A place where we can air grievances, engage in discussions and brainstorm on mechanisms to recover our hard earned money.
To all investors reading this...Welcome ! Let us congratulate Adv(Mr) Alok Jain and the Core Committee Members for this initiative.We will request all of you to spread this blog around and get as many members you can to come forward and contribute wholeheartedly for this recovery exercise..Each one of you should ensure that you get 2 new members known or unknown who has his money blocked in Helios and help us fight the SYSTEM .We will take this up on a national level with SEBI , ROC, MCA, SFIO,Judiciary vigirously.We will work unitedly as rightly said by Alok Jain and Vedanta to push, push and continue pushing whoever is concerned...We will request each one of you to help us tie up with politicians, bureaucrats, media people wherever possible but we have to teach Helios a big big lesson and especially the MD Mr Muralikrishna.We know there are Seniors in their 90s sufferring all over the country and we need to fight for their hardearned money.Some have expired and ones living are sufferring daily every minute.So thanks again to Core Committee and lets take this up in a big big way ! Adios Gud Night
Muralikrishna Residence Address17-2/9 A2 , T. Nagar 6,New Ward No.117, South Boag Road, (Atway Towers), Chennai- 600017
Pl sse the following information regarding its subsidiary companyITS SUBSIDERY CO HMNY REPORTED GOOD PROFT & MARGIN... Helios and Matheson Analytics Inc. (NASDAQ:HMNY) reported gross profit for the three months ended September 30, 2015 was $746,000 as compared to $524,000 for the three months ended September 30, 2015. As a percentage of total revenues, gross margin for the three months ended September 30, 2015 was 30.3% compared to 20.9% for the three months ended September 30, 2014. The increase in gross margin is due to an increase in high margin consulting and fixed price project revenue.
I feel that every investor should send in a complaint against HM to EOW, in Chennai, giving all details about his or her FD. If all else fails, at least we can have some action taken against HM by EOW, Chennai. Most important is an investigation into where all the money collected by HM has disappeared to, where have they hidden their assets?
Dear Ann,Please read the updates. Supreme Court has issued an order by which EOW cannot take action against H&M. So right now your suggestion will not have any impact.Kind Regards,Alok N. Jain
Now that the Supreme Court has dismissed HM's case, I don't understand why the Madras High Court is not letting EOW take full action against the directors and promoters of HM. Anne Delorme.
Can you just mention full address of EOw chennai
I want to make one suggestion regarding the details of depositors being collected. In this form, among other things, the depositor is asked to state whether he/she (sole depositor or first depositor) is a senior citizen. Instead, if the date of birth of the sole or first holder is asked for, the senior citizenship can be ascertained at any point of time. This is recommended because a depositor who is not a senior citizen today but who is touching 60 may become senior citizen in the near future. Therefore, my suggestion is that if the date of birth of the depositor is taken, it will serve the purpose better.
Dear Mala,Thanks for your intelligent suggestion. We only wish we had anticipated it earlier.Unfortunately it is difficult to implement now as investors have already started sending in data.Kind Regards,Alok N. Jain
Excellent initiative Alokji!
Thank you. Hope you have updated the required details through the weblink provided on the home page of this blog.Kind Regards,Alok N. Jain
Any further development in Madras High Court? when is the next hearing?
Dear Mala,Go to the legal updates section and click on the hearing update for 6/11/2015.Keep checking the Legal Updates section for further updates.Kind Regards,Alok N. Jain
Sometime back i had heard the promoters of hm are selling their investments in Usa. What happened?Even if court allows to distribute the 5.5 cr deposited by Hm what will each investor get?
Dear Nikunj,This is the story told by them in Court. We are not aware whether true or not.We do not know or cannot anticipate what the Court will rule.Kind Regards,Alok N. Jain
Thank You Alok Sir.
Residential address 131 Vellalar Street, 2H-Hanut Apartment, Adambakkam, Chennai 600088. Mobile 919444123868 (Whatsapp at present).Camp:USA.
As per the company's un-audited standalone Balance Sheet as on 31-Dec-2014, (Signed by the MD and submitted to the Stock exchanges) the value of fixed assets was Rs.19405.00 lakhs, that of current assets was Rs.30438.00 lakhs (consisting of Trade Receivables of Rs.17278.00 lakhs, Cash/Bank balances Rs.1691.00 lakhs, short term loans and advances Rs.5514.00 lakhs and un-billed revenue of Rs. 5955.00 lakhs).The long term borrowings were Rs.9464.00 lakhs and short term borrowings were Rs.14884.00 lakhs as on that date. Based on the above figures (assuming to be correct and reliable), the company should have sufficient asset cover to discharge its long and short term borrowings.The company should be compelled by the Court to submit its latest Balance sheet and the audited financial results of its subsidiaries to which huge amounts had been given as loan by HM. The company should be compelled through the court to recall these loans given to the subsidiaries by the company so that amount can be used for repaying the FDs along with overdue interest.
Yes i agree with you Hema . But only tremendous pressure wil make Hm promoter to get back the money he has siphoned out of India. We must ask court to confiscate his passport and put him behind the bars so that he realises there is no easy way out of this.
