The Hindu : Front Page : Chinthamani to clear dues soon

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Chinthamani to clear dues soon

S. Ganesan

Government loan adequate to cover dues
Efforts on to revive the supermarket chain

TIRUCHI: The ordeal of hundreds of depositors of the Tiruchi Consumers Cooperative Wholesale Stores Limited (Chinthamani Supermarket) will end soon as the government has extended a credit of Rs.5 crore to the supermarket for repaying their matured deposits.

The sanction of the loan, through the State Cooperative Union, was announced recently in the Assembly. Depositors have waged a nearly eight-year struggle to get back their money. “We will repay the dues to the depositors soon. The government loan would be adequate to cover our outstanding dues (including interest) of around Rs.4.93 crore to the depositors,” A. Palanivelu, Special Officer of Chinthamani, told The Hindu.

The government announcement has come as a huge relief for the depositors and Chinthamani officials, who recall with gratitude the efforts of Transposrt Minister K.N.Nehru, Cooperation Minister Ko.Si.Mani and Registrar of Cooperative Societies in getting the loan sanctioned.

Chinthamani slipped into the red in the late 1990s and started defaulting on repayment of matured deposits.

It landed in serious trouble by 2000, unable to repay nearly Rs.9 crore of dues to about 1,510 depositors. Mr.Palanivelu said efforts were on to revive the sick supermarket chain through effective utilisation of its assets.

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