CHENNAI: The Madras High Court has permitted the Economic Offences Wing in Madurai to take custody of Janarthanan, Umashankar and Arun, former MD and directors respectively of Disc Assets Lead India Limited, who are facing the charge of cheating depositors of Rs 1,137 crore.
A division bench of Justices M Sathyanarayanan and N Seshasayee granted the permission when a petition from the Wing came up on Wednesday.
As per the earlier order dated November 1 last, the three surrendered before the EO Wing on November 12 last and they were lodged in the Central Prison in Madurai.
The bench also directed the investigating agency (IA) to take the trio to the offices of the Disc Assets in Madurai and other places that would be identified by them and secure the custody of the documents relating to the movable and immovable properties. They are also at liberty to break open the lockers and take inventory of all articles found therein. The search may also be videographed, the bench added.
Their counsel told the bench that the trio had furnished documents of property worth Rs 450 crore before the Justice N Paul Vasanthakumar panel appointed earlier by the court.
The bench permitted the IA to take the trio to the places where the properties were situated and the documents were kept for one week on November 19, 20, 22 to 24 and on 26 and 27.
If any extension of time is required, the IA and the committee are at liberty to move this court and for any clarification, the bench added.
Meanwhile, the trio had applied for interim bail, which was rejected by the bench.
