G.O. Ms. No. 941, B.R.S.A. Finance and its Sister Concerns, 2012
The Government of Tamil Nadu Home Department, through G.O. Ms. No. 941, Home (Police XIX), dated 10th December 2012, makes an ad-interim attachment of seven agricultural properties in Karamadai Village linked to the proprietors of B.R.S.A. Finance and its sister concerns. Control of the attached properties is transferred to the District Revenue Officer, Coimbatore, acting as the Competent Authority under the Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997.
What the notification does
G.O. Ms. No. 941, Home (Police XIX), dated 10th December 2012, responds to complaints that B.R.S.A. Finance and its sister concerns at Karamadai, Coimbatore District, failed to return deposits after maturity. The Government records its view that the financial establishments are unlikely to return the deposits and that action is needed to protect depositors.
The Government of Tamil Nadu Home Department therefore makes an ad-interim attachment of properties alleged to have been procured by R. Shanmugasundaram and his wife, S. Suganthi, the proprietors of the financial establishments.
Properties covered
The attachment covers seven agricultural properties in Karamadai Village, Mettupalayam Taluk, Coimbatore District:
- R. Shanmugasundaram, Survey Field No. 456/3C, measuring 2.90 acres, Document No. 3003/03.
- S. Suganthi, Survey Field Nos. 455/3, 455/3A and 455/3B, measuring 3.13 acres, Document No. 6333/01 of the Sub-Registrar Office, Mettupalayam.
- S. Suganthi, Survey Field No. 390/1D, measuring 2.90 acres, Document No. 6334/01.
- S. Suganthi, Survey Field No. 455/1B, measuring 1.98 acres, Document No. 2322/02.
- S. Suganthi, Survey Field Nos. 455/2A and 455/2B, measuring 3.33 acres, Document No. 5483/03.
- S. Suganthi, Survey Field No. 459/1, measuring 0.53 acre, Document No. 3545/03.
- S. Suganthi, Survey Field No. 456/2B, measuring 1.90 acres, Document No. 3334/04.
Who is affected
G.O. Ms. No. 941 directly affects R. Shanmugasundaram and S. Suganthi as the named owners, B.R.S.A. Finance and its sister concerns, and depositors seeking recovery. It is also relevant to anyone considering a transaction involving any of the listed survey fields.
What happens next
G.O. Ms. No. 941 transfers control of the attached properties to the District Revenue Officer, Coimbatore, as the Competent Authority. The Competent Authority is directed to pursue further action under the prescribed procedure. The Special Public Prosecutor for the Special Court under the depositor protection law is requested to assist with the required application before that court.
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Common questions
Does the notification affect every property owned by B.R.S.A. Finance or its proprietors?
The notification attaches only the seven agricultural properties identified in its schedule by owner, survey field number, extent and document number.
Who controls the attached properties?
Control is transferred to the District Revenue Officer, Coimbatore, who is the Competent Authority appointed under the Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997.
Why were these Karamadai properties attached?
The Government received complaints that B.R.S.A. Finance and its sister concerns had defaulted in returning matured deposits. The properties were alleged to have been procured by the proprietors of those financial establishments.
Which owners are named in the property schedule?
The schedule names R. Shanmugasundaram as owner of one property and his wife, S. Suganthi, as owner of six properties.
