Madras Motor
Finance and Guarantee Company Ltd.
I. GIST OF
THE CASE:
Two
criminal cases were registered against the Chairman and Director of the company
by Chennai City Police, CCB. As per the orders of the Honourable
High Court of Madras the company was liquidated on 26.04.1996.
II. ACCUSED DETAILS:
Totally 10
accused are involved in these cases, of which two accused namely 1. S.Sukumar and 2.
Kazima Razvi were arrested. Accused 3. T.Palanivelu, 4.
Salai Kadambamani, 5. N.Ponnusamy, 6.
Rajan
Isaac, 7. S.Jayaraman and 8. V.Ganesan obtained
Anticipatory bail. Accused 9. M.V.Ramachandrasn and 10. P.Rajarathinam are absconding and
settled in London.
III. HIGH
LIGHTS:
. X.Cr.No.132/1996, U/s.409 & 420 IPC and EOW II Cr.No.16/2002,
U/s.409, 420 & 120 (b) IPC.
2. Total amount
defaulted: Rs.41 Crores (Police Complaints: Rs.60 lakhs).
Amount refunded by the company: Rs.23 Crores @ 50%
4. Total No. of
depositors: 34,000.
5. Police
complaints: Rs.60 lakhs (280 depositors)
6. The Company
Court of Madras High Court approved a scheme of repayment of the depositors of
the Madras Motor Finance in C.P.Nos.73 to 77 of 2006 dated: 10.04.1996, on a
compromise petition at the rate of 50% of the principal amount.
IV. EFFORTS TAKEN BY EOW: -
1.
Investigation completed and charge sheet filed in two cases during 2002
and 2005 and taken on file in CC.Nos.11460/2002 and 15069/2005 and pending trial.
2. Extradition proposal is being
initiated against the absconding accused through Interpol, New Delhi.
3. EOW is taking steps for preferring
appeal petition against the order of the Hon’ble
High Court praying for full repayment to the depositors.
V. LATEST
DEVELOPMENT:
Appeal against the order of the Hon’ble High Court is being pursued. Case is
posted to 04.07.2011
VI. REQUEST
TO THE DEPOSITORS:
For further
information the depositors are requested to contact:
|
Tr.Ganesan, |
Tmt.AnarkaliBegum
Investigating Officer/Dy. Supdt.
of Police, TNHB Complex, 3rd Floor, 2nd Avenue, Anna Nagar,Chennai-40 Mobile No. 9443419650 |