Chennai: Ex-directors of Disc Assets get interim bail

DECCAN CHRONICLE.
Published Dec 5, 2018, 1:12 am IST
Updated Dec 5, 2018, 1:12 am IST
The bench had on November 1, cancelled the anticipatory bail granted to the trio.
Madras high court
 Madras high court

Chennai: The Madras high court has granted conditional interim bail to former managing director and two former directors of Disc Assets Lead (India) Limited, which has cheated the depositors to the tune of Rs 760 crore by collecting Rs 1,137 crore from about 12 lakh depositors.

A division bench Justices M. Sathyanarayanan and N.Seshasayee granted interim bail to V.Janardhanan, former managing director and N.M.Umashankar and N.Arun, former directors of the company on the condition that they should execute a bond for Rs 25,000 each with two sureties each for a like sum.

 

They should co-operate with the investigation officer and appear before the special court on the first working day of every month of the English calendar, until further orders.

The bench had on November 1, cancelled the anticipatory bail granted to the trio and directed them to surrender before the special court constituted under the Tamil Nadu Protection of Interest of Depositors Act at Madurai. Accordingly, they had on November 12 surrendered before the Special Court. When the case came up for hearing on November 16, they sought interim bail to enable them to collect the documents pertaining to immoveable properties and other valuables from the registered office of Disc Assets Lead (India) Limited at Madurai. Declining to grant interim bail, the bench had directed the investigating agency to take them to the said registered office and other places that were identified by them and also by the investigating agency and secure the custody of the documents relating to immoveable properties and other valuables.

When the case came for hearing on Tuesday, it was informed to the court that the documents relating to the properties at Poes Garden, Courtallam, as well as Virudhunagar were secured.

Following this, the bench granted interim bail to them based on the undertaking that they will also hand over the original title deeds relating to the properties at Rajabhadur street and Masilamani Street.

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