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National
Ashok Advani remanded
MUMBAI,
DEC. 9.
A local court today rejected the bail application of a former director of Jai Hind Cooperative Bank, Ashok Advani, and remanded him to police custody till December 23. Mr. Advani is the publisher of Business India magazine.
The Additional Metropolitan Magistrate, B.A. Shelar, remanded Mr. Advani, who was arrested last night, to police custody but allowed him home food and medicine.
Mr. Advani was a director of the bank when it accumulated non-performing assets and allegedly defaulted payments to its small-time depositors and to the charitable trust, Hyderabad (Sind) National Collegiate Board.
The bank is under liquidation following the Reserve Bank of India's recommendation to the Maharashtra Government. PTI
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