Devi Gold House
Dated: 2nd March, 2007
1. On 02.03.2007, 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 Devi Gold
House and GNS Nidhi at the Admiralty House, Govt Estate, Chennai
2. The response to the EOW notice was over whelming as nearly 400
depositors attended the meeting. ADGP/EOW while addressing the depositors
explained that the 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 the stage of the repayment to
the depositors by the Administrator and the Official Liquidator.
3. Devi Gold House and
GNS Nidhi are Non-Banking Financial Companies which had defaulted Rs.35
Crores of the deposit amount from the year 1996. On the basis of complaints
for non refund of deposit amount, 2 criminal cases were registered against
the Directors of Devi Gold House and GNS Nidhi by the Chennai City Police,
CCB on 10.07.1996 and 07.11.1996 respectively, and both the cases were
transferred to EOW II on 13.04.2000 for further investigation.
4. Efforts taken by EOW II
i) EOW assists the OL, Administrator &
Depositors Association on various High court issues and also for speedy
refund of deposits.
ii) The GNS Nidhi property at No.128, Usman Road, T.Nagar, Chennai was
sold, and the amount of Rs.4.50 Crores is deposited in the account of the
Official Liquidator.
iii) Action is being taken in association with the Official Liquidator
for the speedy sale of the remaining attached properties.
iv) Assist the DRO to take possession of the attached properties after
vacation of the interim stay.
v) During the meeting many depositors expressed their grievances. The
ADGP heard them all and advised them the present efforts taken to help the
depositors for claiming their deposit amount, with specific mention to
the petition filed by the Depositors Association of Devi Gold House for
liquidation which is in progress. Depositors were requested to contact the
office of the Official Liquidator/Administrator of GNS Nidhi and Office of
the Depositors Association of Devi Gold House for further clarification.
5. High Lights
- 2 cases, in Cr.Nos.968 and 969/96,
U/s.120 (b), 409, 420, 506 (ii), Sec.3, 4, 5 & 6 of PCMCSB Act were
registered
against the company for the default of Rs.35 Crores to 21, 000 depositors.
- Official Liquidator was appointed
in GNS Nidhi on the orders of the Honourable High Court of Madras in the
year 1997 and in the year 1999,
Tr.R.Senthilkumar was appointed as the Administrator
Official Liquidator,
Kuralagam,
Esplanade,
Chennai – 600 001.
Ph.25342127, 25341473. |
Administrator,
No 32,Venkatanarayana Rd,
T.Nagar,
Chennai. |
Depositors Association
R.Meenakshi, President,
No.16, IIIrd Main Road,
East CIT Nagar,
Saidapet,
Chennai-35. |