HC directs former AIADMK MP to give away property worth ₹500 crore to two investors in his company
The Hindu
Court says he never made genuine attempt to repay the money invested in 2004
The Madras High Court on Monday dismissed appeals preferred by former AIADMK MP K.C. Palanisamy against an order of the Company Law Board (CLB) declaring two investors in his Cheran Enterprises Private Limited as the beneficial owners of 25 acres of property reportedly worth about ₹500 crore. The court also confirmed the Board’s order directing the jurisdictional Registrar to register a sale deed vesting the property in favour of the investors if the former MP fails to execute the sale deed on his own. Justice G. Jayachandran held that the former MP never made any genuine attempt to repay ₹75 crore invested by ORE Holding Limited of Mauritius and ₹4 crore by non-resident Indian Nandakumar Athappan of Singapore in 2004.
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