One man panel to settle over 2,200 claims of depositors

The Madras High Court has appointed Justice N Kirubakaran, a retired judge of the High Court, as the commissioner to settle the claims of 2,206 depositors of Akhilandeswari Real Estates, a defunct real estate company based in Kanchipuram near here.

Justice T V Thamilselvi made the appointment while passing further interim orders on a batch of criminal original and criminal miscellaneous petitions, recently. The petitions were filed in 2015 by Sankara Subramaniyan and his son Sudhakar, who apprehended arrest at the hands of Siva Kanchi police following complaints from the depositors.

The complaints alleged that they had deposited large amounts of money for allotment of housing sites. But they were cheated by the company. During the course of hearing on the petitions, the duo offered the properties owned by them, worth crores of rupees to settle the claims of the depositors.

Considering the facts and circumstances of the case and taking into consideration the submissions of the accused persons, the court said they were willing to settle the amount due to the depositors and abide by any condition that may be imposed by the court.

Hence, to give a quietus to the entire issue and also to have the matter settled so that all the depositors are not deprived of their hard earned money, "in the interest of justice, this court appoints the Commission headed by Justice N Kirubakaran to settle the issue", the judge said. T

his is to be done by either by allotting a plot or disburse the amount to the depositors from the lands and amounts to be provided by the second petitioner (Sudhakar). The commissioner so appointed shall take over the entire affairs relating to the settlement of the claims from the depositors.

He should issue public notice in two vernacular newspapers calling upon persons, who had invested amounts in the company, to file necessary formal application along with proof of such deposit.

After verification, the commissioner shall settle the claims either by giving the amount or housing plots to the depositors, the judge said. The commissioner shall be paid a remuneration of Rs 3 lakh per month and the same shall be borne by the accused, the judge said and added that the commissioner shall file a report to the court after completion of the entire process.

Watch the latest DH Videos here: