Dubai: As per a report published in Khaleejtimes.com, the Dubai Public Prosecution has rejected a bail request submitted by the owner of Atlas Jewellery, M.M. Ramachandran. Sources told the website that the businessman did not get bail due to the amount involved.
M M Ramachandran, owner of Atlas Jewellery was arrested for outstanding dues of AED 550 million.
In a statement to the UAE paper, Emirates 24/7, Ramachandran has said, “We are willing to repay our dues at any cost even if it means selling our assets. We have had very good relationship with banks so far and we hope to continue that way.”
He added that his company’s representatives were meeting with officials from banks to sort out the issues and a steering committee is being formed with that effect.
The second meeting of the committee is scheduled to be held on Thursday.
In the first meeting, various ways to resolve the crisis was addressed. Meanwhile an offer to negotiate a deal has been made by the Dubai Gold and Diamond Jewellery Group, of which Ramachandran is a member.
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