Apex Court Directs Hi Tech Group Chairman to Pay Investors First

The Supreme Court on Monday directed Hi Tech Group chairman Tirupati Panigrahy to pay back at least half of his investors before seeking bail.

Published: 17th December 2013 10:05 AM  |   Last Updated: 17th December 2013 10:05 AM   |  A+A-

The Supreme Court on Monday directed Hi Tech Group chairman Tirupati Panigrahy to pay back at least half of his investors before seeking bail.

When the bail application of Panigrahy came up for hearing, the Crime Branch submitted affidavits of 19 investors. The SC examined the documents and asked the real estate group to pay at least half of the total investors after which it will consider the bail plea.

The next day of hearing has been posted to January 6, 2014. On the last date of hearing, the group had submitted 148 affidavits of investors claiming that they had either be refunded or given land.

“Our counsel, however, presented before the apex court that the total number of investors could be over 4,000. Then the SC asked us to go in for a random verification within five days. The CB officials could track down 19 of 25 people selected in a random manner and submitted that the earlier affidavits were prepared under duress,” Additional Director General of Crime Branch BK Sharma said.The 19 affidavits were presented before the SC which then directed Hi Tech chairman to pay up first. In October, the apex court had asked him to give land to investors and then seek bail.

Stay up to date on all the latest Odisha news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp