The Delhi High Court on Tuesday granted bail to Krishnan Subramanian, former CFO of Religare Enterprises Limited, in connection with the Fortis Religare Scam case involving the alleged financial scam of disbursal of loans worth thousands of crores to shell entities having no financial strength.
Justice Chandra Dhari Singh granted bail to Subramanian subject to Subramanian furnishing a personal bond in the sum of Rs. 1 Lac with two sureties each of the like amount.
The FIR was registered under sec. 409, 420, and 120B of the Indian Penal Code, 1860, by M/s. Religare Finvest Limited against Malvinder Mohan Singh, Shivinder Mohan Singh, the then Promoters or Directors, Sunil Godhwani, the then Chairman-cum-Managing Director, and N.K. Ghoshal.
It was alleged that the said persons having absolute control over REL, and its subsidiaries had put RFL in poor financial condition by disbursing loans to entities, having no financial standings.
It was added that the said entities willfully defaulted in repayments and caused wrongful loss to RFL. The Reserve Bank of India had pointed out some discrepancies in its analysis regarding the top borrowers of RFL under the Corporate Loan Book (CLB) portfolio were related entities; there was interlinkage between the borrowers as funds were routed from one borrower to another, and the loan amounts ultimately were coming to the group companies of RFL.
Advocate Tanveer Ahmed Mir appearing on behalf of the applicant submitted that as per the…
