HC grants anticipatory bail to Stayzilla co-promoter Sachit Singhi

The Madras High Court has granted anticipatory bail to Sanchit Singhi, co-promoter of online home stay aggregator startup Stayzilla.

Singhi has been granted the bail in a case that was registered against him and Stayzilla’s CEO Yogendra Vasupal for allegedly duping Jigsaw Advertising of Rs 1.68 crore.

While Vasupal was arrested on March 14, Singhi was said to be absconding and having moved the court for anticipatory bail. Vasupal was granted bail on the condition of furnishing a personal bond of Rs 40 lakh.

Also read: The Stayzilla fiasco is an ugly heads-up of the future of the Indian startup ecosystem

Justice S Baskaran ordered Singhi to deposit Rs 25 lakh in the jurisdictional court and to appear before the police daily at 10 am for two weeks. Even after two weeks, he would be needed to visit the police station as and when required.

(Image source Stargatist)
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