The Madras High Court on Tuesday reserved orders on a bail petition filed by T. Devanathan Yadav, the former chairman-cum-managing director of Mylapore Hindu Permanent Fund Nidhi Limited, who remains incarcerated since August 2024 for allegedly defaulting ₹618 crore to around 5,600 depositors.
Justice G. Jayachandran deferred his verdict after wondering how the continued incarceration of the accused would help in returning the money to the depositors especially when the police do not appear to have taken any concrete measures in the last one year to liquidate the assets and return the deposits.
Senior counsel S.T.S. Moorthy, representing the bail petitioner, said, his client had submitted the entire list of properties owned by him as well as his family members as directed by the court but complained that the economic offences wing had undervalued most of those properties.
On the other hand, Additional Public Prosecutor E. Raj Thilak accused the bail petitioner of not having come up with full and true disclosure of all details related to the business operations of the finance company and that the value of most of its properties had fallen down drastically.
After hearing both sides, the judge asked how would the finance company be able to recover the loans from its borrowers if the EOW continues to keep it sealed for over one year. The judge said, sealing the age old company would ultimately benefit only the borrowers and not the depositors.
The judge said, he would pass orders on the bail petition after going through all the records submitted by the prosecution as well as the petitioner and suggested an administrator could be appointed to collect the dues to the finance company from its borrowers.
Published – September 03, 2025 12:29 am IST
