Delhi High Court has granted regular bail to Religare Enterprises Limited Chief Financial Officer (CFO) l Saxena in connection with a case related to alleged siphoning of funds to the tune of Rs 2,000 crore from the company.
A bench of Justice Vibhu Bakhru granted bail to Saxena on conditions that he shall not leave the national capital territory of Delhi without prior permission of the court and shall not contact any employees of the Religare group of compes.
Advocates Abhimanyu Bhandari, Nattasha Garg and Arav Pandit appeared on behalf of Saxena.
"The petitioner does not present any flight risk. As noticed above, the petitioner is a professional accountant. His qualifications are recognized in India but not in most other countries. He has been stationed in India and there is no material to indicate that he would present any flight risk," the bench said in its order on Tuesday.
Noting the contention of Religare Finvest Ltd that the petitioner has the means to flee the country, the court held that there does not appear to be any cogent material to entertain any such an apprehension.
"The alleged role of the petitioner in the alleged offence cannot be equated to that of the promoters, who are also alleged to be the beneficiaries of the funds allegedly siphoned from RFL," the order said.
The Economic Offences Wing (EOW) of Delhi Police had arrested Malvinder Mohan Singh, Shivinder Mohan Singh, Kavi Arora, and l Saxena last year in connection with a case related to alleged siphoning of money from Religare Finvest Limited.
While Saxena was granted bail by the high court, Malvinder Mohan Singh, Shivinder Mohan Singh, and Kavi Arora are still under judicial custody in Tihar Jail.
The trial court had earlier rejected the bail to all accused persons on grounds of gravity of offences amongst others.
( With inputs from ANI )