Mylapore Hindu Permanent Fund says that in ‘unforeseen circumstances, there was a sudden foreclosure by the majority of the depositors and that unanticipated move resulted in a temporary financial constraint to the Nidhi Fund’.
This was shared with Mylapore Times in an e-mail signed by Ravichandran, secretary of the Fund, in response to queries mailed to the Fund by this newspaper a fortnight ago.
Ravichandran says that ‘the foreclosures led to chaos and panic among the depositor members and that despite the complication, the Nidhi Fund ensured the clearance of almost Rs.35 crores within three months for the sudden foreclosure and maturity of fixed deposit.’
The secretary says in the note that ‘the outstanding payment of Rs.5 crores will be released by the Nidhi Fund within the next two months.’
‘We would also like to assure the depositor members that all possible steps have been initiated to clear the outstanding balance at the earliest and request them not to panic, ‘ the mailed statement states.
The statement goes on – It is also clarified that the managing director’s inclination towards contesting the elections in 2024 has no bearing or relevance to the instant issue in hand and that he is working on an honorary basis and does not hold a salaried position.
It is a big shock. Being a responsible Mylapore Hindu Benefit Fund H O ever since more than 150 years it should take drastic steps so as to clear all interests. It should be responsible for additional interest for not paying in correct period as they collect penal interest from our claints. It seems the concern is dodging
Interest payments due in March and April have not been made.
Hope the Fund will resolve all issues in an orderly manner. Most depositors are senior citizens depending on the monthly interest to meet routine expenses
Also they have to clarify to those whom they failed to pay the monthly interest, will they pay extra. If we fail to replay even one installment they levy fine and charge extra interest. Similarly will the financial institutions do the same?
This figure is a junk figure. The outstanding are many times more than 5 crores. the combined figure of deposits of myself, my two brothers, my friends itself is more than 2 crores. We have seen with our own eyes the many people who throng to collect interest. Interest outstandings are there for more than a month for many.
When the fund is facing a liquidity crisis voluntarily or otherwise, is it not natural that every depositor would be interested in withdrawing his/her deposits. Is not Rs.5.00 crores reported to be outstanding, a paltry amount
From Nov 2023 onwards they have been telling this 2 months.They said in Mar 2024 no crowd will be there.All would have been settled by 1/4.What happened.Situation worsoned now.
Already compliant is filed by TNCC & others.Action expected any time.
One thing that worries is the dishonour of a cheque for want of funds. This dampens our confidence . If they are sincere about refunds, cheques are to be issued only if they are backed by funds. One story of dishonour is enough to create panic. It is possible that the electionn has a bearing on this. Some forces inimical to the candidate may have caused the panic.
Thanks to the Mylapore Times in getting the response from the Secretary of the Mylapore Hindu Permanent Fund. It is not clear from his statement that outstanding payment of 5 crores will be released by the Nidhi Fund in 2 momths, refer to only refund of matured and foreclosed deposits or also include outstanding payment of monthly interest payments on the deposits for the past two months.I have interest outstanding on my deposits for February and March 2024.
Shall be thankful if this point is clarified.