Lower court grants bail to Deccan Chronicle promoters

Judge orders each of the accused to furnish Rs 5 lakh security and two sureties

Deccan Chronicle Holdings Limited Chairman T Venkattram Reddy and Managing Director T Vinayak Ravi Reddy got statutory bail from the lower court later on Wednesday. The 14th additional chief metropolitan magistrate granted bail to the two brothers, who are accused in the bank fraud case filed by the CBI, while asking each of them to furnish Rs 5-lakh security and two sureties.

The counsel for the petitioners immediately approached the lower court following the dismissal of the bail petitions by the Hyderabad high court earlier in the day. The petitioners claimed they are entitled to get the statutory bail as they have already served 60 days in judicial remand.      

In the cases registered under criminal sections that attract a maximum of seven years of imprisonment if proved guilty, the accused are entitled to get statutory bail after 60 days in judicial custody, according to Arcot Chandrasekhar, one of the lawyers of the petitioners.