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.
