SanMac Motor Finance

 I. Gist of the Case

    Accused Arunachalam opened this finance company and collected deposits from the public and defaulted in repayment. A criminal case was registered against the Directors of Sanmac Motor Finance by Chennai City Police on 15.09.1998 and subsequently the case was transferred to EOW II on 13.04.2000 for further investigation.

 II. Accused Details: -

S.No.

Accused Arrested

Accused obtained A/B

1.

Arunachalam

Shankari

2.

Shankar

Shanthi Arunachalam

3.

Vasudevan

G.D.Miglani

4.

 

Karthikeyan

 III. High Lights

  1. Chennai City Crime Branch Cr.No.1288/98, U/s.409 r/w.34 IPC.
  2. Total amount involved: Rs.27 Crores
  3. Total No. of depositors: 19, 895
  4. Police Complaints: 103
  5. Amount involved in the Police complaints: Rs.30, 71,624/-.
  6. Amount realized from share certificate for Rs.24.88 Crores.

  7. The Honourable High Court (Company Court) in CP.No.521 & 522 of 2006 has ordered for the settlement of 40% of the deposits to the depositors as full and final settlement and allowed the company for the revival in the month of November 2006.

 IV. Efforts taken by EOW-II

  1. Efforts were taken to liquidate the share certificates for Rs.24.88 Crores.

 V. Latest Development: -

 1. The company settled the dues for all the depositors (40% of the deposits) as per the direction of the High Court.
 2.  Final report has been filed on 16.05.2007 before XIth MM, Saidapet for dropping further action.  In SanMac Auto Finance final report has been filed on 12.08.2007 before XIth MM, Saidapet for dropping further action.

 VI. Request to Depositors: -

    Those who have not received their deposits may contact: -

Tr.Arunachalam, Managing Director,
San Mac Motor Finance,
No.44, 2nd Avenue,
Ashok Nagar, Chennai-600 078.
Phone: +91 – 98840 52318.

Tr.D.Somasundaram,
Dy. Supdt. of Police,
EOW II, Chennai-02.
Phone: +91 – 94435 19720.