A local court granted bail to two directors of Deccan Chronicle Holdings Limited (DCH) in a cheque bounce case on a surety of Rs 1.5 lakh each. The court of Civil Judge (Junior Division) announced the decision on Thursday.
The two directors had earlier been directed by the Punjab and Haryana High Court to appear before the trial court by October 11.
The court granted bail to Venkattram Reddy and Vinayak Ravi Reddy in three of the seven cases of cheque bounce filed by Religare Finvest a private firm. Warrants were issued against all directors of DCHL,including T Venkattram Reddy,vice-chairman and MD T Vinayak Ravi Reddy,vice-chairman and authorised signatory P K Iyer,directors Menakuru Sukumar Reddy,Karthik Iyer Parasuraman,Pendyal Siddhartha and Venkaparamani Suresh in a cheque-bounce case filed by Religare Finvest.
DCHL had issued two cheques dated July 1,2012 and two other cheques dated August 1,2012,amounting to Rs 6 crore in favour of Religare Finvest.
The cheques bounced and subsequently an FIR and a criminal case was filed. Venkattram Reddy and Vinayak Ravi Reddy had earlier surrendered before the court on Sept 6 in a different case and were granted bail on a surety of Rs 20 lakh each.