Warrants Against Bitv Top Brass Off

The metropolitan magistrate presiding over the 33rd court at Ballard Pier, Mumbai, had issued a bailable warrant of Rs 1 lakh on each of the accused. The case will come up for hearing on November 7, 1996.

The warrant was issued as neither of the accused was present in the court during the hearing on October 10, 1996, despite the magistrate asking them to appear in person. Counsel for the accused made an application for exemption on behalf of the accused. The court did not grant the exemption, but issued an arrest warrant. However, yesterday, the metropolitan magistrate ordered that the warrants be cancelled. The magistrate directed the police to return the warrants unexecuted.

 

Advani, who is also the publisher of Business India, stood personal guarantee for a Rs 50 lakh ICD borrowed from Industrial Trading Corporation. Business India gave a guarantee for the loan.

BiTV, which sold its cable division to Rajan Raheja, and Advani, who sold a part of his shareholding in ORG-MARG, are yet to repay the full loan. BiTV, which has not repaid the ICD due on November 22, 1995, had drawn up a repayment schedule on September 11, 1996, to repay the outstanding Rs 35 lakh in equal instalments of Rs 5 lakh each.