Staff Reporter

VIJAYAWADA: The depositors of the city-based Vuma group, which downed its shutters about two months ago after collecting huge deposits, have decided to form into an association to exert pressure on the government to ensure justice to them.

They will register an association at a meeting on Sunday.

About 1,900 depositors have already lodged complaints with the police accusing the company of cheating them to the tune of Rs. 62 crore.

All these depositors would participate in the meeting to be held at the company's office at Satyanarayanapuram at 6 p.m. on Sunday to discuss their future course of action.

Corporators Y. Srinivasa Rao and T.D.V. Nagalakshmi said that the decision to organise the meeting and register an association was taken on the basis of an advice given by the police that such a step would enable the depositors to get back their investments at the earliest.

“We have met officials and ministers and sought their cooperation for the early completion of the investigation into the case.

They responded in a positive manner and assured us that they would take personal care to ensure that the interests of the depositors are protected,” they said.

Referring to the reports appearing in a section of the media that the management of the company was in favour of a settlement with the depositors, the corporators said that any such settlement must be done in the presence of the police officials and elected representatives and it should be acceptable to all the depositors.

They exuded confidence that the company would pay all the dues to its depositors, as it had valuable assets in many places across the State.