High Court grants bail to Devanathan Yadav

Keeping a financier in jail for years together, that too after sealing his business premises, may not help in recovering the dues he owes to the depositors, the Madras High Court observed and granted interim bail to T. Devanathan Yadav for mobilizing Rs619 Crores due to around 5,000 depositors of Mylapore Hindu Permanent Fund Nidhi Limited (MHPFNL).

Justice Dr G. Jayachandran granted the interim relief on a condition that the petitioner must first mobilize Rs100 Crores on his own and deposit it with a special court. The judge made it clear the deposit must be made on or before Oct 30

After making the deposit, the petitioner must voluntarily surrender before the special court on Oct 31 and the latter must remand him in judicial custody

Further, during the interim bail period, he must make all endeavors to find buyers for the 76 immovable properties which he had valued at Rs 633.97 Crores and submit a proposal to the special court.