of 10 lakh shares of the airline.
After the submissions by the parties, the bench of Justice Anoop Kumar Mendiratta reserved the order, which will be pronounced on Thursday.
Earlier, the trial court had denied bail to the accused as it will “affect the probe against him at this stage”.
Senior advocate Siddharth Luthra, appearing for Singh, argued that his client is cooperating in the probe and the FIR clearly amounts to an abuse of the criminal machinery to pre-maturely enforce a commercial contract.
Vikas Pahwa, representing the complainant and businessman Sanjiv Nanda, strongly opposed the arguments of Luthra.
As per the complaint, there was a share-purchase agreement between Nanda and Singh, and he paid Rs 10 lakh for 10 lakh shares of SpiceJet which, however, were not transferred by the latter.
Later, Nanda approached the police and registered a complaint of cheating against Singh.