Investors seek action against private firm

‘Promoters of the company have failed to fulfil their promise’

May 27, 2019 06:01 pm | Updated 06:01 pm IST

A group of investors submitted a petition to Tirunelveli Collector Shilpa Prabhakar Satish on Monday.

A group of investors submitted a petition to Tirunelveli Collector Shilpa Prabhakar Satish on Monday.


A group of investors, mostly labourers, alleged that they were approached by the representatives of a Srivilliputtur-based firm with an assurance that their investments being made in their company either monthly or annually for five years would get them 200% returns on maturity.

When the promoters of the company failed to fulfil their promise of giving the investors the returns as assured, the aggrieved investors approached Collector Shilpa Prabhakar Satish on Monday seeking action to ensure the early return of the investment.

One of the investors S. Pappa of Mela Azhagunachiyarpuram under Kuruvikulam police station limits, said she, a labourer, had invested ₹ 1,210 per month for five years through the firm’s agent P. Ramanathan, also from Mela Azhagunachiyarpuram.

“When I asked them after the maturity period to return the investment with bonus as assured, the owner of the firm P. Rathnavel of Meenakshipuram in Srivilliputtur and Mr. Ramanathan replied that they were not in a position to return the investment immediately as the entire investments made in the firm had been utilized for purchasing lands in the name of Rathnavel. As we enquired about this, we learnt that Rathnavel had purchased a good number of properties in his and relatives’ names in Srivilliputtur and Rajapalayam with our deposits and is refusing to return our deposits with bonus as promised. Hence, the Collector should instruct the officials concerned to take immediate steps to return the investments to the poor labourers,” Ms. Pappa appealed.

A farmer Marimuthu, also from Mela Azhagunachiyarpuram, said he had invested ₹ 90,000 through monthly investments and alleged that he was being threatened by Ramanathan and Rathnavel.

A group of cadres of Thamizhaga Makkal Munnetra Kazhagam staged demonstration in front of the Collectorate seeking the arrest of those who hacked two Scheduled Caste youths during the temple festival at Mela Seval on May 25 night. They also sought compensation for the victims and submitted a petition to the Collector.

Mahatma Gandhi National Rural Employment Guarantee Programme labourer Sankarammal of Sengulam submitted a petition to the Collector accusing the local body officials of denying her employment under MGNREGS and also the wages for January last.

“Though I had worked in January last, the Palayamkottai panchayat union officials refuse to disburse my wages. When I raised this issue repeatedly, they are not giving me employment under MGNREGS,” Mrs. Sankarammal said.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in


Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.