Religare Settlement: Saket Court issues production warrant against Singh Brothers

A Delhi District Court at the Saket Court Complex today issued a production warrant against former Ranbaxy owners Malvinder and Shivinder Singh (Singh brothers) in order to facilitate settlement talks between them and Religare FinVest..The two are currently in judicial custody in connection with the case relating to misappropriation of funds on a complaint lodged by Religare FinVest Limited..Last week, Malvinder and Shivinder Singh had moved an application for interim bail of two months to enable them to arrive at a settlement. The Court had then deferred hearing in the plea while giving an opportunity to parties to sit across the table..When the matter came up for hearing today before the Chief Metropolitan Magistrate Deepak Sehrawat, Advocate Manu Sharma, who appears for Malvinder Singh, informed the Court that since the accused are in judicial custody, settlement talks with Religare FinVest could not take place..Appearing for Shivinder Singh, Advocate DP Singh also clarified that “settlement does not only mean money”. He stated that settlement could have different connotations for each party to the dispute..As a result, the Court today issued a production warrant against Singh Brothers for October 23..As per the Court’s order, the parties would be given an opportunity to discuss the issues before 2pm tomorrow. Later in the day, the status of the settlement talks would be informed to the Court..The EOW had arrested the Singh brothers and others earlier this month in a complaint by Religare FinVest which was under the absolute control of the Singh Brothers..They were subsequently remanded to police custody for four days which was subsequently extended by another two days..Last week, Singh brothers along with other accused were remanded to judicial custody till October 31..Manpreet Suri of Religare Finvest accused the brothers of siphoning off funds and misappropriation of funds to the tune of over Rs 2,000 crore. This complaint, filed in December 2018, led to the brothers being charged with cheating, fraud, and misappropriation of funds in March 2019 when the FIR was registered..Godhwani was the CMD of Religare Enterprises which controlled Religare FinVest while the other two accused – Kavi Arora and Anil Saxena – held crucial managerial positions in Religare Enterprises at the time..Bar & Bench is available on WhatsApp. For real-time updates on stories, Click here to subscribe to our WhatsApp.