The Madras High Court has given interim bail to Devanathan Yadav, MD of Mylapore Hindu Permanent Fund, located on South Mada Street, Mylapore in a case slapped on him for not paying back thousands of the Fund depositors the past three years.
The Court has asked him to mobilise Rs.100 crores on his own and deposit it by Oct.30 with the special court that is dealing with this case in which some Rs.600 crores is owed to about 5000 depositors.
The judge also ordered that during the interim bail period, Devanathan must make all efforts to find buyers for the 76 immovable properties which he had valued at ₹633.97 crore and submit a proposal to the special court.
Many other restrictions and orders were given by Justice G. Jayachandran who heard the case.
Yadav has been in jail since August 2024.
His lawyers told the court that their client was keen to settle the dues on deposits that had matured this far,
The lawyers for the depositors /their association told the court that the due amount for matured deposits was about Rs.300 crores.
