Delhi High Court Grants Bail to Anil Saxena in Religare Finvest Case

Must Read

Parents of Road Accident Victim Entitled To Compensation: Delhi High Court

Justice JR Midha said, “Even if parents are not dependent on their children at the time of an accident, they will certainly be dependent, both financially and emotionally, upon them at the later stage of their life, as the children were dependent upon their parents in their initial years.”

Plea Challenging the AIBE Rules Framed by BCI Filed in the Supreme Court

A Writ Petition was presently filed in the Supreme Court by a newly enrolled lawyer challenging the All India Bar Examination Rules 2010 which have been framed by the Bar Council of India which mandates that an advocate has to qualify for the All India Bar Examination (AIBE) to practice law after enrollment.

Bombay High Court: Mere Presence at the Crime Scene Not Enough for Punishment

The Bombay High Court ruled that it cannot be considered a crime if a person is merely present at the crime scene which falls under the Maharashtra Prohibition of Obscene Dance in Hotels and Restaurants and Bar Rooms and Protection of Dignity of Women Act 2016. It also quashed two First Information Reports (FIR) against two individuals who were arrested in a raid at a dance bar by the Santacruz Police, in 2017.

CAIT Files a Plea Against WhatsApp’s New Privacy Policy in the Supreme Court

Confederation of All India Traders (CAIT) has filed a petition against WhatsApp’s new privacy rules in the Supreme Court. The petition says that WhatsApp which is known to render public services by providing a platform to communicate has recently imposed a privacy policy that is unconstitutional, which not only goes against the fundamental rights of citizens but also jeopardizes the national security of our country.

RTI Activist Files a Plea in Bombay High Court Against Bharat Biotech’s Covaxin

On Saturday, a plea has been filed before the Bombay High Court by an activist stating that Bharat Biotech Covaxin had not been granted full approval but a restricted use in clinical trials according to the Drugs Comptroller General of India. The Company's phase 3 trials are ongoing and the DGCI has not made any data available in the public domain for peer- review by independent scientists.

WhatsApp Emails Delhi HC Judge Asking Her Not To Hear the Plea Challenging New Privacy Policy

The Delhi High Court raised strong objection to an E-mail sent by WhatsApp asking a judge not to hear the plea which challenges its new privacy policy. Justice Pratibha Singh said that the e-mail that was withdrawn later was totally unwarranted as she was anyway going to recuse from hearing the plea which was filed by Rohilla Chaitanya who contends that the new privacy policy of WhatsApp provides 360-degree access to a customer’s virtual activity and is against the fundamental right of privacy.

Follow us

Delhi HC granted bail to Religare Group’s Chief Financial Officer, Anil Saxena in the Religare Finvest case (Anil Saxena vs. State of NCT of Delhi).

Facts of the Case

The case relates to Religare Finvest Ltd (RFL)’s complaint against Religare Enterprises Ltd (REL) promoters Malvinder Singh, Shivinder Singh, Chief Managing Director Godhwani, and several other. It was for misappropriating and siphoning off the funds of about ₹2,000 crores.

According to the prosecution, at the material time, Saxena was part of RFL and REL. He was part of Committees which approved loans. The prosecution alleged that he conspired with the promoters to siphon off funds to various shell companies.

Petitioner’s Arguments

Saxena contended that he was not in the day-to-day control and management of Religare Finvest. He only took decisions regarding sanctioning loans as part of a Committee and not alone.

He explained that out of the 19 loans in question, he approved only 6. Of these, another Committee approved 3. In addition to this, he said that an immovable property secured three other loans.

Saxena relied upon a report submitted by law firm AZB & Partners, which forms part of the charge sheet. Further, he contended that there was no allegation against him which says that he has benefitted from the alleged fraudulent approval of loans.

Respondent’s Arguments

The Complainant, RFL, and Delhi Police emphasized that Saxena signed the financial statements and Annual Reports of RFL. He certified that the loans were not NPAs, knowing that the same was false.

The respondent contended that Saxena misrepresented that the transactions were not related party transactions, even though he was aware that the loans were diverted to entities controlled by the Promoters.

Court’s Observations

The Court observed that it prima facie appeared that Saxena was not in control of RFL’s day to day management.

The Court said,

“The extent of the involvement of the petitioner in the affairs of RFL is a matter of trial. It is not necessary to examine the same in any great detail at this stage.” 

The Court stated there appeared no material which would establish that Saxena derived any monetary benefit from the Promoters, except what had been disclosed in the annual accounts of the companies.

Further, the Court said, 

“…the alleged role of the petitioner (Saxena) in the alleged offence cannot be equated to that of the Promoters who are also alleged to be the beneficiaries of the funds allegedly siphoned from RFL.”

