Former Ranbaxy promoters Shivinder and Malvinder Singh sent to judicial custody
A Delhi Court on Thursday sent former Ranbaxy promoter Singh brothers and three others to judicial custody till October 31 in the Religare fraud case. Malvinder and Shivinder Singh along with Sunil Godhwani, Anil Saxena and Kavi Arora were produced before link judge Nishant Garg as Chief Metropolitan Magistrate Deepak Sehrawat was on leave.
Meanwhile, the Singh brothers and Kavi Arora also filed their bail pleas before the court which would come up for hearing on Thursday.
The Economic Offences Wing (EOW) had arrested Shivinder, Sunil Godhwani, who is a former MD of Religare, Kavi Arora and Sunil Saxena last week while Malvinder was arrested in a separate raid later on the same day. The arrested persons are accused of causing a loss of Rs 2,397 crore to Religare Enterprises.
The First Information Report (FIR) states that the accused who had total control of Religare put the firm in a financially weak condition by way of disposing the loans to the companies. The FIR also states that those companies were controlled by them, but they had no financial standing.
