M.M. Ramachandran was in provisional detention since being arrested by local police in August this year. The company had appealed to the banks for time to arrange of a repayment plan, as per reports. According to reports, M.M. Ramachandran had defaulted loans worth about 500 million dirhams. Banks were considering a legal action to retrieve their money, as 15 banks, mainly local, had lent money to Atlas Jewellery, reports add.
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