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. Kazim 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. Ramachandrasu and 10.P. Rajarathinam are absconding and settled abroad.

 III – HIGH LIGHTS :- 

1.	X Cr No. 132/1996, U/s. 409 & 420 IPC and EOW –II Cr No. 16/02, U/s. 409, 420 & 120 (b) IPC.
2.	Total  amount defaulted : Rs. 46 Crores
3.	Amount  refunded by the company – Rs. 21.77 Crores @ 50 %
4.	Total No. of depositors – 35,000
5.	Police complaints – Rs. 41 Crores (380 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 dt. 10.04.1996, on a compromise petition at the rate of 50 % of the principal amount.

7.              Protesting the order of the Hon’ble High court the

       SLP was filed by the I.s. DSP in the Supreme Court of      

       India  New Delhi and numbered in 365 to 369/2009.   

       The stay petition was also filed on 7.8.2009. The copies furnished to the other side. Another Rejoinder affidavit was also filed on the Counter filed by the respondents in the last hearing on 16.4.2010. . The next hearing is pposoted on  30.8.2010. 

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. 11460/02 and 15230/05  and pending trial.
2.	Extradition proposal is being initiated against the absconding accused Rajarethiinam  through Interpol, New Delhi. But the same was discharged by the  Westminister court at London.
3.	EOW is taken steps for SLP  petition against the order of the  Honourable Supreme  Court praying for full repayment to the depositors against the Purchaser of the Property at Triveni Academy. The SLP filed was numbered as 365 to 369/2009 and the  copies furnished to the accused.

 V- Latest Development

             The Rejoinder Affidavit was filed by the I.O. DSP on the Counter filed by the respondents on 16.4.2010. The next hearing is listed on 30.8.2010 for the argument and judgement..

 VI – Request to the depositors:  

    For further information the depositors are requested to contact