PNL Nidhi Ltd

I. Gist of the Case:

    Pondicherry Nidhi Ltd known as PNL Nidhi Ltd was having its registered company at Pondicherry and two branches at Cuddalore and Neyveli of Tamil Nadu. A case was registered against the company and its directors, for the default of Rs.5.50 Crores to 257 depositors. The accused / promoters filed a writ petition before the Honourable High Court of Madras challenging the validity of TNPID Act in W.P.No.196972/2006 and the Honourable High Court granted the stay.

II. Accused Details:

S.No.

Accused Arrested

Accused Surrendered

Accused obtained A/B
  1.  
 V.Kannan S.Natarajan Sathiyanarayanan
  1.  
 V.Baskaran Ramakrishnan Rani Samyuktha
  1.  
 Usha Kannan KSS.Prakash  
  1.  
 Bhavani Bala Mukundan
  1.  
 Swaminathan S.Ashok
  1.  
 Madhavan  
  1.  
 Margabandu
  1.  
 Ramalingam
  1.  
 Arivalagan
  1.  
 Abdul Azeez
  1.  
 Ramji

III. High Lights

  1. Cuddalore EOW II Cr.No.07/2004, U/s.409, 420 & 120 (b) IPC & 5 of TNPID Act.
  2. Total amount involved: Rs.5.50 Crores
  3. Total No. of depositors: 257
  4. Amount settled: Nil

IV. Efforts taken by EOW-II

            Efforts are being taken to vacate the stay. Case is pending in the Special Court, TNPID Act.

V. Details of property:

            7 immovable properties worth about Rs.7 Crores were attached in GO.Ms.No.474/2006.

VI. Latest Development:

    Counter is under preparation for vacating the stay.

VII. Request to Depositors:

  1. The depositors may file claim forms (Form 66) before the Competent Authority at Pondicherry at the below mentioned address and for other details depositors may contact the IO: -
Tr.Vasanthakumar, Dy. Collector,
Competent Authority at Pondicherry,
Office of the Collectorate,
Pondicherry.
Mobile No.+91 – 94433 83418.
Tr.Ashokan, Revenue Officer, Pondicherry: +91 – 94432 85677.
Tr.Jinda, Inspector of Police (CID), Pondicherry: +91 – 94433 63739.		 Tr.S.Palaniappan,
Dy. Supdt. of Police,
EOW II, Cuddalore.
Phone: +91 - 9444449955.