Sowdambika Group of Firms
I.
Gist of the Case
Six cases were registered
against Sowdambika Group of Finance in Coimbatore EOW II. Cr.Nos.07/2001, 08/2001, 09/2001,
10/2001, 11/2001 and 10/2002, U/s.409, 420 IPC and 5 of TNPID Act against T.S.Sambamoorthy Firms, Sowdeswari
Finance, Sow Finace Corporation, Jayashree
Investments, Saraswathi Investments and Samundeeswari Finance respectively. In all the 6 cases 680
complaints were received for the default of Rs.4,94,88,650/-.
Cases also registered and investigated by Trichy,
Salem and Madurai EOW II against Sowdambika
Group of Finance.
On 07.11.2006 the Honourable Chief Justice of High
Court, Madras Mr.A.P.Shah and the Honourable
Justice Mr.K.Chandru have delivered the orders on the
file of the petition by O.Kasimayan in
W.P.No.800/2008 against the Administrator Tr.A.S.Muthusamy.
As per the auditors report a sum of more than rupees one crore
has not been accounted by the Administrator. In the meantime the Administrator Tr.A.S.Muthusamy is restrained from acting as
Administrator. Ms.R.Mala, Registrar (Vigilance) as appointed as interim Administrator and
ordered to take charge of all the records and assets of the company.
Rs.65,00,000/- at the rate of 10% has been repaid to
650 depositors by the former Administrator Tr.A.S.Muthusamy.
On 08.02.2007 the Chief Justice has permitted the interim Administrator Miss.Mala the Registrar, High Court (Vigilance) to receive
a sum of Rs.5 Crores from (T.S.Manohar,
Managing Director, Sowdambika Group of Finance,
Companies) and the same may be deposited with Indian Bank, High Court Extension
in short time deposit.
The interim Administrator has permitted to release and disburse the interest at
the rate of 9% till the date of maturity or 20.11.2001 whichever is earlier.
The direction relating to payment of interest is purely an interim arrangement
and appropriate rate of interest and the liability will be fixed at the time of
hearing of the petition.
The Registrar General, High Court has issued cheques
directly to 176 depositors through registered post for Rs.1,00,55,310/-.
Further as per orders of the Honourable High Court in
WA No.800/2006, dated: 06.06.2007 "The Principle Judge" Coimbatore has been appointed as interim Administrator in
this case, since Selvi.R.Mala has been promoted as
Registrar General High Court, Madras. The court has directed the Registrar
General to hand over charge and proceedings to the newly appointed interim
Administrator before 19.06.2007.
The District Judge has received the entire records from the Registrar General.
The District Judge has opened an office in the premises of the District Court, Coimbatore. He has called 1001 depositors so far and
physically verified with regard to the disbursement. The Honourable
High Court has ordered the interim Administrator on 31.08.2007 in WA No.800/06
that the amount available for distribution is Rs.5,18,38,739/- and proceeded
with the work of distribution of the amount to the depositors with interest @
rate of 12% per annum. The District Judge has started the process for issuing cheques to the depositors and so far Rs.64,81,474/- has
been disbursed to 222 depositors during 10/2007, Rs.13,09,137/- to 34
depositors during 11/2007, Rs.9,72,138/- to 8 depositors during 12/2007.
II. Accused Details: -
|
S.No. |
Name of accused
arrested |
Name of the accused
obtained A/B |
|
1. |
S.Manohar |
1. |
T.S.Balasubramaniam |
|
2. |
M.Jayashree |
2. |
B.Chitra |
|
|
|
3. |
S.Shanmugam |
|
|
|
4. |
S.Balachandar |
|
|
|
5. |
S.Nagarathinam |
|
|
|
6. |
S.Usha |
|
|
|
7. |
S.Geetha |
|
|
|
8. |
Harish Narayanan |
|
|
|
9. |
C.Velyautham |
|
|
|
10. |
S.Balu |
|
|
|
11. |
N.Ramachandran |
|
|
|
12. |
G.Viswanathan |
|
|
|
13. |
S.Sundaresan |
|
|
|
14. |
R.Baskar |
III. High Lights
1.
Coimbatore EOW II Cr.No.07/2001, U/s.5 of TNPID Act.
2.
Coimbatore EOW II Cr.No.08/2001, U/s.5 of TNPID Act.
