Supreme Court Grants Bail To Former Bhushan Steel MD Neeraj Singal

The Supreme Court on Friday granted bail to Neeraj Singal, former managing director of Bhushan Steel Ltd., in a money laundering case arising from an alleged bank fraud of approximately Rs 46,000 crore.

A two-judge bench led by Justice Sanjiv Khanna granted the bail on the condition that the terms of the bail will be decided by the trial court and any violations thereof would leave the prosecution open to challenge the bail order.

Singal has been granted bail after being incarcerated for 16 months. The former MD came before the top court after the Delhi High Court refused to entertain his bail plea.

Granting the bail, the top court remarked that though the bail is being granted subject to terms and conditions that will be laid out by the trial court, Singal is not a small-time offender. It expressed concerns over the fact that the alleged bank fraud shook the market, coupled with the confidence of shareholders. “It's a fraud on the entire society," the court said.