Mr. Ramachandran had been a prisoner since 2015 in a multiple loan default case worth 550 million … reports Asian Lite News.
The owner of Atlas Jewellery, Atlas Ramachandran has been released on a conditional bail, the Keralite businessman was jailed in late 2015 for defaulting on multiple loans.
Mr Ramachandran is a well-known businessman from Kerala, he was known among the Indian community for his generosity and warm and humble attitude. At his peak he presided over 35 branches of Atlas Jewellery across the Gulf, including 19 in the UAE.
The bail comes after a long drawn negotiations with the 22 lending banks after which a standstill agreement was signed, which puts on hold legal proceedings against him.
During an exclusive interview given to Kairali TV, Mr Ramachandran appeared before the Keralite audience and said, “If I had some time to negotiate with the banks, everything would’ve been much easier.”
“To be isolated from the community was my greatest sorrow, I felt like being a fish out of the sea,” he said.
Speaking further about his time in jail, Mr Ramachandran told that being away from his family bothered him a lot. “My wife, who didn’t even know how to write a cheque, was the one who made the greatest effort to get me out of prison,” he added.
“I am determined to rise above all the problems, like a Phoenix bird rises from the ashes,” he said.
Mr Ramachandran hopes to pay back his debts as soon as possible as he does not want his reputation to be affected. Mr Ramachandran is expected to liquidate his assets to pay off the debts.