RBF Nidhi Ltd.
I.Gist of the Case:
On the Complaint lodged by Tr.Srinivasan to the CCB,
Chennai on 2.09.1999 a case was registered in X.Cr.No.1066/1999, U/s.420, 409
& 120 (b) IPC, later transferred to EOW on 22.01.2000. The Company Law Board
appointed Chairman and Directors on 18.01.2000.
Chairman:
Tr.A.R.Rao, till 2000
Tr.Sabhanayagam, I.A.S., (Retd), till 2002,
Tr.F.C.Sharma, I.P.S., (Retd) till 2005,
Tr.Vallinayagam, Justice (Retd)
till 2006,
Tr.A.P.Muthusamy, I.A.S., (Retd) presently continuing.
Liquidation:
Company was provisionally liquidated on 17.04.2006. Tr.Gangadhar
Rao is the Official Liquidator and has taken
possession of the company assets. As per the Honourable
High Court both CLB and OL are looking after the RBF Nidhi’s
Administration from September 2006.
II. Accused
Details:
Total
Accused: 30
A1. S.Subramani, (A/B),
A2. P.S.Venkatesan, (Arrested),
A3. A.G.Nirmal Kumar, (Arrested),
A4. G.Hubbert Fenelon,
(Arrested),
A5. V.Ganesan, (Arrested),
A6. K.N.R.Unni, (Arrested),
A7. M.Shyam Kumar, (A/B),
A8. Srinivasalu Reddy, (A/B),
A9. Murugabharathy, (Arrested) and 24 others.
Arrested: 06,
A/B:03, Surrendered:17, Died:01, Discharged: 02 and
Absconding: 01.
III.
High Lights:
Total amount involved:
Rs.467Crores.
Total no. of
depositors: 2,02,812
Police
complaints: Rs.32 Crores (20, 000 depositors).
Amount settled:
Rs.250.53 Crores @ 50%.
58, 738
depositors got their full amount (for deposits up to Rs.5,000/-).
Last refund
made during May 2011.
Remaining amount
to be settled: Rs.225.90 Crores for 1,44,074 depositors.
A Sum of Rs.15 Crores is available with OL for the next disbursement.
6 separate
Police Final Reports were filed against 33 accused in C.C.Nos.11457, 11458, 11459/2002,
6411, 6412 and 12027/2003.
Two CCs ended in
conviction.
Seven accused
convicted for two years imprisonment and Rs.10, 000/- fine during March 2005.
Fast track Court
confirmed the conviction during September 2006.
Criminal appeal
filed by the convicted accused and is pending in Honourable
High Court.
Trial proceedings pending in other C.Cs.
55 discharge
petitions have been filed by the accused and arguments have completed 7accused
discharged so far in which 1 revision case against A12 Murughabharathy
filed in Principal Session Court Chennai and 7 are yet to be filed.
Due from
Borrowers
|
Name |
Principle due |
Remarks |
|
M.Srinivasalu Reddy |
Rs.170.00 Crores |
Suit pending in Company Court |
|
J.M.Panday |
Rs.37.02 Crores |
Suit pending in Company Court |
|
Alsa Group |
Rs.19.50 Crores |
Suit pending in Company Court |
|
Pradeep Kothari |
Rs.15.00 Crores |
Ordered to pay Rs.20 Crores |
|
Thiyagaraja Chettiar |
Rs.8.55 Crores |
Ordered to pay Rs.10 Crores |
|
Other Borrowers |
Rs.8 Crores |
Suit pending in Company Court |
|
TOTAL |
Rs.258 Crores |
|
Total No. of
borrowers: 83.
Amount due from
the borrowers Rs.258 Crores (Principle alone).
Sreenivasalu Reddy has paid Rs. 57,65 Crores and furnished corporate
guarantee for Rs.170 Crores.
He also filed
consent memo before the Honourable High Court to
remit Rs.52 Crores matter admitted and disposed. He was acquitted in the CMM Court trail in
C.C.No.11457, 114558/2002.
Pradeep Kothari agreed before the
Company Court to remit Rs. 20 crores
and paid fully.
Thiyagaraja Chettiar agreed for Rs.10
Crores and paid Rs.6 Crores.
For the
remaining borrowers 22 suits are pending before the Company Court. Filed by the
O.L.after taking charge of the disbursement in this
case since the Company Law Board was terminate on
31.10.2008.
SLP’s PENDING
RBF, CEO Tr.Rajagopal and A1-Subramaniam filed SLP against the
orders of the 1st Bench, High Court fixing responsibility on the CMD Tr.Subramaniam and his son Murugabarathy
(Matter pending).
One SLP has been
filed by Ex.CEO Rajagopal
against the dismissal of the A/B/ orded by the Honourable High Court (Cr.No.28/05
SLP 863/2008 fild by Bhuvaneswaran agaainst G.O.809/2001 Monwey and
money group properties belong to Subramanian is pending for filling of the
affidavit in the Supreme Court at New Delhi. The Counter
affidavit pending for Approval of the Tamil Nadu
Govt.
IV.
DETAILS OF PROPERTIES:
1. 204 properties have been attached worth Rs.415 Crores (of this Rs.390 Crores
worth properties belong to Srinivasalu Reddy who is acquitted), hence further properties are
being identified.
2. 3 G.Os obtained in
GO.Ms.No.1215/2000, 559 and 809/2001 and interimly
attached by Chief Small Causes Court.
3. 5 Company properties worth about Rs.13 Crores are available for sale (now with Official
Liquidator).
4. 23 Properties in the name of the
Chairman Subramanian were attached and handed over to the O.L.for
valuation of the same as per High Court order for the liability of the accused
Subramanian.
V. EFFORTS
TAKEN BY EOW
1. 6 final reports were filed of which 2 CCs ended in
conviction. Fast track Court confirmed the conviction.
2. 53 other Borrowers cleared their arrears except 22 suit
cases pending foe Rs.122 Crores Mega Borrower J.M.Pandey whose liability is Rs. 81 Crores now along with the interest for the loan amount of
37 Crores is pending for his counter and the NBW
executed and he appeared in the court on 29.04.09.
3. Following up the SLP’s
pending before the Honourable Supreme Court of India.
4. Liaison with the OL with regard to the sale of the company
properties.
5. Expedite the collection of money from borrowers.
6. 4 borrowers were arrested.
7. One of the borrowers / accused Pradeep
Kothari returned from Arab Country, through Interpol
and agreed to settle his due amount of Rs.20 Crores
during January 2008.
8. Identification of personal properties is in progress.
9. Out of 55 individual Counters filed
for the discharge petitions 8 were disposed and the proceedings are being
expedited so as to commence trail.
10.To confirm the conviction before the Honourable High Court, Madras against the Criminal Revision
petition pending filed by the six accused.
11.Steps are being taken along with OL to
disburse the next 10th
installment in August 2011.
VI. Latest
development:
So far 48 % of the deposit has been disbursed to all the depositors equally.
The Officially Liquidator did not receive enough bidders for the upset value
fixed for the 4 properties available for the sale. Hence OL has sought
permission from the High Court for re-auction for the properties Kodambakkam High Road and Nungambakkam.
VII.
Request to Depositors:
For further information the Depositors are requested to
contact: -
|
Official
Liquidator, |
The Chairman, |
|
Tmt.Anarkali Begum I.O., |
|