New Delhi: The Delhi High Court on Thursday granted interim protection from arrest to SpiceJet promoter Ajay Singh in a case of an alleged fraud related to the transfer of shares of the airline to certain individuals. "No coercive action till the next date of hearing," said Justice Anoop Kumar Mendiratta who listed Singh's anticipatory bail application in the case for further consideration on May 24.
The court directed Singh to join the investigation and keep the disputed shares frozen in the meantime. Delhi's Saket trial court had rejected Singh's anticipatory bail application last month on 30th March, stating that it did not find sufficient grounds to grant relief to him in view of the overall facts and circumstances of the case and the gravity of the offense.
Senior advocate Sidharth Luthra, appearing for Singh, had earlier argued before the high court that there was no need for the SpiceJet promoter's custodial interrogation and he was not going to abscond and he was cooperating in the investigation.
Delhi businessman Sanjeev Nanda and his family members have alleged that there was a share-purchase agreement between him and the accused, for 20 lakh shares of SpiceJet. These shares, however, were not transferred leading to the filing of the police complaint against Singh. The complainant has also claimed that the accused deliberately and dishonestly handed over outdated and invalid DIS (delivery instruction slip) to him.
Singh had moved the trial court seeking protection from arrest in the case after non-bailable warrants were issued against him in January for failing to appear before the police for investigation under the case which was registered by the Delhi-based businessman.
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