Andhra Pradesh - Hyderabad   

NFL depositors join hands

- PHOTO: P.V. SIVAKUMAR

Seeking help: A depositor vents his feelings at a meeting in the city on Sunday.

HYDERABAD: In the context of the arrests of key persons behind the Nagarjuna Finance Limited, the District Consumer Information Centre (DCIC) on Sunday initiated the process of taking the legal process further to help the depositors.

They organised a meeting here with the victims of NFL to discuss and decide on the future course of action.

About 50 to 60 depositors and their kin attended the meeting that resulted in the formation of a society of the sufferers.

“I deposited Rs.30,000 when my daughter was in her seventh standard, with forethought that the amount would support her studies. Now my daughter is pursuing her MBBS and still the deposit is held up in the company. I am doubtful if I would get it back at least for her wedding,” T. Bhagavanth Reddy, an employee of Midhani said.

Almost on the verge of exhaustion after a few more thousands were spent on courts and lawyers, his hopes were given a fresh lease of life by the recent arrests.

Depositors at the meeting expressed apprehensions about the company’s intentions behind acquiring their original documents.

The meeting decided to initiate court proceedings apart from approaching the Reserve Bank of India for redressal through arbitration. Towards this, the depositors agreed to appoint an executive committee.

“Criminal case proceedings only lead to the culprits being brought to book and not to the repayment of the deposits. We need to work simultaneously for the latter. Hence the effort to gather all the depositors,” said P. Chandra Sekhar, President, DCIC.

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