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Drumbeat: Ad Buzzaar
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Wednesday, August 19, 1998
Court clears Maxima payback scheme
Our Bureau
Chennai, Aug 18: The Chennai high court approved on Tuesday, August 18, the scheme of Maxima group of companies for the disbursement of liabilities. The scheme had already been approved by the Maxima Depositors Association on March 9, 1998.The orders were pronounced by chief justice M S Liberhan and justice E Padmanabhan. The salient features of the scheme that was submitted to the High Court are: The court may appoint an administrator to supervise the disbursement of liabilities by disbursing the properties with assistance of N S T Madhan, chairman and managing director of Maxima group of companies and Jagan, president of Maxima Depositors' Association; Maxima will run 12 limited companies at its own premises Maxima Manor, Mylapore; To release all the seized properties, documents, sealed office premises (own and rented), seized vehicles, etc; All other connected proceedings in respect of the Maxima group of companies such as civil, criminal and insolvency proceedings shall be kept in abeyance.Maxima group had filed a writ petition in March 1997, against the action taken against it by the Tamil Nadu government for disbursement of liabilities to the depositors since the assets were found to be more than the liabilities. In February 1998, the depositors through their association had approached the company for a compromise. Both Madhan and Jagan signed a memorandum of understanding on March 9, 1998. The high court had asked the company to file a scheme for the disbursement of liabilities and the scheme was filed on April 17, 1998 by Maxima group. After the arguments, the orders were reserved on that day.
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