Latest News
Back
Document:
Delhi HC grants bail to Anil Saxena, Religare Group CFO in Religare Finvest case
The Delhi High Court has granted bail to Anil Saxena, one of the accused in the Religare FinVest case. He has worked as the Chief Finance Officer in the Religare Group. The bail was granted by a Single Judge Bench comprising of Justice Vibhu Bakhru in the case titled as Anil Saxena v. State. The case is with regards to the complaint filed by Religare Finvest Ltd.(RFL) against the promoters of Religare Enterprises Ltd. (REL), that is Malvinder Singh, Malvinder Singh's brother Shivinder Singh, Chief Managing Director Godhwani and several others for misappropriating and siphoning off the funds of about Rs 2,000 crore.
The prosecution in the present case contends that at the material time, Anil Saxena was a part of the management of the Religare Enterprises Ltd. and Religare Finvest Ltd., along with being a part of the committee that approves the loan and hence, he along with the promoters Malvinder Singh, Malvinder Singh's brother Shivinder Singh has conspired to fraudulently siphon off the funds to various shell companies. On the other hand, Anil Saxena asserted that he was not a part of the day to day control and hence, management of Religare Finvest Ltd. He further contended that he has taken all the decisions on the sanctioning of all the loans as a part of the committee and not alone. It was elucidated that out of the nineteen questionable loans, Anil Saxena has asserted that he was involved just in passing the loan of such six companies and that three of which were approved by another committee. The other three loans were stipulated in order to secure the immovable property, he asserted. In order to substantiate his standpoint, Anil Saxena has emphasized the report submitted by AZB & Partners which was attached in the charge sheet. It stated that there was absolutely no allegation that Anil Saxena has received any benefit from these alleged fraudulent loan approvals.
Document:
