Shivendra Singh, a former promoter of Fortis Healthcare, arrested in the Enforcement Directorate (ED) embezzlement of Religare Finvest Limited, finally got bail from the Delhi High Court.
In a judgement, the High Court ruled “criminal investigation is not a metaphorical fishing-rod handed to an investigating agency, to indulge its penchant for ‘fishing around’ for evidence, at its own leisure and in the fullness of time”.
Justice Anup Jairam Bhambhani, who pronouced the order through video conferencing, granted the relief to Shivinder in furnishing of a person bond of Rs one crore and two sureties by family members of Rs 25 lakh each.
He was arrested, along with his brother Malvinder Singh, were arrested along with three others by the Economic Offences Wing of the Delhi Police in November for alleged diversion of funds. Religare Finvest is a subsidiary of Religare Enterprises Limited.
The high court had reserved its order on the bail plea on July 16 after hearing arguments from the counsel for Shivinder and Enforcement Directorate (ED).
Shivinder Singh alleged the incident occurred on December 5 in their office where he had gone for a scheduled extraordinary general body meeting (EGM). On his arrival he found that that Malvinder Singh and one of his relatives intimidated another director at the EGM and tried to coerce some employees into video-recording statements, he claimed.
The Singh brothers withdrew from the board of Fortis Healthcare in February 2018, following a court order in another case involving Japanese firm Daiichi Sankyo.