The Supreme Court on Thursday reserved its verdict on the government’s petition challenging an order of the Delhi High Court in a case concerning former Bhushan Steel promoter Neeraj Singal, reported PTI. The plea by the Serious Fraud Investigation Office opposed the bail granted to Singal by the High Court on Wednesday.

Singal, former Managing Director at Bhushan Steel, is accused of using 80 associate firms
to siphon off Rs 2,000 crore from loans the company had taken from banks. Earlier this month, the SFIO arrested Singal and sent him to judicial custody.

During the Supreme Court hearing, a bench of Justice AM Khanwilkar and Justice DY Chandrachud said it was inclined to stay the High Court order and transfer the matter to itself, reported the Bar & Bench. The bench said that it might ask Singal to surrender his passport and report to the local police on a daily basis, according to PTI. The court said it would hear the SFIO’s petition on September 4.

After Singal was granted bail, the SFIO moved the Supreme Court on Wednesday, contending his release could hamper the investigation, which is at an “advanced stage”, according to the Bar & Bench. While the top court had refused to stay Singal’s release, it had listed the matter for hearing on Thursday.

Last year, Bhushan Steel was among the 12 accounts identified by the Reserve Bank of India for insolvency proceedings. In May, Tata Steel acquired the firm and settled its dues worth Rs 35,200 crore.