A former director of Deccan Chronicle Holdings Limited was arrested from Hyderabad in connection with a cheque bounce case filed against the publishing house by Religare Finvest Ltd. And enlarged on bail by a court here today .
The court of Chief Judicial Magistrate (CJM) Ashok Kumar enlarged Reddy on bail on a surety of Rs 20 lakhs while fixing the case for next hearing on July 30.
There are atleast eight directors or promoters of the firm named in the case and police could not locate them.
DSP Central Asish Kapoor told PTI that a four-member team of Chandigarh Police that had gone to Hyderabad to execute the arrest warrant could not find other directors and promoters of the firm.
According to information available from the 2012 annual report of DCHL, Sukumar Reddy stepped down from its Board on December 8, 2012.
According to Religare, Deccan Chronicle had issued two cheques dated July 1, 2012 and another two cheques dated August 1, 2012 amounting to Rs 6 crore in favour of Religare Enterprises Ltd's lending vertical, Religare Finvest Ltd.
A First Information Report and a case under Negotiable Instruments Act were filed after the cheques bounced.
