Finance company chief's bail cancelled

Chennai, Apr 24 (UNI) A local Court, today cancelled the bail granted to a Finance Company Managing Director for non-compliance with the bail conditions.

Maxima Investments and Finance Limited Managing Director N S T Madan was arrested by the Economic Offences wing police on a complaint from its depositors that he had cheated them to the tune of Rs 18 crore in November 1996. On February 12, 1997, Madan had been released on bail by the court.

The Economic Offences wing police had filed a petition before the Judge, stating that Madan was intentionally evading trial and not fulfilling the conditions imposed by the court while granting bail.

Judge Aruna Jagadeesan of the Principal Sessions Court allowed the prosecution petition and cancelled the bail.

UNI XR GD JT GC2049