Malvinder, Shivinder seek interim bail before court, offer settlement

New Delhi: Former Fortis Healthcare promoters Malvinder Singh and his brother Shivinder, arrested for allegedly misappropriating funds of Religare Finvest Ltd (RFL), Friday sought interim bail from a Delhi court saying they wanted to settle the case with the complainant.

Chief Metropolitan Magistrate Deepak Sherawat took note of the submission and issued production warrant for the accused persons for Tuesday. Senior advocate Vikas Pahwa, appearing for RFL's Manpreet Singh Suri who is the complainant, said he wanted the proposal in writing.

"If proposal is suitable, we will not oppose the bail," Pahwa said.

The court posted the matter for hearing on October 22.

The court on Tursday had sent Singh brothers and other accused –Sunil Godhwani and Kavi Arora and Anil Saxena –to judicial custody till October 31. The Economic Offences Wing (EOW) of Delhi Police had told the court that the Singh brothers have disclosed that an amount of about Rs 1,000 crore has been transferred to various persons from the entities linked to corporate loan book which was then allegedly siphoned off.

The investigating officer of EOW, in the remand application, had sought custodial interrogation of the accused saying it was required to identify the persons to whom the alleged siphoned off money was transferred and to ascertain the purpose of creating the shell companies.

The police plea stated that custodial interrogation was required to confront the directors of the shell entities with the accused with respect to their association.

Counsel for Malvinder did not oppose the plea, saying investigation conducted so far has brought forth material which may also benefit the accused, adding that he already shown some links to the police with regard to where his money has gone.