CHENNAI: THE Madras High Court on Tuesday granted conditional bail to online homestay aggregator Stayzilla CEO Yogendra Vasupal, who was arrested on March 14.
Justice S Bhaskaran, who granted the relief to Vasupal, said he should be released on bail on his executing a personal bond for `40 lakh.
When the complainant – CS Aditya of Jigsaw Advertising – sought a direction for settlement through mediation, the judge said it was a clear case of business transaction between two entrepreneurs. He, however, declined to pass any order, saying it was for the parties to work-out such a remedy. Vasupal’s first bail plea was rejected by a special court for CCB-CBCID cases at Egmore on March 23. His second bail petition was rejected by the Principal Sessions Judge, on March 28.
Stayzilla’s unpaid dues to the tune of `1.69 crore to Jigsaw Advertising, landed him in trouble. Following a complaint against him and his partner Sarjit Singhi from Aditya, the former was arrested on March 14. However, Singhi absconded. They faced charges of cheating, criminal breach of trust and intimidation.