Ramesh Car Finance Corporation

I. Gist of the Case: -

A criminal case was registered against the Managing Directors K.Ramesh and other 6 accused by Chennai City Police on 22.11.1996 and transferred later to EOW during 2000 for further investigation.

II. Accused Details: -

            There are 7 accused involved in this case, of which: -

III. High Lights

1. Cr.No.1011/96, U/s.120 (b), 409, 420, 506 (ii) and 3 to 6 PCMCBS Act.
2. Total amount involved: Rs.4.47 Crores.
3. Amount refunded by the company: Nil.
4. Balance Amount: Rs.4.47 Crores.
5. Total no. of depositors: 3, 280
6. Police complaints: Rs.4.47 Crores (3, 280 depositors).                                   

IV. Efforts taken by EOW-II

1. Investigation was completed and charge sheet filed on 03.04.1997.
2. Properties at Chennai, Salem, Ernakulam were identified.
3. Obtained GO Ms.No.415 and 721 in ROC No.72439/2000 (2), dated:18.02.03              4. Rent of Rs.6, 000/- per month is being collected from Salem property by   Official Liquidator.
5. Attended meetings with OL and Competent Authority for quick and effective     action.
6. Report initiated to Official Assignee for taking possession of some of the identified properties at Ernakulam after due verification.
7.The attached properties are being processed for sale. 

V. Details of property: -

1.         Building at No.19, Beemasena Garden Street, Mylapore, Chenani-04 (Attached).
2.         Building – Salem Branch office at No.19/2, Junction Main Road, Salem was identified (Attached).

3.         Commercial flat at Dr.Babu Estate, banarjee Road, Ernakulam, Cochin, Thirukkonavattam (Identified).
4.         4/40, Share of 13 cents in S.No.301/33 of Thirukkannar Desam, Ernakulam village vide DOC.No.264, 267, 291 and 293/96 (Identified).
5.         Property at Salem has been evaluated and report sent from OL office to High Court (Company Court) for obtaining orders for auction of the property and orders are being awaited.

VI. Latest Development: -

i.   Details of some more landed properties belonging to the company at Ernakulam have been furnished to the office of the Official Liquidator.  The office of the Official Liquidator are processing to take possession of the same after due verification.
ii).   The accused and depositor’s association moved in the High Court and as per the order of the High Court a scheme degree has been framed.  The scheme degree provided for constitution of a settlement committee and the committee which has been framed as per the degree will take over the assets and bring the properties for Sale Liquidate Assets receive the proceeds and distribute the same to the depositors.

VII. Request to Depositors

1. The depositors may inform about the available information regarding the company owned properties if any to the Official Liquidator and Police for taking action.