Delhi HC dismisses bail plea of Bhushan Steel ex-CFO Nittin Johari

The Delhi High Court on Monday dismissed the bail plea of Bhushan Steel's former chief financial officer Nittin Johari, who was arrested by the SFIO for alleged fraudulent activities.

The verdict by Justice Brijesh Sethi came after the Supreme Court set aside the bail granted to Johari by the high court in August last year and asked it to hear the matter afresh.

The details of the high court's decision to reject his bail plea would be available when the judgement is uploaded on its website.

The apex court's order had come on an appeal by the Serious Fraud Investigation Office (SFIO) challenging the August 14, 2019 order of the high court.

Johari was arrested by SFIO on May 2, 2019 for alleged fraudulent activities, including filing false documents with various banks.

SFIO had said Johari was managing the affairs of Bhushan Steel and was looking after raising of funds from banks and financial institutions and was also one of the signatories to the financial statements of the company till fiscal year 2016-17.

SFIO had said that during the probe it found there were several alleged fraudulent practices at the company, including manipulations of accounts and financial statements during the term of Johari.

In its order, the high court had said that it became evident that the "mind and will of the accused company are the main accused -- Brij Bhushan Singal and Neeraj Singal, who had been actually controlling the company".

The high court had observed that it is a matter of record that main accused Brij Bhushan Singal has not been arrested and co-accused Neeraj Singal has already been granted bail.

SFIO had claimed that Johari was a member of the committee of board of directors on borrowing, investment and loans along with former promoters Brij Bhushan Singal and Neeraj Singal.