MERCANTILE CREDIT CORPORATION
(M.C.C Finance Ltd.)


 I.    Gist of the Case:

 

The MCC Finance Ltd is one of the gropu companies of M.A.C. (M.A.Chidambaram, a well known industrialist of India). A case was registered against the company and its directors, on the complaint of the Dy. General Manager, Reserve Bank of India, Chennai on the direction of the Hon’ble High Court of Madras. Case is under investigation. Company was liquidated and the Administrator Tr.A.Raghavendra Rao was appointed by the Hon’ble High Court of Madras.

 II.    Accused Details:

 

S.No.

Accused Arrested

Accused Surrendered

1.

A.L.Vadivelu Ramesh Chokani,

2.

Jawahar Vadivelu Raja Vaidyanathan

3.

  Aswin C Muthiah

4.

R.Viswanathan

5.

Sivaprakasam

6.

K.Vaidyanathan

7.

Muthukumar

  III.  High Lights

 

  1. Cr.No.10/2000 U/s 420, 409 & 120(b) IPC
  2. Total amount involved : 203 Crores
  3. Total No. of depositors : 1,04,389
  4. Police Complaints : Rs.10 Crores (883 depositors)
  5. Amount settled : 69% as full and final settlement was ordered on as per the directions of the Hon’ble First Bench of Madras High Court.

 

IV.  Efforts taken by EOW-II

      The  Final action was dropped in this case.

 V.   Latest Development:

    The  Final action was dropped in this case.

 VI. Request to Depositors:

 Balance amount is available in Administrator Rs.13.78 lakhs to be disburse.

  For any further details please contact: 

Administrator,
Tr.Ragavendra Rao,             Administratar,                                                III Floor, Arthi Arcade, Flat No. 20,21,
No. 86, R K Salai, Mylapore, Chennai - 4
PH: 044 – 28116751 
Tr.S.Amaravarman,
Dy. Supdt. of Police,
EOW II, Chennai-40
Phone: +91 - 9940082757