Jeweller out on bail, banned from travel
Atlas Ramachandran had been in prison since 2015 in multiple loan default case
Owner of Atlas Jewellery M.M. Ramachandran, who had been in prison for defaulting on several loans, has been released on a conditional bail, sources have confirmed to Gulf News.
Known to many as Atlas Ramachandran, the 75-yearold businessman had been serving a jail term in Dubai since 2015, after a court sentenced him to three years in prison in a multiple loan default case worth Dh550 million.
Hailing from the South Indian state of Kerala, the business magnate with interests ranging from jewellery, health care and real estate to movies and media, has been negotiating with his 22 lending banks and three private lenders since early this year.
According to sources, Ramachandran, who founded Atlas Jewellery in 1981, was released several days ago after he managed to negotiate a standstill agreement with all his lenders.
Bail condition
Among the several conditions of his bail, Ramachandran cannot travel out of the UAE, the sources said.
Though Ramachandran or any of his family members were not available for comments, the businessman was interviewed on a Malayalam news channel, Kairali TV.
Once presiding over a vast business empire comprising 35 branches of Atlas Jewellery across the Gulf, including 19 in the UAE, the businessman from Thrissur district of Kerala is expected to liquidate most of his assets to pay off his debt.