Hyderabad HC grants bail to five directors of Akshaya Gold, MD of Abhaya gold

Hyderabad: The Hyderabad High Court on Friday granted bail to MD of Abhaya Gold and also five directors on the Board of the Akshaya Gold, another scam-hit company

Justice Raja Elango was dealing with separate bail petitions by Kukatla Srinivasa Rao of Abhaya Gold, who had also held the post of director on the Board of Akshaya Gold, Zakir Hussain, Nagaraju, Bade Miya, Solomon Raju and Paulson of Akshaya Gold.

When the petitions come up for hearing, counsel for the petitioners submitted that the trial courts refused bail to them on the ground that the High Court was monitoring the cases.

The judge asked counsel to show whether there were any written instructions from the HC to the trial courts not to grant bail. When counsel said there was no written order, the judge said when there was no judicial order, the court will act independently.

While allowing the bail petitions of all the accused in Akshaya Gold case, the judge directed the petitioners to furnish two sureties each of Rs 50,000.