HC relief to city-based finance co.

The Madras High Court has directed the Economic Offences Wing (EOW) not to arrest till August 8, the managing director and other directors of Aarudhra Gold Trading Private Limited in Chennai, which had collected deposits running to over Rs 1,000 crore and allegedly failed to return the amounts back to the depositors.

It is stated that the DSP attached to the EOW had suo-motu registered the case without complaints from any of the depositors and froze its accounts lying with various public and private sector banks.

Justice G K Ilanthiraiyan ordered the defreezing of the bank accounts of the company to enable it to repay the amounts collected from the depositors before August 8. Until then they should not be arrested, the judge said while passing interim orders on a batch of criminal original petitions from the MD and other directors of the company seeking pre-arrest bail, recently.

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