Atlas Group owner Atlas Ramachandran has been sentenced to three years in jail in the Dh 53-million bounced cheques case.
The case's hearing was held at the Dubai Midemeanor Court in the morning on Thursday, 12 November. Emirates 24X7 has reported that Ramachandran's wife, who was present at the hearing, broke down after presiding Judge Ahmad Shiha announced: "Ramachandran will be jailed for three years".
Gulf News states that Ramachandran's lawyers will lodge an appeal to challenge Thursday's ruling.
It is understood that Atlas Group's debts, which amounts to Dh 53 million and is owed to 15 different banks, will be paid with the help of UAE-based investment firm Maas Group. Equity from Maas is said to be invested in the business run by the Atlas Group in the UAE and the Atlas healthcare facility in Oman.
Ramachandran was arrested by the Dubai Police in August 2015 and kept in detention since then, with bail pleas rejected several times before the first hearing at the Dubai Misdemeanor Court in September.
During the hearing, Ramachandran admitted to issuing the (bounced) cheques and failing to reach a settlement despite having been granted more time for it.