Following reports that owner of Atlas Jewellery has been arrested by the police in UAE for alleged payment default to banks, Atlas Jewellery India plans to hold an urgent board meeting on September 6, reports say. In its filing to the Bombay Stock Exchange, the company has stated that it has not received any ‘formal communication on the various news items reports from Dr Ramachandran, chairman and majority shareholders as on date’. It has although informed the BSE that the company would review the matter and take whatever steps would be appropriate and necessary and its communication to the BSE is signed by Atlas Jewellery India's Company Secretary Chandan Mahapatra, as per reports. The BSE had sought clarification from the company pursuant to reports of the arrest of the owner M.M.R and his daughter in UAE for payment defaults and fraud cheques. Both have defaulted payments worth 500 million dirhams ($136.2 million), to some 20 banks, reports say.

Atlas Jewellery is a large jewellery retail brand and company with over 50 outlets across the UAE, Kuwait and Saudi Arabia and India, reports add.