3.
Coimbatore EOW II Cr.No.09/2001, U/s.5 of TNPID Act.
4.
Coimbatore EOW II Cr.No.10/2001, U/s.5 of TNPID Act.
5.
Coimbatore EOW II Cr.No.11/2001, U/s.5 of TNPID Act.
6.
Coimbatore EOW II Cr.No.10/2002, U/s.5 of TNPID Act.
7.
Total amount involved: Rs.4, 94, 88,650/-.
8.
Amount refunded by the company: Nil.
9.
Balance Amount: Rs.4, 94, 88,650/-.
10.
Total no. of depositors: 680
11.
Police complaints: Rs.4, 94, 88,650/- (680 depositors).
Details
of cases registered against Sowdambika Group of Firms
in other district including Coimbatore: -
|
Name of the District |
No. of cases |
No. of depositors |
Amount involved |
|
Coimbatore |
06 |
680 |
4,94,88,650/- |
|
Trichy |
01 |
86 |
66,04,500/- |
|
Salem |
01 |
35 |
23,67,000/- |
|
Madurai |
04 |
47 |
16,52,550/- |
|
TOTAL |
12 |
835 |
5,97,64,350/- |
IV. Efforts taken by
EOW-II: -
1.
The 6 cases have been charged before the Special Court, TNPID Act and taken on
file in CC.Nos.03/2004, 04/2004,01/2004, 06/2004, 05/2004 and 02/2004
respectively.
2. As per the orders of the Honourable High Court of Madras Rs.65 lakhs
have been paid to the depositors at the rate of 10% to 650 depositors.
3. On 08.02.2007 the Chief Justice of High
Court has permitted the Interim Administrator Miss. Mala
the Registrar High Court, Vigilance to receive a sum of Rs.5 Crores from the Managing Director of Sowdambika
Group of Finance and the amount has been deposited with Indian Bank, High Court
in short time deposit.
4. The amount has been deposited by
the Managing Director of the finance accordingly.
5. The Administrator has permitted to
release and disburse the interest at the rate of 9% till the date of maturity
or 20.11.2001 whichever is earlier.
6. The Administrator has making
arrangements and preparing list through an Auditor for repayment.
7. The Administrator has published
the above details in Newspapers.
V. Details of property:
-
1.
Firstly 12 properties worth Rs.3, 23, 25,000/- have been attached in
GO.Ms.No.182/2002, dated: 06.03.2002.
2. Secondly 30 properties
worth Rs.4, 43, 80,000/- have been attached in GO.Ms.No.363/2002, dated:
29.04.2002.
3. Thirdly 16 properties
worth Rs.3, 28, 27,726/- have been attached in GO.Ms.No.880/2002, dated:
23.09.2002.
4. Fourthly 5 properties
worth Rs.1, 27, 27,100/- have been attached in GO.Ms.No.567/2003, dated:
25.06.2003.
VI. Latest Development:
-
Aggrieved by the Madras High Court Division
Bench order dt. 28.08.2007
for release of two properties of the accused, one Panneerselvam,
president of Sowdambika group of depositors and Chits
subscribers welfare association preferred applications
before the Hon’ble Supreme Court in SLP
No.12540 to 12542/09 and obtained stay order on 27.03.2010. As such the matter stands still. Since the administrator is the main
respondent in the said matter, the G.P. has opined that the
Administrator has to file counter in this regard since the properties are under
his custody. The administrator has sent
counter affidavit to his counsel at New Delhi for filing it in the Supreme
Court of India in the said SLPs, during last week of
February 2011. So far not yet listed.
Present Stage of
the case.
The criminal
cases are stayed by the Hon’ble High Court till
the Administrative proceedings are over. Mr.C.Franco
Louis, Advocate & Notary Catholic Center, Annex, Ist
Floor, 108, Armenian Street, Chennai-1 is the present Administrator of Sowdambika
Group of companies, Coimbatore,. It is ascertained
that the accused did not remit a sum of Rs.4.51 Crores
as ordered by the High Court. Action has been taken by the Administrator in
this regard. The criminal cases are formerly posted to 11.07.2011 for further
proceeding in the special court under TNPID Act cases Coimbatore
VII. Request to
Depositors:-
For
further enquiry regarding the case details please contact: -
|
Tr.R.Mothilal, |
|