Dugar Finance India Ltd.

 I. Gist of the Case

          A criminal case was registered against the Chairman and Directors of Dugar Finance India Ltd, namely 1.Darachand Dugar, 2.R.Ramakrishnan, 3.M.K.Panduranga Chetty 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 and subsequently 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 took over the administration. Accused got a stay against all further proceeding.

    II. Accused Details: -

S.No.

Accused obtained A/B

1.

Darachand Dugar

2.

R.Ramakrishnan

3.

M.K.Panduranga Chetty

 III. High Lights

1.    Chennai CCB Cr.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, 10,730/- (101 depositors).

6.    Refund on Police complaints: Rs.2, 69,019/- (15 depositors).

7.    Balance amount: Rs.24, 41,711/- (86 depositors)

 IV. Efforts taken by EOW-II

1.    Investigation was completed and charge sheet   filed on 26.12.2005 in C.C.No.21765/2005.  

2.    EOW assists the OL for speedy disposal of 50% deposit amount.
 

V. Details of property: -

            Property was identified and proposal sent for Residential house at Door No.7, Peddu Naicken Street, Kondithope owned by A1  worth about Rs.30 lakhs (Identified).

VI. Latest Development: -

1.    Rs.30 lakhs worth of properties have been identified and proposal has been sent to the Government for attachment and received the G.O. in Ms.No.342/2009 Order Dt.24.04.2009.   

2.    Case was stayed against all further proceedings in Crl.O.P.No.718/2009.

VII. Present stage

 Case was stayed against all further proceedings in Crl.O.P.No.718/2009. Counter affidavit was filed in 35th Court to vacate the stay. It is pending in High court. 

VII. Request to Depositors

Fresh complaints if any, should be filed in form 66 to the Official Liquidator along with original FDRs and connected records. O.L is having Rs.114 lakhs cash for settlement hence depositors are requested to conduct O.L.

Official Liquidator,

 

Corporate Bhavan ( U.T.I House)
No.29, Rajaji Road IInd Floor
Chennai-600 001.
PH: 044-25271150, 2527115
1,25271152

Tr.R.Ruthira Sekaran
Dy. Supdt. of Police,

EOW II, Chennai-40.
Phone: 9443143281.