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The former promoter of Bhushan Steel, NeerajSinghal was arrested after investigation by the agency for loan fraud for allegedly transferring Rupees. 2,500 crore of public funds. The Delhi High Court granted bail to him based on several observations.
The Supreme Court upheld the order in respect of the bail granted but stayed the other finding and observations in the order. It transferred the case to itself in respect of all the connected matters from the High Court. The bench granted bail in spite of the prayer of the Serious Fraud Investigation Office (SFIO). It also refused to grant an interim stay on Singhal’s release from custody.
The, the High Court requested the Trial Court to not waste time in passing the relief order as even the Supreme court has not stayed the interim relief extended by it.
The SFIO contended that the release of Singhal will affect the investigation which has been going on. It further questioned the power of Delhi High Court to grant bail in case of Habaes Corpus petition, where there has been lawful arrest. Initially the bench also considered requiring Singhal to surrender his passport and report to the local police station of daily basis.
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