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Chinthamani depositors paid interest dues

Staff Reporter

TIRUCHI: After a long legal battle, 462 depositors of the Tiruchi Consumers Cooperative Wholesale Stores Limited (Chinthamani Supermarket) have been paid the interest dues for their fixed deposits that had matured over eight years ago.

The dues were being paid now as per the directive of the National Consumer Disputes Redressal Commission. Chinthamani went into the red in the late 1990s and defaulted on repaying the matured fixed deposits.

Though the group of depositors, who have taken the issue to the consumer forum through the Consumer Protection Council, Tamil Nadu, got back the principle amount of about Rs.3.12 crore in December 2006, they were not paid their dues. The National Commission had ordered the payment of eight per cent interest an annum to the depositors till the date of repayment of the principle.

Utilising a recent State government grant of Rs.5 crore, Chinthamani has been clearing the interest dues.

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