Anubhav Group of Companies

I. Gist of the Case: -

A Criminal case was registered against the Chairman and Directors of the company by Chennai City Police, CCB on 13.10.1998. Transferred later to EOW-II Chennai on 22.01.2000 for further investigation. Honourable High Court of Madras in its order dated: 02.11.1999 appointed Provisional Liquidator and Administrator Tr.Ravindran to take over the management. Again on the orders of the Honourable High Court of Madras the company was brought under liquidation on 26.03.2000, 09.06.2000 and 21.06.2000 and Administrator continued thereafter.

II. Accused Details: -

III. High Lights

1. Cr.No.1431/98, U/s.120 (b), 409, 420 r/w.34 IPC, Cr.No.46/02, 47/02 & 48/02, U/s.5 of TNPID Act.

2. Total amount involved: Rs.327 Crores

3. Amount refunded by the company: Rs.66 Crores.

4. Balance Amount: Rs.261 Crores.

5. Total No. of depositors: 1, 20,000

6. Police Complaints: Rs.7,46,86,789/- (2,735 depositors)

7. Company claimants before the Administrator / OL: 27,000 depositors.

8. Lands were sold for Rs.75 Crores during 2006 and Administrator obtained orders for the disbursement.

9. Honourable High Court ordered 50% of the deposit amount (Rs.37 Crores) to be disbursed from 16.12.2006 and disbursement is in progress.

10. Remaining amount of the sale proceeds Rs.30 Crores are ordered to be deposited in ICICI Bank at the rate of 8.4% interest.

11. So far Rs.30 Crores has been refunded to 26, 400 claimants by cheques.

IV. Efforts taken by EOW-II

1.    All the cases have been charged after the completion of investigation.
2.    The Chairman of the company C.Natesan was released on bail on 22.03.2007 after 08 years in the prison.
3.    One accused Balagurusamy was declared as Proclaimed Offender and Red Corner Notice has been issued through Interpol.
4.    EOW assists the Official Liquidator and Administrator for speedy disposal of 50% of the deposit amount.
5.    Attended the meetings with the OL and the Administrator for quick and effective action.
6.    Monitoring the evaluation and auctioning of the properties at the present market value.
7.    On the request of EOW, the Administrator is condoning on the belated claims and or being settled.

V. Details of Property: -

1.    6022 acres of land in 63 places were attached and sold (Sale proceeds of Rs.88.17 Crores and Rs.9 Crores yet to be remitted by the bidder.). 

Details of property identified: -

1.    116.40 acres of land.
2.    Hotel property at Kulumanali, HP state.
3.    Anubhav Greenvich village 43 plots in Kancheepuram District.
4.    Administrator office at Anna Nagar, Chennai.
5.    Rs.30 Crores deposited in the ICICI Bank, Chennai as fixed deposit.

VI. Latest Development: -

i.    The prime case in X.Cr.No.1431/98 is pending before the CMM Court.  
ii.    A sum of Rs.30,75,00,000/- have been so far paid up to 31.01.2008 to 26, 400 depositors.
iii.    Among the remaining available properties of the company, the properties at Punnaipadi and Sunguvarchathiram were sold by the Company Court for Rs.13.47 Crores on 17.04.2007 and 116.40 acres of land are still available.
iv.    The property at Manali is in the process of being evaluated and will be auctioned subsequently.

VII. Request to Depositors

1. Fresh complainants if any should file Form 66 to the Administrator along with original FDRs and connected records.
2. As the cut off date (30.06.2006) for filing the claims fixed by the Honourable High Court has expired, the Administrator is filing the condone delay petitions in the Company Court and is obtaining orders so as to claim the deposit amount along with certified order copy.
3.  Any further information on repayment the depositors may please contact: -