New Delhi, Apr 2 (PTI) The Supreme Court on Thursday set aside the bail granted to businessman Satinder Singh Bhasin in connection with a multi-crore rupee alleged Grand Venice Mall scam in Greater Noida.

A bench comprising Justices Sanjay Karol and N K Singh directed Bhasin to surrender before the jail authorities within a week.

"The petitioner has not complied with the conditions of bail imposed upon him vide order dated November 6, 2019. Resultantly, the bail granted to the petitioner is cancelled. The petitioner to surrender within one week from the date of this judgment," the bench said.

The top court directed that Bhasin may apply for regular bail afresh after a period of twelve months, subject to fully complying with the orders passed in the insolvency proceedings.

Insolvency proceedings were invoked against Bhasin’s companies under the Insolvency and Bankruptcy Code, 2016.

"It is directed that the passport of the petitioner is not to be released by the Trial Court without the leave of this Court," the bench said.

The apex court also forfeited Rs 50 crore plus the accrued interest deposited by Bhasin as part of the bail condition.

"We direct that out of the aforesaid amount, Rs. 5 crores plus proportionate accrued interest be transmitted to the National Legal Services Authority for its utilisation in achieving its objectives.

"The remaining amount, along with proportionate accrued interest be transmitted to the IRP for the purposes of the IBC proceedings. The Registrar (Judicial) of this Court to ensure immediate compliance by the concerned Trial Court in disbursal of the above amounts," the bench said.

The top court had, in November 2019, granted Bhasin, the director of Bhasin Infotech and Infrastructure Private Limited, bail in these cases subject to various conditions.

Around 46 FIRs were registered against several people in connection with the alleged scam in which investors claimed that they were duped by the accused when handing over the plot of land.

The FIRs, registered in New Delhi and Uttar Pradesh, were filed by the allottees of units in the project against the petitioner, alleging non-delivery of their units, siphoning of their funds, and impropriety in allotment of land with the collusion of state officials. PTI PKS PKS RHL RHL

Bail cancellation for non-compliance leads to surrender, passport restraint, forfeiture of deposit, and insolvency-linked conditions. Cancellation of bail granted in connection with the alleged Grand Venice Mall scam after non-compliance with bail conditions. The Supreme Court directed surrender within one week, barred release of the passport without leave of the Court, and ordered forfeiture and disbursal of the deposited bail amount. Fresh regular bail may be sought only after twelve months and subject to compliance with the insolvency proceedings invoked against the petitioner's companies under the Insolvency and Bankruptcy Code, 2016.