In the last post we had mentioned that the Division Bench of the Madras High Court was likely to dispose the case by confirming the winding up order of the Single Judge of the High Court. However, no order was issued in this regard. It seems that the Division Bench has done a volte face by permitting the company, Helios and Matheson Information Technology Ltd. to proceed with the vague payment plan drawn up.
As per the order that can be accessed here, Helios and Matheson Information Technology Ltd. has been permitted to make a payment of INR 2.65 crores by 21.07.2017 to show their bonafides in repaying the depositors. They have been directed to deposit another INR 13.54 crores within one year, a further sum of INR 13.54 crores within 18 months and balance sum in 24 months. Till date the company has deposited around INR 7.2 crores in court.
The order is vague and imprecise considering that the court has not given directions on whether the amount is to be deposited in court or directly into the accounts of the depositors. If it is the latter, there is no clarity on the accounts that will be credited as Helios and Matheson Information Technology Ltd. has not submitted till date a proper list of Fixed Deposit and Promissory Note holders. Further, it is unclear how the court arrived at the amounts that need to be deposited by Helios and Matheson Information Technology Ltd. as we have proof that the dues payable far exceed the sum mentioned by the court.
Clearly, the court is being misled by Helios and Matheson Information Technology Ltd. and its lawyers.
Next date of hearing is 21.07.2017.