The Court dismissed apprehensions about tampering with the important evidence. It further stated that Saxena had left the employment of the REL almost three years ago. He had also resigned as a director of RFL. Hence, the Court stated that Saxena is not a flight risk.

Court’s Decision

The Court granted bail on a personal bond of ₹25,000 to the satisfaction of the Trial Court with one surety of the like amount.

The conditions for bail are that Saxena cannot leave the NCT of Delhi without prior permission of the Trial Court. Furthermore, he cannot contact any of the employees of REL, RFL, or any of the Religare group of companies. In addition to these, he has to provide a contact number to the SHO of the concerned Police Station and has to ensure his attendance in all the hearings/proceedings.


Libertatem.in is now on Telegram. Follow us for regular legal updates and judgements from the court. Follow us on Google News, InstagramLinkedInFacebook & Twitter. You can also subscribe for our Weekly Email Updates. You can also contribute stories like this and help us spread awareness for a better society. Submit Your Post Now.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Parents of Road Accident Victim Entitled To Compensation: Delhi High Court

Justice JR Midha said, “Even if parents are not dependent on their children at the time of an accident, they will certainly be dependent, both financially and emotionally, upon them at the later stage of their life, as the children were dependent upon their parents in their initial years.”

Plea Challenging the AIBE Rules Framed by BCI Filed in the Supreme Court

A Writ Petition was presently filed in the Supreme Court by a newly enrolled lawyer challenging the All India Bar Examination Rules 2010 which have been framed by the Bar Council of India which mandates that an advocate has to qualify for the All India Bar Examination (AIBE) to practice law after enrollment.

Bombay High Court: Mere Presence at the Crime Scene Not Enough for Punishment

The Bombay High Court ruled that it cannot be considered a crime if a person is merely present at the crime scene which falls under the Maharashtra Prohibition of Obscene Dance in Hotels and Restaurants and Bar Rooms and Protection of Dignity of Women Act 2016. It also quashed two First Information Reports (FIR) against two individuals who were arrested in a raid at a dance bar by the Santacruz Police, in 2017.

CAIT Files a Plea Against WhatsApp’s New Privacy Policy in the Supreme Court

Confederation of All India Traders (CAIT) has filed a petition against WhatsApp’s new privacy rules in the Supreme Court. The petition says that WhatsApp which is known to render public services by providing a platform to communicate has recently imposed a privacy policy that is unconstitutional, which not only goes against the fundamental rights of citizens but also jeopardizes the national security of our country.

RTI Activist Files a Plea in Bombay High Court Against Bharat Biotech’s Covaxin

On Saturday, a plea has been filed before the Bombay High Court by an activist stating that Bharat Biotech Covaxin had not been granted full approval but a restricted use in clinical trials according to the Drugs Comptroller General of India. The Company's phase 3 trials are ongoing and the DGCI has not made any data available in the public domain for peer- review by independent scientists.

WhatsApp Emails Delhi HC Judge Asking Her Not To Hear the Plea Challenging New Privacy Policy

The Delhi High Court raised strong objection to an E-mail sent by WhatsApp asking a judge not to hear the plea which challenges its new privacy policy. Justice Pratibha Singh said that the e-mail that was withdrawn later was totally unwarranted as she was anyway going to recuse from hearing the plea which was filed by Rohilla Chaitanya who contends that the new privacy policy of WhatsApp provides 360-degree access to a customer’s virtual activity and is against the fundamental right of privacy.

TRP Scam Case: Bombay HC Extends Protection To Arnab Goswami and Other Employees Till the Next Hearing

On Friday, the Bombay High court extended the protection that was given, to Republic TV’s Editor in Chief Arnab Goswami and other employees of ARG Outlier Media Private Limited till January 29th in the alleged case of Television Rating Point manipulation. A status report was submitted by the police to the division bench of Justices S.S.Shinde and Manish Pitale by the Police on the ongoing case.

Plea Seeks FIR Against Maharashtra Minister Dhananjay Munde in Bombay HC for False Info

A plea has been filed in Bombay High Court seeking an FIR against Maharashtra minister Dhananjay Munde who is undergoing times of trouble due to his extra-marital affair. Recently, an FIR had been lodged against Munde by a woman, accusing him of raping her sister. Munde clarified that he was actually in a relationship with that woman and had two children. He accused the two women of blackmailing him.

Writ Petition for Compensation Accepted by Calcutta High Court 

Introduction The Petitioner Purna Ch. Biswas filed a Writ Petition with the complaint that their claims for a higher quantum of compensation have not yet...

No Members Could Be Disqualified Without Authorisation by Political Party: Gujarat High Court

Excerpt The dispute application no.7 of 2020 filed by respondent no.2 before designated authority. Thereafter the designated authority order dated 28.10.2020 disqualified the petitioner and...

More Articles Like This

- Advertisement -