South Asian Views On Global News - Update 24X7

Cheating case: Delhi HC extends interim protection to SpiceJet promoter

Cheating case: Delhi HC extends interim protection to SpiceJet promoter


New Delhi, Sep 12 (IANS) The Delhi High Court on Monday extended, till November 29, the interim protection granted to SpiceJet Chairman and Managing Director Ajay Singh, who is facing a cheating case related to some alleged fake share certificates.

A bench of Justice Anoop Kumar Mendiratta had clarified that there is no stay of investigation in the case while dealing with Singh’s anticipatory bail plea.

On September 8, the court had said there cannot be any coercive action against Singh till the matter is examined by the court.

The matter will be further heard on November 29.

Senior advocate Siddharth Luthra, appearing for Singh, argued that his client is cooperating in the probe and the FIR clearly amounts to an abuse of the criminal machinery to prematurely enforce a commercial contract.

Two similar FIRs were registered against Singh who had allegedly delivered fake depository instruction slips (DIS) of 10 lakh shares of SpiceJet to certain individuals.

As per a complaint, there was a share-purchase agreement between businessman Sanjiv Nanda and Singh, and the former paid Rs 10 lakh for 10 lakh shares of SpiceJet which, however, were not transferred by the latter.

Later, Nanda approached the police and registered a complaint of cheating against Singh.

On April 7, Singh, who had secured interim protection from the Delhi High Court from arrest or any coercive action, termed the police complaint in the alleged fraud case “frivolous in nature”.

In an earlier hearing, the same bench had also noted that it cannot be ignored that the petitioner is a Chairman and Managing Director of Spice Jet Airlines and has deep social roots in the society, and has no criminal antecedent except for the FIRs in relation to the transactions referred by the complainant.



Replica of Print on your device!

CLICK & Send us 'hi' for Free Subscription

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept