Hyderabad: The 6th additional chief metropolitan magistrate, Mr P. Bhaskar Rao, on Wednesday granted bail to the Deccan Chronicle Holdings Ltd Chairman, Mr T. Venkatram Reddy, and the vice-chairman and managing director, Mr T. Vinayak Ravi Reddy, in a case booked by the CBI following a complaint lodged by Canara Bank.
The DCHL officials had moved two statutory bail applications before the magistrate seeking bail.
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Mr E. Umamaheswara Rao and Mr A. Chandra Sekhar, counsels for the petitioners, contended that under Section 167(2) of the CrPC the investigation agency has to file the chargesheet within 60 days for cases punishable by less than seven years in jail. They cited the Supreme Court verdict in Union of India versus Nirala Yadav which said that if the prosecution agency does not file the chargesheet within the stipulated period, the accused can move bail petitions and the magistrate shall hear the petitions on the same day.
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The magistrate granted bail by directing the petitioners to furnish Rs 5 lakh each and two sureties each.
