New Delhi: The Supreme Court on Wednesday granted bail to SRS Group chairperson Anil Jindal in an alleged fraud case involving Rs 770 crore, which is being investigated by the serious fraud investigation office.
A bench comprising Chief Justice Sanjiv Khanna and Justice Sanjay Kumar said: “Having regard to the period of incarceration suffered by the appellants, namely, Anil Jindal, Bishan Bansal, and Nanak Chand Tayal, which is more than six and a half years, and as the trial in the present cases is at the initial stage, we accept the present appeals”.
The bench said the appellants’ will provide mobile numbers on which they can be contacted by the officers of the Department of Serious Fraud Investigation Office to ascertain their whereabouts, while they are on bail. If required and necessary, they shall appear before the investigating officer, it added.
The bench said the appellants, Anil Jindal, Bishan Bansal, and Nanak Chand Tayal, shall surrender their passports in the trial court and they will furnish details/list of the immovable assets owned by them, singly or jointly, and shall not alienate or transfer any immovable asset without the permission of the trial court.
"The appellants shall also provide lists of their bank accounts, whether individual or joint, to the trial court. In case they open a new bank account, individually or jointly or with a third person, the said details will also be furnished to the trial court”, said the bench.
The bench said the trial court will proceed with the trial expeditiously and is also entitled to cancel the bail in case an adjournment is sought on behalf of the appellants. The apex court clarified that the observations made in this order are for disposal of the present appeals and for grant of bail and the same will not be treated as an expression of opinion on the merits of the case.
The apex court had previously issued a notice to the SFIO on the plea of Jindal and expressed reservations over the scale of the alleged fraud.
"How much is the amount involved? Rs 770 crores... we understand bail is the rule and not jail, but there have to be some exceptions. They can't swindle Rs 770 crores and say, 'three years now, I get bail'. It will take 20 years for the trial to conclude,'" the apex court had remarked earlier.
Jindal argued the maximum sentence under Section 447 of the Companies Act was 10 years. The Punjab and Haryana High Court on April 30, 2024, cancelled his bail awarded by the trial court in the case.
The SFIO's case against the SRS Group revolves around allegations of fabricated balance sheets and financial documents and fraudulent representations to banks for obtaining credit facilities.