Dear Mrs. Venkataraman,All of these points have been put forth in front of the Court. The Court must be proactive to push these matters forward. However the Court seems to be giving a lot of leeway to H&M. Hopefully this should change soon.Kind Regards,Alok N. Jain
Many investors are eager to know current status of Forum for taking up the case in SC, submission of FD details and bank details for payment etc. Thanks. Ranjana
Dear Mrs. Bhatnagar,We have collected a reasonable amount of data in terms of monetary value and number of investors. Now we will be collating the same and sifting through it for inconsistencies. We will then publish the same on this website by 21/11/2015 for all of you to check and correct the same by contacting us.We intend to complete the task by 30/11/2015 after which we will start the fund collection. The mode of collection is still under consideration.Parallel to this we will be meeting our legal counsels next week for advice on moving further with the case in all forums.Kind Regards,Alok N. Jain
Looking forward to the update on the HC proceedings of 13 Nov 15. Thanks. Investors of NZ are also eager to hear some positive developments.
Dear Mr. Bhatnagar,I apologize. The hearing was scheduled for 20/11/2015 and not 13/11/2015 as Madras High Court is on Diwali break. I had posted incorrectly the date.Kind Regards,Alok N. Jain
WHAT IS THE LATEST UPDATE OF HEARING ON 13-11-2015
Dear Chovatia,I apologize. The hearing was scheduled for 20/11/2015 and not 13/11/2015 as Madras High Court is on Diwali break. I had posted incorrectly the date.Kind Regards,Alok N. Jain
I HAVE SUBMITTED MY FIXED DEPOSIT DATA ( 7 FD'S ) TO THE LINK AND SCANNED COPIES TO THE MAIL ID TODAY 14-11-2015
Dear Mr. Chovatia,Thanks.Kind Regards,Alok N. Jain
Hello,I received the following automated message via email which I am reproducing below:You recently requested an email subscription to Helios and Matheson IT Ltd. Investors Unite. We can't wait to send the updates you want via email, so please click the following link to activate your subscription immediately:https://feedburner.google.com/fb/a/mailconfirm?k=7N5bnFAZ7AqO8nG9-ZGt6xL25ts(If the link above does not appear clickable or does not open a browser window when you click it, copy it and paste it into your web browser's Location bar.)As soon as your subscription is active, FeedBurner will send a daily email message if Helios and Matheson IT Ltd. Investors Unite has new content.What action needs to be taken?Thank you for the reply.
Dear Mr. Niranjan,If you want automatic updates into your email inbox from this blog, you can click on the link in the email. This is useful as one does not need to keep checking the blog manually for updates. However this can be annoying also if even small modifications to the blog are made which may not necessarily be an update.If you want to check on the blog manually you can ignore the email.Kind Regards,Alok N. Jain
Thank you Alokji.Would be looking forward towards the database formed regarding FD Investors' proposed contribution...Thanks.
Thanks for posting the investors list. A suggestion from my side. If it can be sorted city-wise, it will be easy for searching the details. Also kindly give the total amount of deposit, B/D and Pronotes. RegardsP.A. Venkataraman
Dear Sir,As discussed with most fellow investors, it is easier to search alphabetically and therefore we have sorted it in this manner.Once the list is firmed up we can think of ways to rearrange it.Kind Regards,Alok N. Jain
Dear Mr. Alok,I had earlier requested for the procedure to record the change of address communicationn with M/s. H & M, in this forum. Please can you address the issue?I had written to H&M address (addressing the CFO, HM), sent an email to them but in vain.Please reply.Regards,Srimathi Babu
Dear Srimathi,If you are referring to the new address of H&M, it is posted on the Contact Details of Helios and Matheson IT Ltd. link provided on this blog.If you are referring to some other aspect, I am unable to understand and will appreciate clarity on the issue.Kind Regards,Alok N. Jain
Dear Mr. Alok,Let me further elaborate on this.I had relocated from Bangalore to Madurai recently. So I was trying to send a letter of communication to M/s. H&M to record my change of address, a couple of times and tried sending them an email as well. None of these have been acknowledged by them so far.Hence wanted to know, how to record a change of address with them so that any future communication, etc. would be received by me.Thanks.Regards,Srimathi Babu
Dear Srimathi,The only way to do that is to write them a letter to the address mentioned in the contact section of this blog and sending the letter by RPAD (Registered Post Acknowledgment Due).You may not receive any reply as they are not responding to most communications.However if you have intimated them of your change in address by RPAD it protects you legally in the future.Kind Regards,Alok N. Jain
Dear Mr. Alok,I did the same to their address mentioned in the contact section of this blog, but again the same has been returned to me, the reason being "the door was locked and could not be delivered".This has happened for the 3rd time, each time I tried sending my letter to their different addresses.I even sent a letter directly to the Honourable Justice Pushpa Satyanarayana.I do not know how to make sure my communication is delivered to H & M.Kind Regards,Srimathi Babu
Mr.Alok,Hope the data base of the FD holders details collected is in excel format. If so, it can be sorted first city-wise and then alphabetically. In that case, the entire data will be sorted city-wise and within the city, the names will be sorted alphabetically. This will make search and verification easy and the data becomes more accurate.Any duplicate entries can be easily detected and removed .Regards P A Venkataraman
Alok Sir, Can you please give the approximate outstanding amount Hm has to pay to fd holders and bill discounting? Secondly has the court confiscate the Hm promoters passport?
