CHENNAI : The Madras High Court has ordered the cancellation of the anticipatory bail granted to former directors and the former managing director of the Disc Assets Lead India Limited in the `1,137-crore cheating case.
The Division Bench
comprising Justices M Sathyanarayanan and N Seshasayee has also directed them to surrender before the Special Court for TNPID Cases in Madurai on November 8. Justice N Paul Vasanthakumar, a retired Chief Justice of Jammu and Kashmir High Court, was appointed by the court as administrator of the company which was formerly known as Disc Agro Tech Limited, on October 24. Justice Paul was appointed to settle the dues to the 12 lakh depositors who had deposited `1,137 crores in the firm.
Based on the status report filed by Justice Paul, the bench, in its order, said, “V.Janardhanan, N.M.Umashankar and N.Arun, the erstwhile managing director and directors of the company, continue to indulge in misusing the liberty and avoided furnishing documents of title deeds for frivolous and unsustainable reasons and they did not cooperate with the investigating agency.”
On October 27, the bench directed the Commissioner of Police in Madurai to ensure the presence of the former managing director and a director of the firm before it on October 31. They were again asked by the bench to appear on November 1.