Anubhav Group investors can file claims for lost money

New Delhi, Oct 9 (UNI) The High Court of Judicature at Madras have directed the adminstrator and official liquidator of the Anubhav Group of companies to disburse 50 paise per rupee as dividend to the claimants who invested in the group.

The Adminstrator M Ravindran,appointed by the Madras High Court to settle the litigations of investors of Anubhav Group of Companies told UNI here that he has filed a status report in the Court stating that the investors who were duped by the company can apply now for realisation of their original amounts.

Mr Ravindran has filed the status report in the Madras High Court stating that after selling some properties of the Anubhav group they have made some collections and now will pay to the investors at least 50 percent of their invested amount.

The investors can contact Mr Ravindran at Madras Bar Association or by [email protected] or tel at 2541525,25432160(Chennai) The investors who have so far not made any claims can send their original documents attested by a local lawyer along with form 66 of the companies act to---The Adminstrator,Anubhav Group Of Companies, G-131,Anna nagar (East) Near Chinamani Super Market Chennai-600102 phone-144 3052 6763 According to the Status Report, Anubhav group of Companies comprises following companies -Anubhav plantations,Anubhav Micro Irrigation Systems Limited, Anubhav Hire Purchase Limited, Anubhav Communications and Advertisements(P)limited, Anubhav Resorts limited, Anubhav Green Farms and Resorts limited, Anubhav Royal Orchids Exports (p) Limited Anubhav foundations(P) Limited.

In addition, there are 254 Finance firms--namely 95 firms of Anubhav Finance Investments, 169 firms of Anubhav Dhan Varsha and one firm of Anubhav Agro and Housing Developers.

Anubhav Plantations have 6 companies-Anubhav Agro 1500, Anubhav Teak deposit, Anubhav Old Land Scheme, Anubhav good Earth Unit I, Anubhav new land scheme, Anubhav Good Earth Unit II. Anubhav homes Limited, Anubhav India Limited.

In November 1997,Securities and Exchange Board of India (SEBI)had banned further sponsor of any collective investment schemes and raising funds by any companies. With a result Anubhav plantations could not collect further funds and the post dated cheques issued to the investors bounced.

Sebi ordered a special Audit Collective Investment Schemes of Anubhav Plantations limited by Karra And Company,chartered Accountants,Chennai and an inspection under section 209 A of the Companies Act was ordered and an official liquidator was appointed.

The investors have been called upon to realize their claims but only 30 percent claimants have come forward so far to realize their claims. Although the last date of collecting the dues have expired but Mr Ravindran will approach the Madras High Court to condone the delay.

UNI