The matter came up for hearing today before the single judge bench. As the matter was subject to the outcome of the other hearing in appeal and the order of the appeal court had not reached the single judge, he postponed the matter to 14.12.2016.
However, the single judge made enquiries with the Registry of the Madras High Court to identify the total amount deposited by Helios and Matheson Information Technology Ltd. in Court. It was revealed that a sum total of Rs. 6 crores was available with the Court and another Rs. 20 lakhs had been recently deposited by Helios and Matheson Information Technology Ltd. However, the Registry informed the single judge that the Rs. 20 lakhs had not been credited as the adressee on the instrument was incorrect. The single judge directed the lawyers of Helios and Matheson Information Technology Ltd. to rectify the same. Further it was informed that around Rs. 1 crore was in the frozen bank accounts of Helios and Matheson Information Technology Ltd. which bank account had been frozen by EOW directions. Thus a total of Rs. 7crores is currently available for disbursement to depositors plus another Rs. 20 lakhs subject to Helios and Matheson Information Technology Ltd. rectifying the error made while depositing the instrument in court.
The single judge did not pass any orders regarding disbursal and kept the matter pending until the order of the Appeal Court is received. Also we will have our hands on the affidavit filed by Helios and Matheson Information Technology Ltd. shortly as earlier mentioned. The same will be uploaded within the next week. Next hearing is on 14.12.2016.