The matter was heard in the Madras High Court today. Helios and Matheson Information Technology Ltd. once again failed to deposit the amount as directed by the Court towards repayment to the various Fixed Deposit, Promissory Note and Bill Discounting holders.
The Court was highly displeased with the continuous attempts by Helios and Matheson in prolonging the case to the detriment of the Fixed Deposit, Promissory Note and Bill Discounting holders. The Judge informed the lawyers for Helios and Matheson that she had given ample time and that she would pass orders.
The advocates for Helios and Matheson Information Technology Ltd. stated that a Letter of Intent had been signed with one NCR Investments for sale of one of the group entities and that NCR Investments was keen on repaying the depositors within a permissible time-frame. The advocates for Helios and Matheson further stated that they would submit a scheme of repayment to our advocates and try and resolve the issue. They also submitted that they had so far deposited 6 crores in court by selling assets of the relatives of the directors and were keen on repaying the depositors.
The Court was not convinced and stated that orders would be passed (either withdrawing the interim relief enjoyed by Helios and Matheson with respect to freedom from arrest or order winding up the company or both) in the next hearing if our advocates were not given a copy of the scheme in advance and if our advocates were not agreeable to the same.
Next date of hearing is 08/01/2016.
If we get any scheme of repayment from Helios and Matheson we will put it up on this website for your consideration and approval.