City Limoz
Anticipatory bail of Chief Limo is rejected

C. Shanmugam

Ex-Investor of City Limoz, Chennai. Dated 15-12.

Dear Investors from City Grouo.

A copy of news published in Times of Inida dated 15-12 is furnished below for your inofrmation.

With Regards,

C. SHANMUGAM

Publication: Times of India Mumbai; Date:2009 Dec 15; Section: Times City; Page Number 7

Anticipatory bail plea of City Limo chief is rejected

C Unnikrishnan I TNN

Mumbai: “You can enjoy the state privileges like free food, free shelter and free clothing, ’’ said Justice V M Kanade on Monday while rejecting the anticipatory bail application of City Limouzines chairman S M Masood. The court was making it clear that since Masood had failed to work out a settlement scheme as promised, he will have to be taken into custody.

Masood had filed an application in the high court after the sessions court rejected his anticipatory bail a month ago. On December 3, Justice Kanade had granted interim protection to Masood after his counsel assured that his assets would be liquidated to clear the dues of investors. The court had asked Masood to report to the economic offences wing (EOW) for three days and discuss the repayment scheme with various investors’ groups.

Apprehending arrest by the Chennai police, Masood did not turn up before the EOW as the interim protection was granted only from arrest by the police in Maharashtra. Masood’s counsel, S Jha, told the court that he had informed the same to EOW and hence modified his application for blanket protection from arrest by police from other states.

Jha told the court that he discussed the repayment pattern with some investors’ groups. However, this was contested by lawyers representing several investors’ groups. Jha also told the court that sending Masood to custody will not serve any purpose. He also promised to make a deposit in court to prove his bonafides.

Justice Kanade, after going through the details of the case and the various orders passed, said that several people have invested their savings, including retirement benefits in the scheme. On a lighter vein, Justice Kanade said the scheme offered by City Limouzines looked attractive compared to other offers where companies promise double their investments in 20 days.

Company: City Limoz
Country: India

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