SC rejects bail extension plea of Hi-Tech chief

Bhubaneswar: The Supreme Court has turned down the request of Hi-Tech group chairman Tirupati Panigrahi to extend his bail period after he failed to deposit the remaining Rs 53 crore in time which he was asked by the court to pay up.

In February 21 this year, the apex court had granted Panigrahi bail after he deposited Rs 10 crore and promised to deposit the rest of the amount in next three months.

Sources said Panigrahi’s company did not have adequate land bank, but collected around Rs 315 crore from hundreds of people between 2009 and 2012 with the false promise of giving them plots.

Meanwhile, the Crime Branch of Odisha Police has decided to approach the Supreme Court to reject Panigrahi’s bail.