Sunday, Dec 19, 2004
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By Our Staff Reporter
CHENNAI, DEC. 18. A Division Bench of the Madras High Court has permitted the administrator of MCC Finance Limited to make further payments to depositors as per an earlier order laying down a repayment schedule. The present petition was filed seeking court's permission to pay the balance amount to the depositors. In January this year, the court had ordered that with respect to deposits up to Rs. 10,000 the entire amount should be paid. As for deposit dues between Rs. 10,001 and Rs. 3 lakhs, 65 per cent should be paid, while deposits exceeding Rs. 3 lakhs 50 per cent should be paid. So far, the company has repaid in full deposits up to Rs. 10,000, whereas in the case of Rs. 10,001 to Rs. 3 lakhs category 40 per cent has been returned. As regards the deposits exceeding Rs. 3 lakhs, 4 per cent has been paid. Similarly, hundi holders with dues exceeding Rs. 3 lakhs have been paid 4 per cent of the deposited sum, as against 25 per cent ordered by the court. When the matter came up for hearing, the counsel for the company said the Supreme Court had not stayed the implementation of the scheme to disburse the amount. Taking this into consideration, the Bench comprising Justice K. Govindarajan and Justice M. Thanikachalam permitted the company to go ahead with the repayment in accordance with the earlier order. On being informed that the company distributed the amounts by issuing warrants on UTI Bank Limited on earlier occasions, and Bench permitted the company to engage the services of the bank for the distribution of the balance amount this time as well.
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