Cuttack, Nov. 8: Orissa High Court has directed a lower court to conduct day-to-day proceedings to conclude by December 24 a trial that began more than three years ago following an arrest in an illegal deposit collection case.

The court issued the direction while rejecting the bail petition of Rabi Narayan Sahoo, a director of the Bhubaneswar-based Systematic Fund Management Limited. "The Magistrate is directed to conduct day-to-day trial and conclude the trial by December 24," the order said.

Sahoo had earlier approached the high court for bail after the lower court rejected his bail plea. On July 16 last year, the high court allowed bail to him on condition that he furnish cash security of Rs 50 lakh as fixed deposit in any nationalised bank. But he was not released from custody as he failed to comply with the terms and conditions imposed on the bail order.

Sahoo had turned to the high court again after the Court of Additional Sessions Judge (Bhubaneswar) rejected his bail plea.

The single-judge bench of Justice S.K. Sahoo expressed disinclination to grant bail taking into consideration the evidences available on record relating to the offences under which charge-sheet was submitted, the nature and gravity of accusations, the manner in which the company siphoned off huge public money alluring investors with false promises.

Justice Sahoo said: "I am of the view that it would not be proper to release the petitioner (Rabi Narayan Sahoo) on bail in the larger interests of the public and the State" particularly when such types of crimes are rampant in the society and chance of tampering with further evidence cannot be ruled out.

Justice Sahoo took into account the period of incarceration of Sahoo in judicial custody and the date of commencement of trial, number of witnesses examined till date, that the last witness was examined more than a year and two months ago.

In the order on October 31, Justice Sahoo directed the inspector in charge of Laxmisagar police station, Bhuba-neswar to receive summons for the rest of the prosecution witnesses and ensure their attendance on the next dates fixed for trial.