New Delhi: The Supreme Court set aside Thursday the Delhi High Court order granting bail to Bhushan Steel’s former chief financial officer (CFO) Nittin Johari, who was arrested by the Serious Fraud Investigation Office (SFIO) for alleged fraudulent activities.
A bench headed by Justice NV Ramana delivered the verdict on an appeal by the SFIO challenging the August 14 order of the Delhi High Court.
Nittin Johari was arrested May 2, by SFIO 2 for alleged fraudulent activities, including filing false documents with various banks.
SFIO said Johari was managing the affairs of Bhushan Steel and was looking after raising of funds from banks and financial institutions and was also one of the signatories to the financial statements of the company till fiscal year 2016-17.
The probe agency said that it found there were several alleged fraudulent practices at Bhushan Steel, including manipulations of accounts and financial statements during the term of Johari.
In its order, the high court, after perusing the contents of the complaint, had said that it becomes evident that the ‘mind and will of the accused company are the main accused—Brij Bhushan Singal and Neeraj Singal, who had been actually controlling the company’.
The high court had observed that it is a matter of record that main accused Brij Bhushan Singal has not been arrested and co-accused Neeraj Singal has already been granted bail.
SFIO had claimed that Johari was a member of the committee of board of directors on borrowing, investment and loans along with former promoters Brij Bhushan and Neeraj.
PTI