As per the data of FD holders as on 15-Nov-2015 uploaded in this blogspot, the details are as follows.FD Holders 1525 nos Rs.27.26 croresBill discounting 153 nos Rs. 3.95 croresPronotes 80 nos Rs. 1.80 CroresTotal 1758 nos Rs. 33.01 croresThis amount does not include interest.RegardsP.A. Venkataraman
What is the approximate amount of fds and promisory note not listed on this blog spot? As per the details provided by you it works out to be roughly 37 cr and if the company pays 10 cr in court then hm can pay the balance if given time.
Dear Mr. Nikunj,As you are aware, even the company does not have the details of total deposits, bills discounted and promotes accepted. It appears that the company has given different figures to different courts, Rs. 55.00 crores to Madras High Court and Rs. 48.00 crores to Supreme court. I venture to hazard a guess. Let us take the higher amount of Rs. 55.00 crores. Assuming that it is 80% correct, the 100% amount will work out to Rs.68.75 crores. You can round it of to Rs. 70.00 crores. A word of caution. It is only an estimate and I may be wrong also. The actual figure can be given only by the company. Secondly, the interest amount is not included in this figure. I am unable to comment on giving time to company for making payment. However, the company is taking its time by prolonging the case in Madras High Court.RegardsP A Venkataraman
Thank You Sir for shareing the details.
Any further line of action to be taken by us?
What is the status of data collection update as on 30 Nov 2015?
Dear Madam,So far data collection seems to be in the range of 40 cr. This is subject to verification, rectification and deletion.Data has been published on the site for checking of entries made between 15/11/2015 and 29/11/2015.Kind Regards,Alok N. Jain
i have recd the data published list of data of fd detail and i have found all my detail are ok only thing there is duplication of of fdr nos are as underfdb0129696 for rs 1,50,000/-fdb0025960 for rs 5,00,000/-fdb016087 for rs 4,00,000/-fdb022974 for rs 10,00,000/-fdb033527 for rs 1,00,000/-kindly remove the the duplication of data and revert backBest regardsFitzgerald Ozario
I have emailed Mr Sanjay Badjate, investment consultant in Pune, the url of the HM Investors Grievance blog as he has 15 investors who invested in HM including my partner, Bharat Gordhandas. I hope they have downloaded their data. Anne Delorme.
A quick analysis of the two lists of depositors published so far gives the following details Investment type No Amount (Rs.)Fixed deposits 2009 35.29 croresBill discounting 157 3.98 croresPronotes 81 1.82 croresTotal 2247 41.09 croresThe figure given in the judgement dated 28/08/2015 of two member bench of the Madras High Court is 6540 depositors and Rs.55.257 crores. We have got a figure of 2247 depositors and Rs.41.09 crores. This shows a difference of Rs.14.167 crores. This means that there are many depositors who have not uploaded their deposit details. Please note that when I say depositors it includes the Bill discounting and Pronote holders also. Hope these people will upload their details by 15-12-2015 when the third list is expected. RegardsP.A. Venkataraman
Dear Mr. Alok,What is the next course of action ? I believe the list of all/most investors is ready .Regards...Vinod Bharwani
Dear Sir,The list of investors will be firmed up by January 2016. The case in Chennai is continuing. Other courses of action are being readied. Due to heavy rains in Chennai we are unable to get in touch with the lawyers on a regular basis.We will wait till the rains in Chennai subside and then take a call.Kind regards,Alok N. Jain
It appears that company Helio Matheson has given list of investors/depositors worth 55 cr along with repayment schedule to investors within 3-12 months in installments to comapny law board, economic offence wing and Madras High court. Any update on this ?
Dear Sir,Chennai is still suffering from the devastation caused by the cyclone. Let us patiently wait till the city and its inhabitants (including our lawyers) get back to normalcy.Kind Regards,Alok N. Jain
Appreciate your efforts Mr Alok Jain and team, who have started this initiative. It is very well structured and a common person like me also could understand this without efforts. I was losing hope when i tried to contact the company. But with the initiative and unity like this there is hope. Regards Alka Kapadia (Investor Mumbai)
Dear Mrs. Kapadia,Thank you. Hope you have filled in your investment details. While this effort of the team is indeed praiseworthy, we all will need to have patience and not lose hope. It will be a long drawn process which may take years but we will fight this to whatever end.Kind Regards,Alok N. Jain
Thank you Mr Jain, Indeed hard work will be required to get back the hard earned money that we have invested with this company. I have updated the investment details and my contact details. I would be glad to participate and support cause. Do let me know if I can be of help!
Any news about next date of hearing in Chennai HC.
Dear Ma'am,Chennai is still suffering the aftermath of the rain and cyclone. Power outages and low mobile connectivity are preventing us from reaching out to our advocates. It may take a while to reach them and our prayers are with them and their families.Kind Regards,Alok N. Jain
Floods have destroyed vital papers at EOW Chennai. Hope original submitted by investors are safe. Pl confirm Thanks.
Dear Ma'am,That can only be confirmed by individual investors by calling up EOW, Chennai. We have no data as to who has submitted what documents and therefore cannot intervene and assist.In the event papers are not traceable the best an investor can do is to produce acknowledgment receipts given by EOW.Kind Regards,Alok N. Jain
Alokji, Pl opine on the recent scheme submitted by the company.......
