A Delhi court has dismissed an anticipatory bail plea of Avinash Chander Mahajan, former independent director of Religare Finvest Ltd, in a case of alleged misappropriation of funds worth Rs 2,397 crores.
Additional Sessions Judge Sandeep Yadav said a futile attempt was made by Mahajan to distance himself from the alleged loans extended to 14 entities who were related to or controlled by or associated with promoters.
The court said Mahajan did not express any concern or opposed the alleged loan proposal which clearly established conspiracy with the promoters/other accused persons for alleged diversion of funds.
"Thus, the applicant not only approved loan but also ratified the same. Thus, a futile attempt was made by applicant to distance himself from the loans extended to 14 entities who were related to or controlled by or associated with promoters," it said in its order passed on February 20.