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Stay in PNL Nidhi case vacated

Staff Reporter

"Depositors can now get back their money"

PONDICHERRY: Chief Minister N. Rangasamy has informed the Assembly on Friday that Madras High Court had vacated the stay in the PNL Nidhi Limited case. Making a suo motu statement, he said the depositors would now get back their money and jewellery through the sale of properties attached by the Government. The Chief Minister said to safeguard their interest the Government had legislated an Act and as per its provisions, the properties directors of PNL Nidhi Limited were attached on February 18.

After the properties were attached, the directors of PNL, banks and financial institutions, who had granted loan filed petitions before the court.

The court in its judgment on August 23 ruled that the Act was valid and upheld the properties attached by the Government, except for the properties of New Horizon Sugar Mills.

The court said the sale of the sugar mill by Indian Bank was valid and directed the Government to register the sale certificate.

The court also said the designated court constituted under the Act was lawful and all concerned parties could approach it.

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