Please publish details of the scheme of repayment submitted by Helios Matheson for everybody's benefit so that we can take the next step and decide what should be the future course of action
Dear Sirs,The scheme is published on the link on this website itself.The scheme in my opinion is uncertain, vague and incomplete for the following reasons:a) The scheme considers payment to only people whose names are on the list submitted by the company. As you are aware many FD Holders' names are missing and the list does not cover a single Bill Discounting and Promissory Note Holder. Therefore the amount which actually needs to be paid out is much higher than shown in the scheme.b) No sources of funds are identified in the scheme.c) No safeguards exist in the scheme if the Company defaults in repayment.d) There is no mention of repayment of interest and payment of penal interest.e) There is no consideration of hardship cases which may require to be repaid before other people.f) Money accepted after new provisions of law were enforced should be repaid immediately.g) No mention exists on TDS deducted but not credited.h) No restriction exists on the company on declaration of dividend and withdrawal of profits during repayment period.i) No monitoring committee has been formed, etc.Therefore accepting such a bald scheme may not be good. If the company agrees to all the conditions then we can possibly accept the scheme.Kind Regards,Alok N. Jain
I second your arguments
What are the chances of Hm paying the fd amounts? Do they have such a big property which they have sold to Ncr investments and can repay the fd dues from that? Please share your views.
Is It realy HM Struck deal with NCR Investment, If so They can submit to Chennai High Court in details and Repayment Schedule. Other wise Judge Pass Orders.
Dear Mr Jain Any update on HM scheme submission TO our lawyers, as per HC proceedings of 18 Dec 15th for consideration and approval of investors.
No news about repayment sechme seems like Hm will once again ask for time.
Heard that no hearing took place on 8/1/2016 and that judge is going to pass order soon?
This repayment scheme is not agreeable to me. The time frame of payment to FD holders over a period of 36 months is too long. Secondly there should not be any discrimination amongst investors based on their investment value and everyone should get something be it 10% or 15% and it should be paid off over a period of 18 months maximum. Thirdly there is no mention of any penal interest or delayed interest for the investors?
The repayment plan proposed by H&M looks fair, on paper. It is covering the small deposit holders first. However I would like to make a few suggestions which should be strongly communicated to the judge.1. Consideration also should be given to Sr Citizens 2.Company should be directed to set aside a corpus of 50 lakhs every month for medical hardship 3. Interest of at least 8-9% to be offered which can be paid either annualy or on final payment 4. All deposit holders list to be published 5. Court to verify source of funds or the scheme will be in air only
The Plan proposed by H&M does not look fair, as Company can not accept FD after 31st March 2014 as per the Law, however, company has not mentioned anything about returning the money back which are collected after 31st March, 2014. Further, company has not mentioned anything about hardship......The scheme is not acceptable and all of we have to protest strongly.........
The repayment scheme is full of ifs & buts. We must use pressure tactics and request all the fd holders to come to chennai and insist the judge to issue non bailable warrant to Hm promoters and they should be jailed immediately. Then only Hm promoter will start giving prompt solutions for repayment.
# Delhi court sends Unitech Ltd Chairman Ramesh Chandra, MDs Sanjay & Ajay Chandra & Director Minoti Bahri to 14-day JC in cheating case. Same should happen with Hm promoters.
Mr Jain what has the forum decided on the repayment scheme offered by Hm?
Dear Mr. Shah,There is no consensus yet. Let us wait and see.Kind Regards,Alok N. Jain
Dear fellow investors I am here to share my views on Repayment Schedule by Helios and Matheson. I fully agree with the payment schedule as I feel that "BETTER LATE THAN NEVER" is the best option open for all of us. NO OTHER OPTION WILL GET BACK US OUR HARD EARNED MONEY.BUT IT SHOULD BE BACKED BY COURT ORDERSVIKASH CHOVATIA 09830264246
I agree if it is backed by court gurantee with intrest.
VERY URGENT Before we excercise our individual vote, can/would u ensure depositor that his/her name is included in the list of 4572 (for immediate repayment) or 6594 (for repayment over 36 months)?
Dear Sir,We had earlier circulated a list submitted by Helios long back to the court. We cannot sit and cross check every name but quite a few names were missing from that list including small depositors.Kind Regards,Alok N. Jain
Thank you Mr Jain, In such event, voting at this may lead to (1) views of only those who figure in the HM list, and (2) divide our group into two separate schools of thought.
Dear Sir,Each person has their interest in mind. People whose names do not figure on the list of depositors submitted by Helios in Court will vote against the scheme. This will include a large number of people who are promissory note and bill discounting holders. It will also include FD holders who have invested after 01.04.2014 and also some FD holders who have invested prior to 01.04.2014 but their names do not appear. All of them are entitled to reject the scheme. People whose names appear in the list of depositors submitted by Helios in Court may also reject the scheme if they are investing amounts greater than 2 to 5 lakhs in a single or more FDs as they will get repaid very late.People whose names appear in the list of depositors submitted by Helios in Court are entitled to accept the scheme if they are investing amounts which are small as they will get paid first.Every one is entitled to their vote. It does not divide the group because majority vote will be taken. True, every one may not be happy but that is how a democracy worksKind Regards,Alok N. Jain
Mr Alokji When is the next the court hearing, where we will get the specified timeframe whene will get our money will be settled
Dear Sir,No date has been fixed as per our knowledge. Generally when a court is about to pass orders, no firm date is fixed. So we have to just wait and watch. If there is too much delay, we will move the court for faster orders.Kind Regards,Alok N. Jain
First depositers who deposited after April2014 list submitted to the court by HM Is included or not. It is clear that HM argued in the court not accepted any deposits so what about there Fate. My request collect the data from Court whose depoisters isincluded or not. kindly clarify the same.
