Kothari Orient Finance

 I. Gist of the Case

    Pradeep D Kothari opened the registered finance company in the name of Kothari Orient Finance and collected deposits from the public and defaulted in repayment. A criminal case was registered against the Directors of Kothari Orient Finance by EOW II on 20.04.2000.

 II. Accused Details:

 III. High Lights

1. C.No.01/2000, U/s.406, 409, 420 IPC. R/W 120(b) IPC
2. Total amount involved: Rs.28.14 Crores
3. Total No. of depositors: 10, 968
4. Police Complaints: 556
5. Amount involved in the Police complaints: Rs.3.44 Crores.
6. Amount from property sold: Nil, G.O.Ms.No.419/2004, dated: 09.03.2004, 386/2003, dated: 08.05.2003 passed by Government.
7. Amount settled: Rs.24 Crores to 6196 depositors
8. Administrator Tr.A.R.L.Sundaresan was appointed on the orders of the Honourable High Court during the year 2001.

 IV. Efforts taken by EOW-II

 1.   Investigation completed and charge sheet filed before CMM Court Egmore. 
 2.   EOW assists the Administrator, on various issued for speedy refund of deposits.
 3.   Speed up the disposal of the petition filed in connection with G.O.Ms.No.386/2003, 419/2004 before Small Causes Court pending vide Crl.O.P.No.07/2003 and Crl.O.P.No.03/2004 respectively and is pending for orders.
 4.   Speed up the case process filed in association with UTI bank while impleading in the petition filed on 18.10.2006 before the High Court for early sale of property located at No.29, Kothari Road, Nungambakkam worth about Rs.20 Crores.

V. Details of property:

 Attached:

 1.   Land and building at No.9, Mohan Kumaramangalam Street, Nungambakkam, Chennai-34 owned by Pradeep D Kothari.
 2.   Land and building at Door No.16, 2nd cross street, Haddows Road, Nungambakkam, Chennai-34 owned by Tvl.Kothari Orient Finance Ltd.,
 3.   Land and building at Door No.4/40, Shanthi Bunglow, Hulical village, Coonoor Municipal Town, Nilgiris District, owned by Indira D.Kothari.
 4.   Land and building at Door No.28, Kothari Road, Nungambakkam, Chennai-34 owned by Indira D.Kothari.
 5.   Land and building at Door No.29, Kothari Road, Nungambakkam, Chennai-34 owned by Pradeep  D.Kothari.
 6.   Building at Door No.6, Block No.74, Cresent Street, Seethammal Colony, Alwarpet, Chennai-18 owned by S.Ramabadran.
 7.   Door No.6, 1st floor, Cresent Street, Seethammal Colony, Alwarpet, Chennai-18 owned by S.Ramabadran.
 8.   Agricultural land at Neelankarai village owned by S.Ramabadran.
 9.   Plot No.32, 33 in Kattavakkam village, Walajabad Taluk, owned by S.Ramabadran.
 10. Plot No.10 and 11 in Kattavakkam village, Walajabad Taluk, owned by S.Ramabadran.
 11. Land at No.7, Chinnaiah Road, T.Nagar, Chennai-17 owned by S.Ramabadran. Total worth Rs.17 Crores.

 VI. Latest Development:

 1.    Repayment is in progress for the remaining amount of Rs.4.93 Crores. Rs. 24 Crores were already settled. Charge sheet has been filed but not taken on file.

 2.    The Honourable Court has passed an order on 09.10.2007 directing the accused Pradeep D.Kothari had paid Rs.4.67 Crores before the Court during December 2007 and the remaining depositors may claim their dues as such there is no liability to the company   

 VII. Request to Depositors:

1. For any further information on refund the depositors may contact: