Anubhav Group of Companies.

Anubhv Group of Companies

Dated: 1st March, 2007

1. On 01.03.2007, Tmt.Archana Ramasundaram IPS, ADGP/EOW, Thiru.Vijay Kumar, IPS, IGP, Tmt. M.Sathiyapriya, SP and the officers of Economic Offences Wing conducted a meeting with the depositors of Anubhav group of Companies. at the Admiralty House, Govt Estate, Chennai.

2. The response to the EOW notice was quite appreciable as nearly 140 depositors attended the meeting. ADGP/EOW in her opening remarks explained that the formation of Economic Offences Wing was on the basis of the Company Application filed in C.A.No.479 & 480 of 1999 on behalf of Anubhav Group of Companies before the Honourable High Court, Chennai. ADGP/EOW explained to the depositors that the main purpose of holding the meeting was to communicate to them about the latest stage of the case, the efforts taken by the Economic Offences Wing to prosecute the offenders and that the 50% repayment amount of the deposit to the depositors by the Administrator and the Official Liquidator is in progress.

3. Anubhav group of Companies are Non-Banking Finance Companies which had defaulted Rs.327 Crores of the deposit amount from the year 1991 in which the company had repaid Rs. 66 Crores to the depositors and the balance of Rs. 261 Crores is to be settled. On the basis of complaints for non refund of deposit amount, 4 criminal cases were registered against the Directors of Anubhav group of Companies. The first case was registered by the Chennai City Police, CCB on 13.10.1998 which was transferred later to the Economic Offences Wing Chennai on 22.01.2000 for further investigation. Subsequently 3 cases were registered by the EOW.

4. Efforts taken by EOW

Investigation was completed and charge sheet was filed in all the 4 cases during the years 1999 (1 case), 2004 (1 case) and 2006 (2 cases) respectively and are pending trial before Honourable CMM Court Egmore and the Spl. Court for TNPID Act, Chennai.
The chairman of the company Tr. Natesan is in jail for the past 8 years.
EOW monitors the appraisal and auctioning of the attached properties at the present market value.
EOW assists the Administrator for speedy disposal of the 50% deposit amount to the depositors.
One accused Balagurusami was declared as Proclaimed Offender and Red Corner Notice was issued through CBI, Interpol.

5. High Lights

After the meeting with the depositors ADGP EOW met the Administrator Tr. Ravindran along with EOW Officials in person and apprised the grievance of the depositors. 10 petitions received in the meeting were forwarded to the Administrator for speedy action towards repayment of deposit amount.

4 cases, in Cr.Nos.1431/98, 46/2002, 47/2002, 48/2002 were registered against the company for the default of Rs.261 Crores to 1,20,000 depositors.

Action is being taken in association with the Administrator for the speedy sale of the remaining attached properties.
On the orders of Hon’ble High Court, the Administrator assumed charge on 02.11.1999.
Out the sale proceeds of Rs. 75 Crores obtained through the attached lands, the Hon’ble High Court Orded 50% of the deposit amount (37 Crores) to be disbursed from 16.12.2006.
From the remaining amount of the sale proceeds Rs. 30 Crores are ordered by the Court to be deposited in ICICI Bank at a rate of 8.5% interest
During the meeting many depositors came forward to express their grievances. They wanted to know the procedure for applying fresh claims for their deposit amount and for speedy disposal of repayment. The ADGP heard their specific grievances and advised them on the appropriate procedure for claiming their deposit amount. It was also requested that those who are yet to file the claims should do it soon, as the cut off date (30.06.2005) for filing the claims fixed by the Honorable High Court has expired and the Administrator is filing the condone delay petitions before accepting the claim forms. Hence further delay should be avoided. Depositors were requested to contact the office of the Administrator for further clarification about the procedure.

Tr.M.Ravindran, (Senior Advocate), Administrator, G-131, Annanagar, Near Chintamani Super Market,
Chennai-600 018
PH: 044-30526763 & 9884311185.

Official Liquidator,
Tr. Gangadara Rao
Kuralagam,
Esplanade,
Chennai – 600 001.
Ph. 044-25342127, 25341473.