Almost four weeks after Stayzilla co-founder and CEO Yogendra Vasupal was arrested, the Madras High Court heard the case today, suggested both parties to try mediation if it is a clear case of breach of contract.
It is also being said that the counsellor for Jigsaw had pushed for an out of court settlement today. As per media reports, last a bail application was submitted by Vasupal's advocate to the Madras High Court, for his bail.
Earlier Vasupal's bail plea had been turned down twice, first by the special CB-CID court on March 23 and then by the principal sessions court here on March 28.
Judge S Baskaran, while granting bail, termed the case as "purely a dispute between two businessmen". The founder of Stayzilla has been granted a week's time to make the deposit. However, Vasupal's counsellors denied the offer stating that Vasupal was not ready for a settlement.
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Yogendra Vasupal, was arrested and sent to jail by the Chennai police commissioner after a case was filed against Vasupal by Jigsaw Advertising accusing him of fraud.
Vasupal had posted two blog posts, one making a fervent plea for help and other asserting that he had no intentions to cheat as made out by Jigsaw.
It was alleged that Vasupal and his partner Sarjit Singhi had criminally intimidated the complainant when he demanded refund of the dues. Instead of a civil case, a criminal case was filed against Vasupal and he is now behind bars. Conditional bail is applicable when court asks the accused to surrender the passport, report to police everyday for investigation. Vasupal is expected to be released tomorrow after all the formalities are completed by tomorrow.
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