A judge of the Madras High Court has said that Devanathan, CMD of Mylapore Hindu Permanent Fund Nidhi Ltd. will either have to surrender to the trial court or must be secured by the police since Devanathan’s interim bail period ended on Nov.9.
The judge said this on Nov.10 when a lawyer representing a set of depositors made a mention of the interim bail issue and its lapse as on Nov.9
Justice Jayachandran had given interim bail to Devanathan, (the main accused in cases where depositors have claimed to have been cheated of close to Rs.600 crores) to enable him to raise Rs.100 crores and deposit in the special court that is trying this case ( a court that tries cases filed under the TANPID Act).
Devanathan’s lawyer had argued that since most documents of the properties in his client’s name were in the custody of the police of the EOW of TN police ( Economic Offences Wing), arranging for their sale and raising the required Rs.100 crores was not possible.
