Dubai
The owner of Atlas Jewellery will remain in custody until a ruling is handed out next month in a case involving two bounced cheques worth Dh34 million. Despite having been granted three adjournments by the Dubai Misdemeanours Court to settle the outstanding amount of the bounced cheques, M.M. Ramachandran did not present any settlement or waiver in courtroom 20 on Thursday.
Ramachandran, a 73-year-old Indian businessman, had issued two cheques worth Dh4 million and Dh30 million to a local bank. The bank complained against him once after cheques bounced and he failed to settle the outstanding dues in August.
In August, Dubai Police arrested the Ramachandran, who has been in detention since then.
When he showed up in court, the suspect admitted that he issued the cheques and asked for a postponement to settle the amounts of the cheques.
According to the UAE Criminal Procedures Law and Penal Law, a cheque case is automatically dropped once the signee pays the cheque’s amount or reaches a settlement with the beneficiary.
Since the case surfaced in Dubai court in September, Ramachandran and his lawyers requested the presiding judge to adjourn the case until he settles the outstanding payment mentioned on the cheques.
On Thursday, jail wardens brought Ramachandran from his detention and presented him before presiding judge Ahmad Shiha in courtroom 20.
When asked if the defence lawyers had obtained a waiver from the complainant based on the defendant’s earlier request for an adjournment to settle the case, the lawyer who was present said: “No. We did not reach a settlement with the complainant. We would like to present our written defence today. We also ask the court for another adjournment in order to settle the case and present a written waiver in the upcoming hearing.”
“This is the third adjournment since September 29. Why has no settlement has been reached yet? The decision will be at the end of the hearing,” presiding judge Shiha told the lawyer.
Ramachandran’s lawyer refused to give any comment to the press outside courtroom 20.
However, a legal advisor, who introduced himself as a member of Ramachandran’s defence team, said a deal has been reached with an investor [whom he did not name] who has expressed his willingness to pay the defendant’s’s outstanding amount.
The advisor claimed that they had reached an agreement that would be signed later on Thursday.
However, this information could not be independently confirmed.
Towards the end of the hearing, judge Shiha adjourned the case until he hands out a ruling against Ramachandran on November 12.
According to available court records, there is one cheque case against the owner of Atlas Jewellery.
It is worth mentioning that if Ramachandran reaches a settlement before November 12 with the local bank, then the case will be automatically dropped once he produces a settlement or a waiver in court.
