CUTTACK: The Orissa High Court on Monday declined to grant bail for the second time to the two directors of M/s Purple Qualves Financial Services Pvt. Ltd - Satyaranjan Hota and Pallavi Hota, who are in custody for over two years.
However, the single judge bench of Justice SK Sahoo directed the designated court under Odisha Protection of Interest of Depositors (In Financial Establishments) Act, Cuttack, to expedite and conclude within six months the trial of the two directors of the Ponzi company.
Justice Sahoo also directed the trial court to hold continuous examination of witnesses from day to day and record reasons for adjourning the case beyond the following day.
The duo are accused of running illegal money circulation scheme during 2020-2021, in the guise of providing high rate of return against the deposit amounts in Odisha and failed to provide the assured service/returns for which money was invested by the gullible depositors.
While taking note that there was a slow progress of the trial and only five witnesses were examined, Justice Sahoo said there has been no further progress in the trial since the last witness was examined on February 26, 2023 and the petitioners are in custody for more than two years even as they are in no way responsible for the delayed trial.
Earlier, the high court had rejected their bail plea on July 10, 2023. Justice Sahoo declined to grant them bail on Monday on the ground that there was no change in the circumstances after rejection of the earlier bail application except that they have since been in custody for more than one year.
However, Justice Sahoo granted them liberty to renew their prayer for bail, if the trial is not concluded within six months.