Delhi HC grants interim bail to SpiceJet MD in cheating case
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New Delhi: Managing Director and Promoter of SpiceJet, Ajay Singh, was granted interim bail by the Delhi High Court on Thursday regarding a case of alleged fraud of transferring 10 lakh shares belonging to the airline IANS reported.
Justice Anoop Kumar Mendiratta ruled that no coercive action should be taken till the next date of hearing and listed the case for further hearing on May 24. The court also asked Ajay Singh to cooperate with the probe into the matter.
Earlier, Singh was denied bail by the trial court, which observed that bail would affect the probe against him at the current stage.
Appearing for Singh at the Delhi HC, senior advocate Siddarth Luthra argued that so far, Singh was cooperating with the probe and the FIR clearly amounts to an abuse of the criminal machinery to enforce a commercial contract pre-maturely. But Vikas Pahwa, counsel for the complainant and businessman Sanjiv Nanda, strongly opposed the arguments of Luthra.
The complainant had alleged that there was a share-purchase agreement between Sanjeev Nanda and Singh. Nanda had paid Rs 10 lakh for 10 lakh shares of the company SpiceJet, but Singh did not transfer the shares. After that, Nanda approached the police and registered a case naming Singh for cheating.