Dear Sir,The list submitted by Helios in Court does not cover depositors who have invested after 01.04.2014. Also does not cover Promissory Note and Bill Discounting holders. Also does not cover few FD holders who have invested prior to 01.04.2014.We have been collecting data to make a comprehensive list but enough number of people have not put in their investment details.Voting for or against the scheme of repayment is open to all those who have submitted their data to us, irrespective of whether they are covered in the list submitted by Helios in Court or not.Court has no data of its own. We only have to assist it and are collecting data for this reason.Kind Regards,Alok N. Jain
How to Vote? Where is the link?
Dear Sir,Go to Legal Updates section. Go to Voting on the Scheme of Repayment Proposed by Helios and Matheson Information Technology Ltd.. At the bottom of the page you will find the form. Enter your name as it appears in the FD and the FD no and vote.Please go through the website carefully next time.Kind Regards,Alok N. Jain
Thank You Sir.
We can ask Hm advocates to clarify on the flaws in the repayment scheme before the judge passes any order if they dont reply then we should insist on arrest of Hm promoters.
Now Judge is likely to pass orders about the case, and implement the orders.
The Judge observed,while sending Unitech 3 bosses to jail,that "You gave assurances and then ran away.You donot act till the time a situation of sending you to jail arises."
HM PLAYS TRICK TO DRAG THE CASE AND CHEAT ALL DEPOSITERS LIKE FD,BILL DISCOUNT & PROMISERY NOTES ERESPECTIVE OF DATE OF DEPOSIT AFTER APRIL 2014 TILL DATE THEY ACCEPTED THE SAME. OUR ADVOCATES ASK THE JUDGE TO DO JUSTICE THOSE DEPOSITED IN HM.
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Winding of Petition 143/2015. I have submitted to Chennai High court my FIXED DEPOSITS DETAILS TO REGISTAR AND OBTAIN ACKNOWLEDGEMENT. WHETHER IT WILL STANDS IN COURT. I have deposited after April 2014 and Received Interest up to Jan. 2015. Like me many Depositers deposited after April 2014 what about there fate. HM denied in the court NOT ACCEPTED ANY DEPOSITS AFTER APRIL 2014. KINDLY HELP US.
We have also invested after April 2014, and submitted the details to Madras High court, how can the court accept the denial of HM.....Helios and Matheson can not deny in the court and if the company has denied, then it seems that it is misguiding to the court too......If the company is ready to pay to the investors, why it has denied?????? What should be the future course of actions in this matter?? Mr Jain Pl advise us.....
As Company is denying @ Madras High court, i request all the investor, who have invested their hard core money after 1st April, 2014 kindly create a separate forum and by Law, Company is not liable to accept FDs after 31st March 2014, pl make a strong representation to Madras High court and to all concerned ministry and let ministry should know how Company is trying to be fool everyone.....to the govt, to the court and to all......
The primary question then arises 'why did you invest in not-legal, non-secure venture'?
Hi Everyone,This is a brilliant initiative by all involved, I have invested Rs 5 lacs in HM & my mother & aunt has invested 2 lacs each,Could somebody tell me where i can get a copy of the list of FD holders published by H&M
Dear Mr Jain,can you please share the feedback of the rejection/acceptance of the scheme??? Also requested to share the detailed FD list after 20th Dec 2015....
Mr. Alok Jain,Can we have an update on the colection of details of investors in Helios FD, Pronote and Bill discointing, how far is it completed and when will the consolidated final list be posted in the blogspot?
Thank You Alok Sir and his whole team for such a hard work and i am very sure you want let Hm go scotfree and make them pay for all fd holders hard earned money.
Can we have final updated list of fd depositor and what is the last date of submission of deta ???
Sh. Alok Jain sir,When we have to submit the List conists of FD HOLDERS, PROMISARY NOTES AND BILL DISCOUNTING TO THE LIQUIDATOR, Final consolidated list when will be ready and posted in blogspot.
What is the conservative payout ratio if liquidation process of Hm goes on as expected?
Hi, I received an email today (15th Feb 2016) from Mr. Vedanta Desikan about collecting a sum of Rs.500 towards some legal proceedings against M/s. H & M. I am not sure who all received the same email as the list seemed too small. Is this request, also to be published here in Legal Updates? - Srimathi Babu
Dear Madam,The email addressed by Vedanta Desikan is genuine. Kindly get in touch with him over the number listed on this website.Kind Regards,Alok N. Jain
Alokji, the FD holders list is not updated till date it shows upto 21st Dec, 2015Kindly inform others what is the status and what we are going to do......
I have also received the same
sh. R.Vedanta Desikan Garu I request You .kindly put what you have sent E mailto every one regarding to Publish in News papers and last date 20-02-2016. It is so that some one may not get email they can see oue website and many Investors get information. Please this is very urgent and important message.
Dear Sir,The email addressed by Vedanta Desikan is genuine. Kindly get in touch with him over the number listed on this website.Kind Regards,Alok N. Jain
Hello,Dear Sir,As per the latest trail of emails, I was informed that there is no need to publish the advertisement regarding the petition, since a Stay Order had been granted on it. I have already fund transferred some amount to the contact person's account (equal to Rs 500 X no. of depositors in HM). Please suggest what is to be done regarding the said amount that has already been transferred. Do you wish to keep it for any future expenses etc.? Thank you for your reply.
