In the light of Vini Vinc president K N Srinivas Shastry’s proposal to repay all legitimate claims of his depositors by selling off company’s assets, the Karnataka High Court on Thursday directed Shastry to come out with a specific list of immovable and movable assets owned by him and the company.
Justice H Bhillappa dealing with the bail petitions by Srinivasa Shastry and company’s vice-president G Lokesh, sought to know from their counsel, M T Nanaiah, about the Vini Vinc chief’s ability to refund all deposits with interest.
Before seeking the Court to let him out on bail to facilitate the refund, Shastry would have to make a genuine undertaking as to his intentions and negotiate with the State prosecution, the Court opined.
During the hearing, State Public Prosecutor S Dore Raju stressed on the need to verify the list of properties actually standing in his or company’s name. Shastry holds several benami properties, he alleged.