The Pondicherry Non-banking Investors Protection Association has urged the Government to intervene and ensure that dues of the now defunct Pondicherry Nidhi Limited (PNL) are settled to over 13,000 depositors in Puducherry and Cuddalore.
Attached properties, seized gold from firm
Speaking to reporters here on Wednesday, G. Govindasamy, Association president said the Puducherry Government had attached the properties of PNL valued at Rs.300 crore and seized 300 kg of gold jewellery from the firm.
Though the Madras High Court had directed PNL to settle the dues to depositors on July 5, 2014 the firm had failed to settle the deposits till date.
A memorandum of understanding was reached between the Pondicherry Non-Banking Investors’ Protection Association and the Pondicherry Nidhi Limited.
As per the MoU the latter had agreed to a one-time settlement of 75 per cent of the deposit amount (without interest) collected by it.
The Government should immediately intervene and uphold the rights of all the depositors who have been duped by the firm, Mr. Govindasamy said.