Dear Sir,I am not part of the money raising team. However, the funds are being accumulated towards group action in the Madras High Court. This will include any expenses for advertising the petition in the future, should Helios' appeal fail. If you still wish for a refund, you may contact the designated people in the team (Vedanta/Anita/Girmeji).Kind Regards,Alok N. Jain
Dear All,Click on this link to remove any confusion regarding fund raising.http://heliosandmathesoninvestorsunite.blogspot.in/2016/02/regarding-fund-raising.htmlKind Regards,Alok N. Jain
The list submitted by HM in the court mentions only about 6394 deposits.Our family is having total 16 unpaid deposits with HM, and the amount involved is Rs 28.79 Lacs. Two members of our family are super sr citizen (age above 90 yrs), almost bed-ridden since past two years. Out of these 16 deposits, only two (amount Rs 3.8 Lacs),appears in the list of 6394. Thus malafide intentions of the HM can be well gauged.After going thru the content of this site, today We have uploaded the data of our FDs. Would appreciate, if anyone can clarify the followings:-A) At what frequency the list of FDs is updated, and by what date we should crosscheck with the updated list to ensure inclusion of our FDs?B) WHEN THIS UPDATED LIST WILL BE PRESENTED TO THE COURT? c) To share the legal expenses, how the depositors have to pay the money (mode of acceptable payments)?Is maximum amount per person is Rs 2000/-,as of now, as upto 1% of the deposit amount creates confusion?We appreciate the untiring efforts of Sri Alok Jain, Sri Vedanta Desikan and many others to unite we all to fight against the injustice done by Ms HM.KIND REGARDS.R.P.Shukla
Dear Mr. Shukla,a) We are finalizing the list from our side by next week. Naturally, there is no way of updating the list at regular frequencies as many investors like you are only discovering our blog randomly. However now that we have collected a substantial amount of data, we are likely to find it easier to update the list monthly.b) The updated list will be presented to the Court (Division Bench of Madras High Court) when I file the intervention application. The appeal papers are only served on the petitioners, G. Williams and Mr. Sundaram and not on me as an intervenor. We are coordinating to obtain the appeal papers. Once we get them, I will file an intervention application and present the data collected.c) Right now no funds have been collected by me for legal expenses and am funding it out of my own pocket. However Mr. Vedanta Desikan is collecting funds Rs. 500 from each depositor which was originally meant towards meeting advertisement costs of the winding up order. Since H&M has appealed and obtained a stay against the winding up order, I am informed by Mr. Desikan that the sum collected has been parked for any future legal expenses which may be incurred by the group formed by him. The amount of 2000/- per person or 1% of deposit amount is currently not implemented yet.Hope this satisfies your queries. Also please get yourself inducted into one of the Whatsapp groups by contacting Mr. Desikan on the number provided on the contacts list of this blog. This will keep you in touch with other depositors.You should also know, in the interest of fairness, that some depositors have broken away from our group and are trying to raise funds for hiring independent lawyers to obtain approval for a scheme of repayment and are in talks with H&M. The same is headed by Mr. Errol and Mr. Mehta. Mr. Mehta's number is also listed on our contacts page. I am not endorsing any group as I really believe that we stand a better chance united. However Mr. Errol's group has taken an approach which does not involve any open discussion. Yet, I have not removed Mr. Rajnikant Mehta's contact details as I believe that everyone has a right to approach their own remedies and should be aware of what is transpiring. For the same reason, I will not remove any investor who wants to be part of both groups. However, my plea is simply to stay united rather than let H&M play "divide and rule".Kind Regards,Alok N. Jain
Dear Shri Alok Jain, Thanks for your quick response. The updated list of FDs (prepared by the group), which will be presented to the court, will be total list of FDs, void of list presented to the court by HM or otherwise? Would request to generate the list based on cities, as it will prove to be more user friendly. Thanks for your suggestion to join up the group thru Whatsapp, however could not do so having only basic phone, without internet access. As you are collectively taking up the case in the court on our behalf, will it not be fair for we all depositors to share the legal expenses? W e once again express our gratitude to you & your team. The job of a court is to adjudicate disputes, hear both sides, weigh the evidence, deliver a judgement in an efficient and timely manner and off course to administer its execution, if the judgement is not being complied with. Our case being straight forward, first two events being not applicable, I still have my own doubts, that we depositors will be getting our money within couple of months? We all know that tricks & tactics will be played in the court, thus causing judicial delays and mounting pendency plays. In fact it has become a safe mechanism for willful defaulters. This gives them enough time, room & leverage to create further financial anomaly cum irregularities with the funds + assets of the company.We only sincerely appeal to various groups to stand united, hold discussion to sort out the differences & pursue the single course of action, for the earliest resolution. As thousands of investors are trapped, perhaps there may be few, having expertise in legal system/ judiciary. We request them to come in the forefront, in joining the Movement.Kind Regards.R.P.Shukla
Sh. Alok. Jain Garu, Your Replied to Sh. R.P.Shukla is excellent. now every one knows that yourself and others intiated from begining and brought this stage . we handsup to you, sir, But inthis world DIVIDE AND RULE POLICY is existed we are unluckly traped, H&M. played all types of tricks to break our united investors formum , we know that other group led by Sh. Rajinikant Mehtas traped by H&M. it is bad luck.we are know that H&M repayment scheme and Deposited Money order given by Supreme court voilted the orders. we are united with you & Sh. Vedvant Desikan and we will come out this suitation shortly.
