Steps will be taken to reimburse depositors money: Rangasamy

Pondidcherry, Aug 24 (UNI) With Madras high court ruling in favour of the territorial administration in the Pondicherry Nidhi Limited (PNL) case, the administration would take steps for speedy reimbursement of the depositors money, Chief Minister N Rangasamy told the legislative assembly today.

Making a suo motu statement in the House, Mr Rangasamy said when the case came up before the Madras high court yesterday, the court upheld the setting up of the Act to protect the interest of the depositors in financial institutions in Pondicherry and also the establishment of a Special Court under the Act.

The government would take steps to reimburse the amount deposited only after the sale of eight properties of PNL, including land and building already seized, the Chief Minister added.

The court also upheld the sale of Ariyur sugar mills by the Indian Bank, he said adding that hereafter the affected people should petition before the Special Court.

UNI PAB ROY 1447