New Delhi
The Delhi High Court on Thursday granted interim protection to Ajay Singh, Promoter and Managing Director SpiceJet in an alleged cheating case and directed him to join the investigation.
The bench of Justice Anoop Kumar Mendiratta on Thursday while granting interim protection to Ajay Singh also said no coercive action against Ajay Singh will be taken, till the matter is examined by this court. Court also directed him to join the investigation in this regard. The court listed the matter for May 24, for further hearing.
Appearing for petitioner Ajay Singh, Senior Siddharth Luthra submitted that the petitioner has been cooperating with the investigation and ex-facie no offence is made out against him. The FIR clearly amounts to an abuse of the criminal machinery to pre-maturely enforce a commercial contract. The FIR has been registered for the offence of cheating in a case that is entirely based on a civil and commercial dispute arising out of a Share Purchase Agreement dated July 9, 2018, to which the Complainant/ Informant and the Petitioner herein are parties.
Luthra also submitted that the Complainant/ Informant is blatantly abusing criminal machinery to enforce an erroneous interpretation of the Closing Date of the transactions stated in the Share Purchase Agreement dated July 9, 2018. The FIR is a blatant attempt to tarnish the Petitioner’s sterling reputation in society and disrupt the smooth workings of the Airline Company, he added.
Senior Advocate Vikas Pahwa appeared for the complainant in the matter and strongly opposed the anticipatory bail plea and submitted that, Ajay Singh has cheated the complaints by handing over invalid Transaction Slips in 2018 which were expired in 2016. He’s also taking a false plea of not transferring the shares due to ongoing arbitration proceedings, where no stay or embargo is given. His plea is fraudulent & dishonest. He has pledged the same shares to bank & took loans during the subsistence of the Arbitration Proceedings.
