Case Law Details
Sunil Bhatia Vs Serious Fraud Investigation Office (Delhi High Court)
Since the ex-promoters/directors and similarly situated chartered accountants have been granted bail, there is no reason why the Applicant should be treated any differently.
Facts-
M/s Bhushan Steel Limited (BSL) is a company under investigation on account of allegations of siphoning off by its promoters.
The allegation against the applicant is that he being a Chartered Accountant and one of the partners at ASRN & Associates [the firm appointed as stock auditors by the consortium of banks led by Punjab National Bank (PNB) for FY 2015-16 failed to perform his duty independently and diligently by not verifying the stock in transit, and he is accused to be in collusion with the office bearers of M/s Bhushan Steel Limited.
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