The Hindu : Karnataka / Bangalore News : Firm comes forward to repay money to depositors

Online edition of India's National Newspaper
Sunday, Jul 22, 2007
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Karnataka

Karnataka - Bangalore

Firm comes forward to repay money to depositors

Staff Reporter

BANGALORE: After Viniv Inc, it is the turn of Darshanik Foundation to file an application before the Karnataka High Court seeking its permission to repay the principal amount it owed to depositors.

If Sreenivasa Shastry, the prime accused in the Viniv Inc fraud, was the first to file an application seeking the court’s nod to sell some property he owned so that he could repay the principal amount, the promoters of Darshanik Foundation too have filed a similar application. State Public Prosecutor S. Dore Raju said informed the court on Thursday that though Viniv Inc, Darshanik and other companies had come forward to repay at least some of the amount they owed to depositors, they had to come up with a comprehensive and fool-proof scheme first. When the case of Viniv Inc came up, Mr. Raju said that the scheme was not comprehensive and it was lacking in details.

He said the court could consider the grant of bail to Shastry and others only after they showed their sincerity in coming up with a workable scheme for the repayment.

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