After several minor inconsequential hearings, the matter was heard. Several depositors brought to light that Helios and Matheson Information Technology Ltd. had offloaded its stake in Helios and Matheson Analytics New York (HMNY) to the tune of USD 2.2 million (approx. INR 15 crores). Despite freezing of accounts by EOW, Chennai, this money seems to have disappeared without being deposited in Court. It was further pointed out that Helios and Matheson Information Technology Ltd. was not complying with its own promise of payments into Court.
The lawyers for Helios and Matheson Information Technology Ltd. narrated the same tale. They sought time to deposit further amounts, declared that till date they have deposited INR 16.19 crores in Court and said that the Court must start disbursing these amounts until further amounts are deposited.
The Court was facing the conundrum of appropriate method of disbursement, the competent authority to disburse amounts and the inequities that would be faced by piecemeal disbursement. Hence the Court deferred the matter to 17th August 2018 directing Helios and Matheson Information Technology Ltd. to deposit more amounts and explain where the proceeds of the sale of shares of HMNY went. The Court will also attempt to find an appropriate disbursement method and competent authority for the same. It is unlikely that this will happen in the next hearing, but we shall wait and see on 17th August 2018.
