Stayzilla CEO Yogendra Vasupal gets bail after spending 4 weeks in jail
Justice S Baskaran, while viewing the case, granted one week’s time for Yogendra Vasupal to make the deposit, in order to prove his bonafide intentions. (Source: Youtube)
In a reprieve to Stayzilla founder Yogendra Vasupal, the Madras high court on Tuesday granted him conditional bail, while asking him to deposit Rs 40 lakh for the release. Vasupal, got third time lucky as far as bail pleas are concerned, after spending four weeks in jail in Chennai. Vasupal was arrested on March 14 following a complaint filed by a Chennai-based advertising agency, for alleged non-payment of dues.
Justice S Baskaran, while viewing the case, granted one week’s time for Vasupal to make the deposit, in order to prove his bonafide intentions. After two unsuccessful attempts for bail in the lower courts Vasupal had moved the Madras High court on April 4. When the bail application came up on Monday, the high court had asked the stakeholders whether the case could be settled through mediation as it primarily involved breach of contract. However, no progress could be made on the suggestion by the court, as both the rival parties had diverging views.
You may also like to watch:
In the lower courts, the prosecution vehemently opposed Vasupal’s application noting that the accused has committed a clear case of cheating under section 420 of IPC. The prosecution counsel maintained that instant case involves breach of trust wherein the complainant had rendered advertisement services to the accused on the trust that he would pay the charges without fail. But the accused had exploited the trust of the complainant by cheating him, he had submitted.
The counsel for Vasupal while refuting the contention that Vasupal had closed down the company, and submitted that he had only changed the business model and he had all intentions to start a new and more profitable business model under the same company.
CCB had arrested Vasupal on March 14, based on a complaint file by CS Aditya of Jigsaw Advertising and Solutions Private Limited for offences under Sections 406 (Punishment for criminal breach of trust), 420 (Cheating), 506 (i) (Criminal Intimidation) of the IPC. According to the complainant, Stayzilla had failed to make payments for advertising services rendered by him since February 2016 and had defrauded him to the tune of Rs 1.7 crore.