New Delhi: The Delhi High Court on Friday reserved its order on the plea filed by pharmaceutical giant Ranbaxy's former promoter Malvinder Mohan Singh, seeking the quashing of FIR registered by the Economic Offences Wing (EOW) of Delhi Police.
Singh, who was arrested on Thursday, had earlier today moved the court seeking quashing of the case registered against him. The EOW has also arrested his brother Shivinder, Sunil Godhwani, who is a former MD of Religare, Kavi Arora and Sunil Saxena in a separate case.
Senior advocate Abhishek Manu Singhvi, who represented Singh, said that Section 212 of the Companies Act bars the investigation by any other agency other than Serious Fraud Investigation Office (SFIO) and if the probe has begun, the case should be transferred to SFIO.
He further argued that all other agencies are supposed to provide necessary information to the SFIO in the case involved and added that EOW's case against the applicant is under Sections 409 and 420 of Indian Penal Code (IPC) only for the reason that he is an "influential personality".
Singhvi said that the parallel investigation by EOW would violate protection from duplication and since SFIO investigates cases of serious frauds, it already encompasses offences laid down under Sections 409 and 420 of the IPC.
Singhvi has sought for a notice to be issued to EOW or grant of stay on the proceedings initiated by the body.
EOW had arrested Shivinder, Sunil Godhwani, who is a former MD of Religare, Kavi Arora and Sunil Saxena on Thursday while Malvinder was arrested in a separate case later in the night.
The Singh brothers were booked by EOW in March 2019 on charges of cheating, criminal conspiracy and breach of trust related to Religare Enterprises and its subsidiary Religare Finvest Limited (RFL). The arrested persons are accused of causing a loss of Rs 2,397 crores to Religare Enterprises.