On Tuesday, the Madras High Court reserved orders on the petition of the bail submitted by T. Devanathan Yadav, a former director of the chairman who follows the Mylapore Hindu Permanent Fund of Nidhi Limited, who has remained imprisoned since August 2024 for alleged failure of 618 Crore to approximately 5,600 deposers.
Justice G. Jayacandran postponed her judgment after wondering how the continuing imprisonment would help the defendants to return the money to depositors, especially if the police seem to have taken any specific measures to liquidate assets and return of deposits.
The leader of the STS Moorthy, representing the petitioner of the deposit, stated that his client submitted the entire list of real estate they owned and its family members according to the court’s instructions, but complained that the wing of economic offenses underwent most of these properties.
On the other hand, another prosecutor E. Raj Thilak accused the petitioner of the bail of not having come with the complete and actual publication of all details related to business operations of the financial company and that the value of most of its real estate has been drastically declining.
After hearing both parties, the judge asked how the financial company would be able to restore loans from its debtors if EOW continued to maintain it for more than one year. The judge said that the age of age would eventually benefit only debtors and not deposits.
The judge stated that after all the records submitted by the prosecution and the petitioner, he would be submitted to the bail and suggested that the administrator be appointed to collect financial companies from his debtors.
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Published – 3 September 2025 12:29