Dear Alok Jain, Sir, we have submitted a list of 61 depositors who proved to be a victim of this scam. The list was updated by Bakul Kamdar, however, the list of depositors was submitted in 2016. I'm Heer Vyas, one of them. It would be very kind of you if you update the list and please include us.
Dear Heer,Your name is in the list. The list will be updated soon. There is a group of investors who is taking undue benefit of the list and that is why we are not publishing the same until the intervention application has been filed.Kind Regards,Alok N. Jain
Thank you sir for such a quick response. I thank the team for taking initiative and working really hard over this issue. May we get its solution soon.
Would like to ADD my no. no.9167917503 in the GROUP - Helios and Matheson IT Ltd. Investors' Forum.RegardsLALITHA RAMACHANDRAN9167917503
Dear Sh. Alok Jain & Sh. R. Vedvanta Desikan Garu Like me many Investors need Clarifications about the Judgement OSP NO19/2016 &CMP NO2253/2016 Dated15th Feb.2016. Only three Petitioners will be benefited the Judgement for getting the Repayment. Oe Else Every one should Impound with them and get the Benefit. Kindly Clarify Urgently please.
The Winding up order passed by Madras High Court (MCH) has been stayed by a Division Bench of the same High court on an appeal by the company. The company had pleaded in its appeal that it could pay the three depositors who had brought in the winding up case, through the court and by doing so, the company would be discharged from its liability in respect of these three depositor litigants. It is easier for the company to pay three depositors than to pay all the depositors. There is a possibility that the company make payment to these depositors. If that happens, the company will be discharged from its liability in respect of these three litigant depositors who had filed the winding up petition. Once these three depositors are paid the winding up proceedings will become superfluous. As a result, the the winding up order and the stay order also will become superfluous and closed. In such a situation, what will be the position of the remaining depositors and other stakeholders.Can any one throw light on it? I
Dear Sir,Regret the delayed response as I have been busy. There is a real possibility of the 3 petitioners being paid off. The only way to fight it then is to file fresh winding up petitions on behalf of each individual. However there is a possibility that even an intervention application can survive even if the petitioners are paid off because once a winding up petition is admitted, the right in personam becomes a right in rem, i.e. every creditor gets a right to proceed against the assets of the company. Also if we convince the Court that by H&M's own admission over 50 cr needs to be paid off and that by paying off the petitioners the complaints against the company will not cease, the Court could allow the case to continue.We will try to ensure that we do not need to start the winding up procedure from scratch again. However it is up to the judges.Kind Regards,Alok N. Jain
Date 11-03-2016 Kind Attention to Sh. Alok Jain & Sh. R. Vedvanta Desikan Garu Sir , I request Both of u Kindly clarify my queries, similar also raised by Our LOCAL CONTACT PERSON Sh. PA.VENKATARAMAN, IN HYDERABAD MANY INVESTORS ARE PANIC ABOUT THE JUDGEMENT OF TWO SITING JUDGES ON 15 TH FEB.2016. I HOPE BOTH OF U UNDERSTAND THE PROBLEM KIND REGARDSV.JAYASURYA
Who are these 3?
PLEASE SEE UNDER LEGAL PAGE QSA19/2016 & CMP2253/2016 TWO SITTING JUDGES DELIVERED ON 15 TH FEB.2016.
Hello Mr. Alok Jain,Thank you for your regular updates and the latest developments on H&M issue. May I ask what further steps are planned regarding this case in the coming days? Thank you for your kind reply. Regards.
Dear Mr. Niranjan,There are no further updates as of now. Helios and Matheson has filed the appeal in Madras High Court. We are awaiting papers and hearing date. As I am not a direct party to the case, I have not yet been served the papers or notified of the hearing date. Once I am notified, we intend to file an intervention application and defend the matter. We will ask for fraud investigation to be permitted to continue while the case is going on and at the same time try and see if the Company is serious in agreeing to a scheme of repayment.Kind Regards,Alok N. Jain
DEAR ALOKSAHEB. I WANT TO KNOW ABOUT DIVISION BENCH NO. OF HIGHCORT TO ENABLE ME TO FURTHER PROCEDURE BY ME ON BEHALF OF SMALL INVESTORS.I REQUEST TO PLEASE KINDLY PROVIDE ME THIS INFORMATION.HITEN SAMPAT MO. NO.9426849537
Dear Mr. Hiten,You can check the legal updates section of the blog for the same. The case no. is OSA 19/2016 and CMP 2253/2016.Kind Regards,Alok N. Jain
Dear Sh. Alok Jain & Sh. R. vedvanta Desikan Garu, We all Investors eagerly awating the what happened 18th March.2016 in Madras High court about Three petitioners case. Kindly inform at the Earliest. with thanks V.JAYASURYA
Dear Sir,There was no hearing scheduled on 18/03/2016. There is confusion among all of you as the hearing date of 18.03.2016 was with respect to the winding up order by the single judge. Helios has appealed against that order and therefore no hearing was scheduled on 18.03.2016 to our limited knowledge.Kind Regards,Alok N. Jain
Dear Alok Sir,Has the Company received any stay order against winding up order????Pl brief us..... KM Trivedi
