The Madras High Court has restrained the directors of Disc Assets Lead India Limited, which is allegedly involved in a Rs 1,130 crore investment scam, from leaving the country until further orders.
The first bench, comprising Chief Justice Indira Banerjee and Justice Abdul Quddhose, recently passed an interim order on a contempt plea moved by a depositor to punish the directors for not complying with a court order directing them to submit all relevant property documents to a court-appointed committee.
C Manishankar, Additional Advocate General, submitted that there was a possibility that the directors "may leave the country to frustrate or delay the attempts of the Committee constituted by this court to liquidate the dues of depositories by disposal of the assets of the company".
Recording the submission, the bench issued contempt notice, saying "... we deem it appropriate to issue an order of injunction restraining the respondents or any of them from leaving the country for a period of two months from date or until further orders of this court, whichever is earlier."