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HindustanTimes Fri,29 Aug 2014

Two Deccan Chronicle directors surrender, get bail

HT Correspondent, Hindustan Times  Chandigarh, September 06, 2013
First Published: 22:29 IST(6/9/2013) | Last Updated: 22:33 IST(6/9/2013)

Two directors of debt-ridden Deccan Chronicle Holdings Limited (DCHL), facing warrants in cheque bounce cases, surrendered before the district court here on Friday. They were later granted bail on bonds of Rs. 20 lakh each by the court of judicial magistrate Ashok Kumar.

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The court granted bail to DCHL chairman T Venkattram Reddy and vice-chairman and managing director T Vinayak Ravi Reddy in four of the seven cases of cheque bounce filed by a private firm, Religare Finvest.

Both have also given an undertaking that they would be providing information to the local police before leaving the country.

Another independent director, MS Reddy, was granted bail on July 18.

The court had on May 18 issued non-bailable warrants against all directors of DCHL, including T Venkattram Reddy, T Vinayak Ravi Reddy, vice-chairman and authorised signatory PK Iyer, MS Reddy, Karthik Iyer Parasuraman, Pendyal Siddhartha and Venkaparamani Suresh, in the case registered on the complaint of Religare Finvest.

The warrants were issued after the directors failed to appear before the court on that date, even though the court had rejected their plea seeking exemption from personal appearance. The case, which would be heard next on September 16, pertains to seven cheques, issued in favour of Religare Finvest, which were dishonoured.

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