Social News XYZ     

Delhi HC grants interim protection from arrest to SpiceJet promoter

Delhi HC grants interim protection from arrest to SpiceJet promoter

New Delhi, April 7 (SocialNews.XYZ) The Delhi High Court on Thursday granted interim protection from arrest and coercive action to Ajay Singh, Managing Director and Promoter of SpiceJet, in connection with a case of alleged fraud related to the transfer of 10 lakh shares of the airline.

"No coercive action till the next date of hearing," said the high court bench of Justice Anoop Kumar Mendiratta, who listed Singh's anticipatory bail plea for further hearing on May 24.

 

The court also asked Singh to cooperate in the investigation.

Earlier, the trial court had denied bail to the accused, saying it will "affect the probe against him at this stage".

Senior advocate Siddharth Luthra, appearing for Singh, argued that his client is cooperating in the probe and the FIR clearly amounts to an abuse of the criminal machinery to pre-maturely enforce a commercial contract.

Vikas Pahwa, representing the complainant and businessman Sanjiv Nanda, strongly opposed the arguments of Luthra.

As per the complaint, there was a share-purchase agreement between Nanda and Singh, and the former paid Rs 10 lakh for 10 lakh shares of SpiceJet which, however, were not transferred by the latter.

Later, Nanda approached the police and registered a complaint of cheating against Singh.

Source: IANS

Facebook Comments
Delhi HC grants interim protection from arrest to SpiceJet promoter

About Gopi

Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.

He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.

When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.

He can be reached at gopi@socialnews.xyz

%d bloggers like this: