VR Chits and Depositors Victims Welfare Association demands deletion of clause

Monday, April 24, 2017 

VR Chits and Depositors Victims Welfare Association has demanded that the full and final settlement clause in the affidavit to be signed by the victims should be removed and the Rs.27 crore realized should be paid towards principal.

The CB CID attached the properties of VR Chits and Investments Private Limited. The association had filed a writ petition and the court ruled in 2008 that the assets of the firms should be sold and depositors paid the principal and interest.

Honorary president B.Ganga Rao and former corporator B.Eswaramma who led a protest at the Collectorate on Monday said that so far Rs.27 crore was realized from the sale of assets and properties worth Rs.100 crore attached were yet to be sold. The Commissioner appointed by the court confirmed that 2652 bonds issued to the depositors were in order.

Eswaramma alleged that payment of principal as full and final settlement on signing of affidavit was violation of the High Court’s judgment. The victims would to lose to the extent of Rs.70 crore. She said that 3,000 victims are struggling for 12 year and since then 100 of them died. They urged the Collector to drop the condition of full and final settlement in the affidavit and pay the Rs.27 crore so far realized as principal, pay interest by disposing the remaining assets and clear the bonds pending.