Mylapore chit fund case: Devanathan Yadav’s bail plea referred to judge who granted interim bail

Justice K. Rajasekar of the Madras High Court on Friday (October 31, 2025) referred the bail petition of the accused in the Mylapore Hindu Permanent Fund Nidhi Limited case, T. Devanathan Yadav, to Justice G. Jayachandran, who had granted him interim bail on September 15 on the condition that he deposits ₹100 crore by October 30.

Taking note that the accused had not deposited the money within the stipulated time and sought modification of the bail condition now, Justice Rajasekar (holding the bail portfolio at present) felt it would be appropriate if the modification petition as well as the main bail petition were heard by Justice Jayachandran.

Further, since the accused had also been directed to surrender before the trial court on October 31 after the conclusion of the interim bail period, Justice Rajasekar extended the date of surrender till November 7, as it would take some time for the High Court Registry to list the matters before the other judge.

Advocate R. Thirumoorthy, representing an association of depositors in the financial establishment, vehemently opposed the extension of time granted to the accused for surrendering before the trial court and being committed to prison once again for judicial custody.

He said, when the accused had not deposited the money despite enjoying interim bail for 45 days, he must necessarily be ordered to surrender. He also stated that the extension till November 7 by Justice Rajasekar would lead to a legal problem if Justice Jayachandran was not inclined to grant any extension.

However, Justice Rajasekar said, no such problem would arise because the Registry would take a few days to list the matter before the other judge.