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Friday, 30 October 2015
Atlas Jewellery owner fails to settle Dh34m case, will remain in jail | GulfNews.com
Atlas Jewellery owner fails to settle Dh34m case, will remain in jail | GulfNews.com:
"The owner of Atlas Jewellery will remain in custody until a ruling is handed out next month in a case involving two bounced cheques worth Dh34 million. Despite having been granted three adjournments by the Dubai Misdemeanours Court to settle the outstanding amount of the bounced cheques, M.M. Ramachandran did not present any settlement or waiver in courtroom 20 on Thursday.
Ramachandran, a 73-year-old Indian businessman, had issued two cheques worth Dh4 million and Dh30 million to a local bank. The bank complained against him once after cheques bounced and he failed to settle the outstanding dues in August.
In August, Dubai Police arrested the Ramachandran, who has been in detention since then."
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"The owner of Atlas Jewellery will remain in custody until a ruling is handed out next month in a case involving two bounced cheques worth Dh34 million. Despite having been granted three adjournments by the Dubai Misdemeanours Court to settle the outstanding amount of the bounced cheques, M.M. Ramachandran did not present any settlement or waiver in courtroom 20 on Thursday.
Ramachandran, a 73-year-old Indian businessman, had issued two cheques worth Dh4 million and Dh30 million to a local bank. The bank complained against him once after cheques bounced and he failed to settle the outstanding dues in August.
In August, Dubai Police arrested the Ramachandran, who has been in detention since then."
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