From THE HINDU group of publications
Sunday, February 25, 2001


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Alwarpet Benefit Fund update

The management of Alwarpet Benefit Fund has decided to take into account interest dues on deposits, while arriving at the balance payable to depositors.

The decision followed representations made by several depositors and their associations. The present management is appointed by the Madras High Court.

The management has indicated the second instalment would be paid as soon as a substantial amount is recovered from the defaulting borrowers. The erstwhile promoters have agreed to cooperate and the Supreme Court is expected to take up a pending case against them. The depositors' groups had indicated that the promoters had failed to bring in the Rs 10 crore, as promised to the High Court.

Total deposits of the fund is Rs 118.07 crore. The present management has repaid Rs 7 crore to the depositors. The fund has 42,000 depositors holding 80,000 deposits, and has a surplus of Rs 1.75 crore now. Only around 20 per cent of the total advances of Rs 92.32 crore is secured. - BL Research Bureau

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