Finance fraud: HC refuses bail to directors of city company
TNN | Nov 16, 2018, 11.48 PM IST
Chennai: The Madras high court has refused to release on bail a former managing director and two directors of Disc Assets Lead India, which has been charged with defrauding 12 lakh depositors of Rs 1,130 crore.
Rejecting the bail pleas moved by V Janarthanan and two others, a division bench of Justice M Sathyanarayanan and Justice N Seshasayee said: “As rightly pointed out by the amicus curiae, despite leniency and benevolence shown to the petitioners for nearly two years they did not hand over the title deeds in spite of a positive order passed by the first bench of this court to co-operate with the committee and also to visit the registered office with police protection to secure and hand over the documents. Only after incarceration they began to co-operate. In the light of the above facts, this court is of the view that interim prayer sought for by the learned counsel for the petitioners for temporary release/ interim bail cannot be considered for the present.”
On February 10, the court directed the committee constituted by the court to identify the properties of the company and thereafter proceed to sell it. The bench also restrained the company, its directors and its sister concerns from transferring or alienating any of their properties and assets, except through the committee. The directors, however, refused to cooperate. Finally, after the court cancelled their anticipatory bail and issued warrants against them, they cooperated and submitted property documents worth Rs 450 crore to the committee. When the plea came up for hearing on Friday, they sought the court to release them on bail so that they could visit Madurai and bring back the documents.
Refusing to oblige, the bench passed an interim order permitting the Economic Offences Wing police to take custody of the petitioners for a week and take them to their Madurai office to recover the deeds and posted the plea to November 28 for further hearing.
TNN | Nov 16, 2018, 11.48 PM IST
Chennai: The Madras high court has refused to release on bail a former managing director and two directors of Disc Assets Lead India, which has been charged with defrauding 12 lakh depositors of Rs 1,130 crore.
Rejecting the bail pleas moved by V Janarthanan and two others, a division bench of Justice M Sathyanarayanan and Justice N Seshasayee said: “As rightly pointed out by the amicus curiae, despite leniency and benevolence shown to the petitioners for nearly two years they did not hand over the title deeds in spite of a positive order passed by the first bench of this court to co-operate with the committee and also to visit the registered office with police protection to secure and hand over the documents. Only after incarceration they began to co-operate. In the light of the above facts, this court is of the view that interim prayer sought for by the learned counsel for the petitioners for temporary release/ interim bail cannot be considered for the present.”
On February 10, the court directed the committee constituted by the court to identify the properties of the company and thereafter proceed to sell it. The bench also restrained the company, its directors and its sister concerns from transferring or alienating any of their properties and assets, except through the committee. The directors, however, refused to cooperate. Finally, after the court cancelled their anticipatory bail and issued warrants against them, they cooperated and submitted property documents worth Rs 450 crore to the committee. When the plea came up for hearing on Friday, they sought the court to release them on bail so that they could visit Madurai and bring back the documents.
Refusing to oblige, the bench passed an interim order permitting the Economic Offences Wing police to take custody of the petitioners for a week and take them to their Madurai office to recover the deeds and posted the plea to November 28 for further hearing.
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