The Delhi High Court has denied bail to Chartered Accountant Nitin Johari, Ex CFO of Bhushan Steel, for committing an offence pertaining to non-disclosure of documents which are required under the Indian Accounting Standards.
Johari was not only the Chartered Accountant (CA) but also the Chief Financial Officer (CFO) and Director of the company Bhushan Steel. Further, he was also part of ‘Committee of Board of Directors on Borrowing, Investments and Loans’.
Johari was arrested on charges of enabling various fraudulent methods to be undertaken to ensure a huge inflow and outflow of funds. It is alleged that Johari was well aware of the fact that BSL had not provided the required document disclosures and details as required under Indian Accounting Standards.