Will submit repayment schedule by Feb 15, Viswapriya director tells court

January 30, 2015 10:59 pm | Updated 10:59 pm IST - CHENNAI:

Viswapriya India director R. Subramanian has agreed to submit the repayment schedule to the subscribers of Liquid Plus and Safety Plus schemes by February 15.

The undertaking was given by him in an affidavit filed before the Chief Judicial Magistrate in Tiruchi recently.

In the affidavit, he said that the creditors would be paid in full on terms as per the Scheme approved by the Madras High Court for Viswapriya (India) Ltd.

“Both the schemes - Liquid Plus and Safety Plus - though issued by way of securitization of Quadrangle Trading Services Private Ltd., were structured and marketed by Viswapriya India Ltd., of which I am a director,” he said.

He also said that he would include bonafide investors within the purview of schemes, if their claims were genuine.

“This is quite in contrastto the statement made by Mr. Subramanian in a sworn affidavit at the Madras High Court, in which he had stated that Quadrangle Trading Services and other companies were not his responsibility, and, therefore, Safety Plus and Liquid Plus investors should seek remedy elsewhere,” said a spokesman for Viswapriya Investors’ Welfare Association.

R. Rajaram from Tiruchi adds:

The Economic Offences Wing (EOW) II of Tiruchi recently arrested R. Subramanian (48), Director of Viswapriya (India) Ltd., in a case relating to criminal breach of trust and cheating. Later, he was let out on bail.

According to officials, the arrest was made on a complaint preferred by a Tiruchi-based depositor, who had invested Rs.4 lakh in the firm in 2013 under a scheme. As cheques issued by Fund Management Services of India Pvt Ltd. had bounced.

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