{"id":34606,"date":"2022-04-07T21:34:27","date_gmt":"2022-04-07T16:04:27","guid":{"rendered":"https:\/\/tradebrains.in\/features\/dl-hc-ld-airline\/"},"modified":"2022-04-08T09:37:09","modified_gmt":"2022-04-08T04:07:09","slug":"dl-hc-ld-airline","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/dl-hc-ld-airline\/","title":{"rendered":"HC grants interim protection from coercive action to SpiceJet promoter Ajay Singh in fraud case"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2867446096\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>New Delhi, Apr 7 (PTI) The Delhi High Court on Thursday granted interim protection from arrest to SpiceJet promoter Ajay Singh in a case of an alleged fraud related to the transfer of shares of the airline to certain individuals.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-4066240753\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u201cNo coercive action shall be taken against the petitioner till next date of hearing and NBWs, if any, issued in this regard by the Competent Authority are stayed,\u201d ordered Justice Anoop Kumar Mendiratta who listed Singh&#8217;s anticipatory bail application in the case for further consideration on May 24.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0The court directed Singh to join the investigation and keep the disputed shares secured and give an undertaking in this regard to the investigating agency.<\/p>\n<p>The court said that the dispute between the parties appeared to be of a civil nature and it \u201ccannot be ignored that the petitioner is a Chairman and Managing Director of SpiceJet Airlines and has deep social roots in the society\u201d.<\/p><div class=\"trade-content_5\" id=\"trade-531566650\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>\u201cIt is imperative to consider that the petitioner has already joined the investigation and if he is not likely to abscond, in that event, custodial interrogation should be avoided, specifically when the dispute appears to be civil in nature,\u201d the court said in its order.<\/p>\n<p>The judge further noted that there was no criminal antecedent except for the FIRs concerning the transactions and the \u201cconsiderations\u201d for the share transfer which were \u201csurreptitiously deposited on behalf of the complainant have already been credited back in the respective accounts\u201d.<\/p>\n<p>\u201cMerely because the petitioner has travelled as per the preschedule commitment, it cannot be assumed that he is a flight risk,\u201d the court further said.<\/p>\n<p>In a statement issued after the pronouncement, the SpiceJet Promoter said that he \u201cwill continue to extend full cooperation in the matter to bring this mischievous complaint to a close\u201d.<\/p>\n<p>\u201cIt is our belief that the matter is civil in nature and the complaint to the police is entirely frivolous,\u201d the statement said.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Senior advocate Sidharth Luthra, appearing for Singh, had earlier argued before the high court that there was no need for the SpiceJet promoter&#8217;s custodial interrogation and he was not going to abscond and he was cooperating in the investigation.<\/p><div class=\"trade-content-10\" id=\"trade-3796366645\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0He has stated that Singh even returned the sum of Rs 10 lakh which was given to him by the complainant for the transfer of shares after the same could not materialise on account of a separate pending dispute before an arbitral tribunal and that he was willing to &#8220;secure and set aside separately&#8221; the number of shares in question in the investigation.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0In his bail plea, Singh has submitted that ex-facie no offence was made out against him and the criminal case was an abuse of the criminal machinery.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Senior advocate Vikas Pahwa, appearing for the complainant, had opposed the anticipatory bail plea as well as the grant of interim relief, saying that the present case was &#8220;serious&#8221; in nature and that Singh left the country on the day when the trial court rejected his anticipatory bail.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Senior advocate Mohit Mathur, also appearing for the complainant in the matter, had argued that Singh made promises that he never intended to fulfill.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Delhi Police lawyer had said that other criminal cases were pending against Singh and a non-bailable warrant was also issued against him in the present case.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0In the present case, which pertains to two similar FIRs, a Delhi businessman and his family members have alleged that there was a share-purchase agreement between him and the accused and he paid Rs 10 lakh for 10 lakh shares of SpiceJet.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0These shares, however, were not transferred leading to the filing of the police complaint against Singh.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0The complainant has also claimed that the accused deliberately and dishonestly handed over outdated and invalid DIS (delivery instruction slip) to him.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0Singh had moved the trial court seeking protection from arrest in the case after non-bailable warrants were issued against him in January for failing to appear before the police for investigation.<\/p>\n<p>The trial court had rejected Singh&#8217;s anticipatory bail application last month, stating that it did not find sufficient grounds to grant relief to him in view of the overall facts and circumstances of the case and the gravity of the offence. PTI ADS   RKS RKS<\/p>\n<div class=\"trade-after-content\" id=\"trade-2921914374\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>New Delhi, Apr 7 (PTI) The Delhi High Court on Thursday granted interim protection from arrest to SpiceJet promoter Ajay Singh in a case of an alleged fraud related to the transfer of shares of the airline to certain individuals. \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u201cNo coercive action shall be taken against the petitioner till next date of hearing [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-34606","post","type-post","status-publish","format-standard","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - 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