A Supreme Court order has given a glimmer of hope for depositors of PNL Nidhi Ltd. to get their money back. The apex court has ordered SV Global Mill Limited to retain the money payable to S. Natarajan, a director of the nidhi firm. “For the purpose of ensuring that the money remains safe, we propose to pass an order of depositing this amount in this court,” it further said while hearing a batch of special leave petitions.
The SLPs were filed by aggrieved depositors and the Government of Pondicherry. They moved the apex court since the nidhi firm was not taking steps to refund the depositors. They sought the attachment of the ₹100 crore to be given to Mr. Natarajan by SV Global Mill for disbursal among depositors. The depositors had alleged that the promoters of the nidhi firm had misused their money and diverted funds.
