Fresh-Out-on-Bail Jeweler Vows to Revive Empire

LISTEN TO ARTICLE 2:09 SHARE THIS ARTICLE Facebook Twitter LinkedIn Email Shares of Atlas Jewellery India Ltd are set for their biggest monthly gain this year as investors bet on a quick resolution of its financial troubles now that the founder is out of prison. M.M Ramachandran was released on bail in June more than two years after a Dubai court sentenced him to three years for defaulting on loans.

He said the company has paid off part of the money owed to a consortium of banks by selling some assets in Oman. At a time when Indian authorities are seeking to bring to book absconding jeweler Nirav Modi for allegedly masterminding a $2 billion bank fraud, investors are cheering the release of Ramachandran on hopes he may hasten debt repayment Shares of the company surged as much as 88 percent in June to a three-year high before paring the advance to 26 . Source