Dugar Finance India Ltd.

 I. Gist of the Case

    A criminal case was registered against the Chairman and Directors of Dugar Finance India Ltd by Chennai Crime  Branch   on 08.12.1999 and subsequently the case was transferred to EOW II on 28.01.2000 for further investigation. The Honourable High Court in its order dated: 21.06.2000 appointed Tr.Nagarajan as Administrator to the company. Subsequently the Honourable High Court of Madras ordered the Administrator to hand over the portfolio to Official Liquidator in Company Application No.1532/2006, dated: 18.10.2006. Now the Official Liquidator has taken over the administration.
 II. Accused Details: -

 III. High Lights

1. X.C.No.128/1999, U/s.409, 420, 120 (b) IPC.
2. Total amount involved: Rs.25.49 Crores
3. Total No. of depositors: 17, 928
4. Police Complaints: 101
5. Amount involved in the Police complaints: Rs.27, 10,749/- (101 depositors).
6. Refund on Police complaints: Rs.24,41,730
7. Benefited depositors 86 Depositors.

 IV. Efforts taken by EOW-II

 1.    Investigation completed and charge sheet was filed on 27.12.2005 in C.C.No.21765/2005.  
 2 .   Attending the meetings with O.L. for early disbursement ofamount to a tune of Rs. 114.98 lakhs to the depositors, which is pending with O.L.as follows.

                      i) Joint A/c (SBH)                              :  Rs.  1.84 Lakhs

                     ii) Administrator A/c                         :  Rs.  0.84 Lakhs

                    iii) Indian Bank High Court building :  Rs. 10.00 Lakhs

                   iv) Short term deposit with SBH         :  Rs.102.00 Lak

         3.     Efforts are being taken to recover an amount of Rs.10 Crores from of the borrower Tr.Mohan Reddy of Hyderabad discussed with O.L. for earlier recovery of the above said amount.

         4.   Accused A1 to A3 obtained stay against personal   appearance  of   and also   against all   legal proceedings. Counter was filed    in the 32^nd court on 10.07.2009 to   vacate   the stay. Hon,ble Mr.Justice R.Ragupathi, adjourned the matter  for  two weeks and it was last heared  on  26.02.2010.

 V. Details of property

           Property of the accused located at Door No.7, Peddu street, Kondithope, Chennai – 79 (Residential House) worth about Rs.30 Lakhs. (after vacate the stay Proposal to be  Process) was identified and proposal was sent to Government for Authorization order

 VI Latest Development

           Rs.30 Lakhs worth properties have been identified and proposal has been sent to the Government for attachment and the case is Pending Trial.

 VII. Request to Depositors

           1.       Any person, who wants to prefer complaint against the defaulted company, has to file form66 to the O.L.along with original FDRs and connected records.  For clarifications, the depositor may contact the following officers: