The Hindu : Karnataka / Bangalore News : Viniv Inc comes up with scheme to refund deposits high court round-up

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Saturday, Jul 07, 2007
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Karnataka

Karnataka - Bangalore

Viniv Inc comes up with scheme to refund deposits high court round-up

Staff Reporter

BANGALORE: Sreenivasa Shastry, the prime accused in the Viniv Inc fraud, has formulated a scheme to distribute the principal amount he owed to thousands of depositors who lost their money when the company went bust.

Shastry has given the outline of the repayment scheme to the State Public Prosecutor (SPP). This follows a direction by the single judge of the Karnataka High Court asking him to come up with a viable scheme and hand it over to the SPP for his perusal.

Shastry had filed an application in the court urging it to permit him to repay the money he owed to the depositors. The court had asked him to file a scheme for the repayment and directed the SPP to go through it before placing it in court. The case is likely to come up next week.

Notice

The A.T. Ramaswamy Joint Legislature Committee, set up by the State Government to investigate cases of land grab and encroachment of Government land in and around Bangalore, has issued notice to a Bangalore-based advocate S. Vasudeva and asked him to furnish any information he has on the alleged irregularities by the Karnataka State Judicial Department Employees’ House Building Society while forming a layout for its members in Bangalore.

CoD

Justice B.S. Patil referred to the CoD the issue of purchase of land belonging to the Scheduled Castes and Scheduled Tribes near Benikuppe at Bidadi in Ramanagar taluk. The court was told that although lands belonging to the SCs and STs could not be sold, fake government orders permitting their sale had been prepared and the land belonging to members of the Hakki Pakki community sold.

Mr. Justice Patil directed the CoD to file a report in four weeks.

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