Delhi HC grants interim protection from arrest to SpiceJet promoter
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.
image for illustrative purpose
New Delhi, April 7 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.
