[ By Bobby Anthony ]The Delhi High Court has dismissed a bail plea filed by Bhushan Steel's former chief financial officer Nittin Johari.Johari, was arrested by the Serious Fraud Investigation Office (SFIO) for alleged fraudulent activities.The Delhi High Court verdict by Justice Brijesh Sethi came after the Supreme Court set aside the bail granted to Johari by the Delhi High Court in August...
The Delhi High Court has dismissed a bail plea filed by Bhushan Steel's former chief financial officer Nittin Johari.
Johari, was arrested by the Serious Fraud Investigation Office (SFIO) for alleged fraudulent activities.
The Delhi High Court verdict by Justice Brijesh Sethi came after the Supreme Court set aside the bail granted to Johari by the Delhi High Court in August 2019 and asked the high court to hear the matter afresh.
The Supreme Court's order had come after an appeal by the SFIO challenging the August 14, 2019 order of the Delhi High Court.
Earlier, the SFIO had arrested Johari on May 2, 2019 for alleged fraudulent activities, including filing false documents with various banks.
SFIO had stated that Johari who used to manage the affairs of Bhushan Steel looked after raising funds from banks as well as financial institutions.
Incidentally, he was was also one of the signatories to financial statements of the company till fiscal year 2016-17.
An SFIO probe found that there were several alleged fraudulent practices at Bhushan Steel, including manipulations of accounts and financial statements during the term of Johari.
In its order, the Delhi High Court had stated that it became evident that the “mind and will of the accused company are the main accused -- Brij Bhushan Singal and Neeraj Singal, who had been actually controlling the company”.
The SFIO had also claimed that Johari was a member of the committee of board of directors on borrowing, investment and loans along with former promoters Brij Bhushan Singal and Neeraj Singal.