Latest News | HC Orders Appointment of SO to Administer Kalaimagal Sabha

Chennai, Nov 12 (PTI) The Madras High Court has directed the Tamil Nadu government to appoint a special officer to administer 'Kalaimagal Sabha', a society which had collected crores of rupees from gullible investors and cheated them two decades ago.

Also Read | How To Link Your Bank Account to Google Pay.

The court was disposing of a batch of writ petitions from Kalaimagal Sabha Investors Protection Association and others, many of which were filed as early as in 2006.

Also Read | Oppo Reno7 Series Likely To Be Launched in India Next Year: Report.

"The untold agony of over 5.33 lakh investors/members of the Sabha had resulted in institution of so many litigations and unfortunately even after lapse of 22 years, these poor investors, who had deposited their hard earned money, are unable to get back their investments and still the legal battle is going on and on," Justice S M Subramaniam deplored.

The petitioners prayed for a direction to the joint receivers, appointed by the court two decades ago, to divide the lands standing in the name of Kalaimagal Sabha on the basis of its registration value or market value and allot the same in favour of the members of the petitioner association on the basis of the amount invested by them in the Sabha.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)