As you are all aware, I have been keeping you all updated without charges. This will continue no matter what. Ordinarily I would not address such an issue but there is some confusion which needs to be clarified.
There is some amount of confusion created on account of there being two groups of investors who are taking action against Helios and Matheson Information Technology Ltd. in Madras High Court. One group is headed by Vedanta Desikan, Nikhil Girme, Anita Sanghani, Mr. V. Meghani, Mr. Rishikesh Lakhotia, Mr. Dharam Gurnani amongst others. The other group is led by Mr. Rajnikant Mehta, Mr. Errol S. and Mrs. Neelan Shirsekar who were part of the original group but have decided to take parallel action by hiring another set of lawyers.
Both groups are trying to achieve the same objective, to get the hard earned money back. But there is confusion created because both groups are asking for fund collections from each of you.
One group led by Mr. Vedanta Desikan had asked for a contribution of Rs. 500/- per head for meeting advertising expenses of the winding up order which is now not required. I am informed that this collection will continue for meeting future expenses for the legal costs incurred by this group, for creation of database of investors as well as for advertising expenses should Helios' appeal fail and should the Madras High Court reissue a winding up order. This group is looking at defending the appeal filed by Helios and at pursuing cases of fraud against Helios. The idea is to put pressure on Helios by threat of arrest in order to extract the money invested, either through a lump sum payment or through a scheme of repayment.
The other group led by Mr. Rajnikant Mehta has asked for contribution of Rs. 1000/- per head towards meeting legal costs for hiring a lawyer to help draft a scheme of repayment and provide legal representation for investors. It is not specified whether this is a one time cost or there could be scope for further contribution in the future. This group is looking at working with Helios to obtain refunds by agreeing to a scheme of repayment over few years.
Please note that I am not part of the fund collection exercise and am not siding with any one group. You may choose to give your funds to whichever group or both groups, but please do ensure that the money so given is accounted for and disbursed properly for purposes of furthering your cause.
From my end the updates will continue and whatever legal efforts I independently put in will remain free of charge.