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The Court of Chief Metropolitan Magistrate at Delhi’s Saket Court Complex today extended the judicial custody of former Ranbaxy owners Malvinder and Shivinder Singh (Singh brothers) till November 14 in connection with Religare FinVest Limited’s complaint regarding misappropriation of funds.
The judicial custody of other accused in the case i.e. former Religare CMD Sunil Godhwani, Kavi Arora and Anil Saxena was also extended till November 14.
Singh brothers and others were produced before CMM Deepak Sehrawat on the expiry of their judicial custody.
The Economic Offences Wing of the Delhi Police had arrested the brothers, Godhwani and others earlier this month in a complaint by Religare FinVest which was under the absolute control of the Singh Brothers.
As per the FIR, Malvinder and Shivinder Singh, in collusion with former Religare CMD Sunil Godhwani and other accused, siphoned off funds of Religare FinVest through unsecured loans to the tune of Rs 2,397 crore.
Earlier this month, a production warrant was also issued by the CMM against Malvidner and Shivinder Singh in order to facilitate settlement talks between them and the complainant, Religare FinVest. The talks, however, remained inconclusive.
The brothers had also moved an application for interim bail to enable them to sit across the table with Religare FinVest. The plea was however withdrawn by them after the talks failed.
Meanwhile, the Delhi High Court also passed an order directing Singh Brothers to ensure compliance of its earlier orders directing maintenance of status quo with respect to their assets, properties, and interests.