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Madras court freezes Anubhav group assets on investors' plea

A Madras high court bench has stayed the city-based Anubhav group of companies from selling, transferring, alienating or disposing, in any manner, movable and immovable assets created out of the corpus of investor schemes floated by the group.

The Tamil Nadu crime branch police had arrested Anubhav group chief C Natesan last year in the wake of persistent complaints from the investors that their deposits were not being repaid on maturity, following which the group had downed shutters.

The bench, consisting of acting chief justice N K Jain and justice P Sadasivam, granted the stay while admitting a petition filed by the Anubhav Investors' Association.

In the petition, the association members sought a direction to the Union finance ministry, Department of Company Affairs, the Reserve Bank of India and the Securities and Exchange Board of India to appoint an authority to salvage their investments in the group and a direction to the city police commissioner to freeze all movable and immovable assets of the group.

They wanted the ongoing probe to be transferred to the Central Bureau of Investigation and action against 26 of the group's directors, many of whom, according to them, were absconding. They had siphoned off the group's funds, they alleged.

They also wanted an administrator to maintain the group's plantations where the trees were withering away due to non-supply of water.

UNI

Pune police nabbed Anubhav chief in Madras in Feb 1999

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