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A Supreme Court bench of Justices Sanjay Kishan Kaul and MM Sundaresh today granted interim protection to former directors of Mohan Steel India Ltd. in a case linked to a company fraud of approximately Rs. 7,500 crore caused to a consortium of 14 banks, in which the promoters and directors of the Rotomac Group of Companies are also facing trial.

The Serious Fraud Investigation Office (SFIO)  led an investigation into the Rotomac group of companies and filed a complaint in May, 2020 against Mohan Krishna Kejriwal,  Gopal Kejriwal and Sri Krishna Kejriwal former directors of Mohan steels who sought anticipatory bail before the top court.

Mukul Rohatgi, Sr. Adv, appearing for the petitioners argued that the petitioners have been cooperative throughout the investigation, that the statement of Mohan Krishna Kejriwal has already been recorded and that the other petitioners were never called by the investigating agency.

He further argued that there are no dues to the banks from the petitioner and that banks had issued a 'no dues certificate' to substantiate the same.  He further argued that the age and medical conditions of the petitioners ought to be taken into consideration.

The bench on hearing the submissions,  granted interim protection to the petitioners during pendency of the application and directed the petitioners to cooperate during further investigation.

The Bench also issued notice to State of Uttar Pradesh and granted a period of two weeks to the respondents for filing of a reply. The matter is to come up for further proceedings after 6 weeks.

Mukul Rohatgi and  Siddharth Dave, Sr. Advocates were briefed by a team from Karanjawala & Co. led by Sandeep Kapur, Senior Partner and comprising  Tahira Karanjawala,  Niharika Karanjawala, Apoorva Pandey, Arjun Sharma, G.G. Kashyap, Vardaan Wanchoo, Kajal, and Shreyas Maheshwari, Advocates.

Case title: Mohan Krishna Kejriwal Vs State of UP