Tag: invest

The Madras High Court has appointed Justice N Kirubakaran, a retired judge of the High Court, as Commissioner to take over the entire affairs relating to settlement of claims made by the depositors, who were allegedly cheated by the Ambattur Nadargal Dharma Paripalana Sangam here.

The Commissioner shall cause public notice within a week in two vernacular dailies calling upon persons, who had invested amounts in the petitioners fund to file necessary formal applications along with proof of such deposit and after verification of the said claims, shall settle the amounts due to the depositors.

Justice M Dhandapani made the appointment while granting anticipatory bail to two admins of the Sangam, who apprehended arrest following complaints from the investors.

“Considering the facts and circumstances of the case and also taking into consideration the affidavit filed by the petitioners stating that they would settle the amount due to the victims and abide by any condition that may be imposed by this Court, to give a quietus to the entire issue and also to have the matter settled so that all the depositors, who have invested money in the fund are not deprived of their hard earned money, in the interest of justice, is inclined to appoint a retired judge of this Court as Commissioner to settle the deposits between the depositors and the petitioners,” the judge said.

The entire exercise of receiving the claims, scrutinising and settling the same shall be completed within three months.