Bhushan Steel ex-CFO Nitin Johari's bail junked by Supreme Court

The Supreme Court on Thursday set aside the bail of former Chief Financial officer of Bhushan Steel Nitin Johari granted by the Delhi High Court on August 14. Johari faced probe by the Serious Frauds Investigation Office for fudging company accounts to avail huge loans from banks.

Following the HC decision, the SFIO had approached the SC and obtained stay as they apprehended that Johari would flee India. Since then, the Court had heard arguments of SFIO and Johari and reserved orders on the appeal filed by SFIO.

A bench of Justices NV Ramana, Mohan M Shantanagouder and Ajay Rastogi set aside the Delhi HC order and allowed his custody to continue with SFIO. He was arrested on May 2.

The HC had allowed bail on the reasoning that the two main accused who controlled the company were Brij Bhushan Singal and Neeraj Singal. Of them, the former is yet to be arrested while the latter is on bail. But SFIO claimed that Johari had an equal role to play in the fraud committed by the company.