The Hindu : Karnataka / Bangalore News : Viniv Inc Shastry to move Special Court

Online edition of India's National Newspaper
Wednesday, Aug 15, 2007
ePaper

Karnataka

Karnataka - Bangalore

Viniv Inc Shastry to move Special Court

Staff Reporter

BANGALORE: The Karnataka High Court on Tuesday dismissed as withdrawn a petition for bail by Sreenivasa Shastry, the prime accused in the multicrore rupee Viniv Inc scam, in which thousands of people lost their deposits when the company went bust.

Shastry had moved the High Court seeking his release on bail. He had undertaken to return the principal amount he owed to the depositors. He said he owned certain assets and said that he could raise money if he were permitted to sell them. He had sought the court’s nod for his release on bail.

The State Public Prosecutor had opposed the bail. He contended that Shastry had cheated thousands of people and the trial against him could not be compromised. The court could consider bail only after Shastry comes up with a fool-proof and comprehensive scheme for repayment of the money. When the matter came up on Tuesday, Shastry said on June 22, the Government had designated District and Sessions Court to try such cases. He said he would like to move the matter before the special court and urged the High Court to withdraw his bail plea.

Printer friendly page
Send this article to Friends by E-Mail

Karnataka