Krushi Bank's Depositors To Be Paid

The Additional Director General Of Police (CID) on Monday stated that the depositors of the Krushi Co-operative Urban Bank Limited will be called to the Nampalli Court complex between March 16 and March 22, 2011, except holidays, for verifying the genuinity of their claims.

The ADGP (CID), a competent authority under the Andhra Pradesh Protection Of Depositors Of Financial Establishment (APPDFE) Act, 1999, said that only a limited number of depositors would be called to the court complex each day.

The exercise of the distribution of the cheques is going to be taken-up under the overall supervision of the Metropolitan Sessions Judge-cum-Chairperson of Metropolitan Legal Services Authority (MLSA), Hyderabad, Justice Syam Prasad.

MLSA Secretary Chandrasekhar Prasad is to take care of the day-to-day proceedings at the conference hall on the 3rd Floor of Nampalli Court Complex, Hyderabad.

The liquidator has been directed to disburse the amounts to the depositors under the supervision of the officer nominated by the Hon’ble Member Secretary, A P State Legal Services Authority, Purani Haveli, Hyderabad.

During the 1st scheduled period from October 19 to October 29, 2010, 489 of the 878 depositors of Krushi Co-operative Urban Bank Ltd. had submitted their claims, under the supervision of Member Secretary, Metropolitan Legal Services Authority, Nampalli, Hyderabad. An amount of Rs. 825.35 lakhs was distributed to them in the presence of CID police authorities.

An amount of Rs. 580.60 lakhs is yet to be distributed to the remaining 389 depositors, who have been divided into 4 groups for disbursement of the dues.

Earlier, a petition was filed in the court for the disbursement of the due amounts to the depositors of Krushi Co-operative Urban Bank Ltd.

Allowing the petition, the 1st Additional Metropolitan Sessions Judge, Hyderabad, directed the liquidator to disburse the amount raised from the sale of properties of the promotion and managers of the bank, vide his order, dated August 16, 2010.

The money which was kept in the form of deposits by the court, after the auction of the properties attached by the CID, has been cleared for distribution to the depositors.

As per the orders of the court, depositors have to be identified by the competent authority, or an officer authorized by him.

Every claimant has to come with the original acknowledgement given by the liquidator, original FDR/BC/DD, 2 passport-size photos, proof of present residence (which can be in the form of ration card, electricity or telephone bill, gas allotment papers or certificate issued by the revenue authority), photo identity card (original of voter ID, driving license, passport, PAN card or an ID card of any governmental department) and the bank account statement/pass book in the name of the depositor.

If there is no nomination, the legal heir has to submit a succession certificate from the competent authority proving himself to be the legal heir of the depositor.

Indemnity bond on non judicial stamp paper, duly indemnifying the liquidator in the prescribed proforma. The value of stamp paper should be of Rs. 20 for due amounts upto Rs. 20,000, Rs. 50 for due amounts upto Rs. 50,000 and Rs. 100 for due amounts above Rs. 50,000.

In the case of a minor, the guardian whose name is mentioned in the account opening form as a nominee is required to come with the necessary proof.

The claimants should be present at the Nampalli Court complex on the specified dates along with the specified original documents.

Courtesy: INN