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Investors seek Lt. Governor's intervention

Special Correspondent

Puducherry: A delegation of the association of the Pondicherry Non-banking Investors Protection Association presented a memorandum to Lt. Governor Mukut Mithi recently seeking his intervention to relieve them of their current agony as they were not able to get back the money they had deposited in a privately-run Nidhi company.

G. Govindasamy, president of the association, said that around 13,000 depositors (majority of them are senior citizens and retired Government staff) had invested around Rs.70 crore in the Pondicherry Nidhi Limited. Mr. Govindasamy said that the memorandum appealed to the Lt Governor to ensure that a separate cell was created associating the competent authority appointed by the administration to handle their complaints.

The CID wing of the police should investigate the complaints. Thanking the administration for passing the "Pondicherry Protection of Interests of Depositors in Financial Establishments Act, 2004", the delegation requested Mr. Mithi to ensure the word "Company" was added to the Act as per the amendment to the Act already made. The amendment awaited President's assent.

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