Anubhav Customers Welfare Association has been formed with 250 enrollments initially, said association secretary Bhaskaran Nair.

A writ petition seeking appointment of an administrator and formulation of a scheme to dispose off the properties of Anubhav group of companies and repay the investors, is proposed to be filed in the Madras High Court by next week, legal advisor to the association John Joseph said.

Investor associations in other parts of the country should also join suit, rather than fight it out separately, he said. The court had earlier appointed an administrator in the Maxima Investment and Finance case, empowering the official to sell Maxima's properties and repay the investors within a period of two years.

Anubhav group had sought mostly deposits in the names of different companies likeAnubhav Plantations Ltd, Anubhav Dhana Vriksha Scheme, APL Links, Agro Housing Scheme, Anhbhav Finance Company and Anubhav group of companies. Of all these companies, only APL is a registered company, and Sebi, Department of Company Affairs and the Company Law Board would find it difficult to take action, the association feels. Moreover, the jurisdiction of Sebi was confined to simple money deposits and the Anubhav group had mainly raised deposits related to land or teak schemes, it said. Joseph said investors were also filing complaints before the district consumer redressal forum, Ernakulam. Twenty six complaints were filed today only to get decrees, which would be an authentic basis of the investors claims.

Though consumer forums could provide a decree to investors, it could not ensure investors that their money could be recovered, he said.

Chairman of the Anubhav group, N Natesan, was in judicial custody and there was nobody to respond to the legal notices and legal proceedings. The property waslikely to be encroached by outsiders and assets would be destroyed, with the result that decrees would not be implemented fully, he said.