Business Standard

Court dismisses anticipatory bail plea of SpiceJet promoter in fraud case

A Delhi court has dismissed the anticipatory bail plea filed by SpiceJet promoter Ajay Singh in a case of an alleged fraud related to the transfer of 10 lakh shares of the airline to a businessman

SpiceJet

Ajay Singh

Press Trust of India New Delhi
A Delhi court has dismissed the anticipatory bail plea filed by SpiceJet promoter Ajay Singh in a case of an alleged fraud related to the transfer of 10 lakh shares of the airline to a businessman.
The complaint, filed by a Delhi businessman Sanjiv Nanda, alleged that there was a share-purchase agreement between him and the accused and he paid Rs 10 lakh for 10 lakh shares of SpiceJet.
These shares, however, were not transferred leading to the filing of the police complaint against Singh.
Singh had moved the court seeking protection from arrest in the case after non-bailable warrants were issued against him in January for failing to appear before the police for investigation.
Earlier this month, the court had protected him from coercive action till the pendency of the present application while directing him to cooperate and participate in the investigation.
The complainant also claimed that the accused deliberately and dishonestly handed over outdated and invalid DIS (delivery instruction slip) to him.
The court said that handing of DIS which are outdated is a serious and grave offence.
All these aspects are matter of dispute and require investigation, the court said.
The court was also told by the police that the FIR has been transferred to its EOW (economic offences wing) and the investigation is in progress.
Under these overall facts and circumstances and considering the gravity of offence and the aforementioned ratiocination held, this court does not find sufficient ground to grant the relief sought in the application filed by the accused, and same is accordingly dismissed, the judge said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mar 31 2022 | 7:38 PM IST

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