Madras High Court grants bail to Stayzilla CEO

The Madras High Court on Friday granted anticipatory bail to online home stay aggregator Stayzilla's co-promoter Sachit Singhi in a case lodged against him allegedly for duping an advertising firm of Rs 1.68 crore, according to PTI news.

Singhi is a co-accused in the case along with with his CEO Yogendra Vasupal. Justice S Baskaran granted anticipatory bail to Singhi, stipulating that he would deposit Rs 25 lakh in the jurisdictional court.

The court also asked him to appear before the police daily at 10 am for two weeks and thereafter as and when required. Vasupal and Singhi have been accused of defrauding city- based advertising firm Jigsaw Advertising and Solutions to the tune of about Rs 1.68 crore for services it had rendered since last year. Vasupal was arrested on March 14 while Singhi, stated to be absconding, had moved the court for anticipatory bail, according to PTI report.

The high court had later granted bail to Vasupal on the condition that he furnish a personal bond of Rs 40 lakh. Earlier, Principal Sessions Judge Nazeema Banu had on April 20 denied anticipatory bail to Singhi.

Source: PTI News.