Dear Mr. Trivedi,The company has appealed and obtained a stay order in February itself. It is in the Legal Updates section of this blog with title Hearing Update - 15/02/2016 under OSA 19/2016 and CMP 2253/2016.Request you to please go through the contents of the blog carefully next time.Kind Regards,Alok N. Jain
Dear Sh. Alok Jain Garu , Firstof all we thank to You And Your Team doing wonderfull Job. since inception of Investors formum. we all Investors anxious and confusion what happened 18th March.2016. Finally You have clarified the same. May we request You. to get information it took more than 10days time. now when will be next hearing, about Main case. with Thanks Regards V.JAYASURYA
Dear Sh. R. vedvanta Desikan Garu, Sir , we are not geting any update about the how many Investors are paid Rs500/ so that we all know thatstill how many investors are still to pay.Kindly put in general Formum. Please. Regards V.JAYASURYA
Dear Sir,Please contact Mr. Desikan in this regard on the number provided in the Contact Us page as I am not involved in the same.Kind Regards,Alok N. Jain
Dear Sh. Alok Jain Garu Who are contact person in Chennai Except Sh. P. Venkataraman & your self in south India. If You could have identify some one in Chennai, we get court update information will get shortet time. I hope You understand the feelings of Investors. Kind Regards V.JAYASURYA
Dear Sir,Court hearing dates are not notified to us beforehand unless specified in the previous hearing. Since there has been no date mentioned in the previous order, you have to check cause list on Madras High Court website everyday to see when the next hearing will take place. There are no updates because there has been no hearing. So how can I update you?Kind Regards,Alok N. Jain
Can someone tell us when is the next date of hearing inOSA 19/2016 and CMP 2253/2016? What action to be taken?
Dear Sir,Please check the cause list of the Madras High Court everyday to see when the next date of hearing will be. There is no date fixed as of yet.Kind Regards,Alok N. Jain
Date 04-04-2016 Dear Sh. Alok Jain Garu, My sugestion If You could identify a person in Chennai, to co-ordinate affiars in High Court Except for south India only Yourself and Sh. P. Venkatraman stays at Hyderabad. If a person identify in Chennai, since Cause List and other Court Deals in Madrsa Court. Kind Regards V.JAYASURYA
Dear Sh. Alok Jain & Sh. R. Vedvanta Desikan Garu, It seems that,The now Helios case is Under grip of Helios and Investors are spectors in hands of Madrsa High court Judges, This shows Investors where to go and whom to complaint. For case In Andhra Pradesh Agri Gold State govt active involved and helping the Deposters and investors throughout state assoicatios are formed and dharna . Sir can we give representation to Tamil Nadiu Govt and GONERNOR TO HELP IN THIS CASE. IF My sugestions are not good kindly help us Both of you brought this stage now where Investors get JUSTICE. KINDLY SUGEST US
Dear Sri Desikan,What is the next action to be taken now from our side?
Dear Sir,Please get added to the Whatsapp group to address any queries to Mr. Desikan. His number is 9820505328.Kind Regards,Alok N. Jain
Date 14-04-2016 Dear Sh. R. Vedvanta Desikan Garu, I have sent many Quiresin General forum none of them you have not replied, At Hyderabad with Guidence of Sh. PA Venkatraman Garu , Whom your self & Sh. Alok Jain Identified in SOUTH INDIA CONTACT PERSON. What is Next course of action? Kindly give Guidence and help Investors, Canot Exposure in Media about Delay in Justice, Now Supreme Court also serious about This type of Companies, Sir, My request kindly think all posible aspects to get Favourable Justice to Investors Kind Regards V.JAYASURYA
Dear Sir,Please get in touch with Mr. Desikan on 9820505328 if you have any queries because he is not managing the blog. As mentioned before, you can check status of case on the website of the Madras HC everyday and don't need to contact anyone for case status.We do not expect any update until June as there has been no date fixed for the hearing and the Madras High Court is on vacation for full May.Kind Regards,Alok N. Jain
No updates from last month.??
Dear Mr. Shah,There has been no hearing and therefore no developments. Therefore there have been no updates. As and when the hearing takes place we will put up updates.We do not expect a hearing within this month and Madras HC goes on holidays next month. So in June we expect the next hearing.Kind Regards,Alok N. Jain
Date 21-04-2016 Dear Sh. Alok Jain & Sh. R. Vedvanta Desikan Garu. One of FD investor From Mumbai sent the deatils of Helios and Matheson along with 5 other companies Cheated the Investors. I request kindly see Foundation @ Money life.in and WWW. MONEYLIFE.IN. They got Information under RTI AND OTHER INFORMATION UNDER SURVEY .COMPANY FIXED DEPOSITS(FD) DEFAULTS. Kind Regards
Date 30-04-2016 Dear Sh. Alok Jaain Garu & Sh. R. Vedvanta Desikan Garu I have sent Registered Letter ACK. DUE TO the Company Address, ie, NO.9, ADWAVE TOWERS,SOUTH BOAG ROAD,T.NAGAR,CHENNAI.600017. UNDELIVEREDADDRESS LEFT. I REQUEST YOU. GIVE THEIR LATEST ADDRESS WITH LAND LINE NUMBERS. Kind regards V.JAYASURYA
Date 02-05-2016 Dear All Now the company address as mention in our Blog Spot in Contact address ie No 9, Adwave towers, T.NAGAR CHENNAI 600017 IS CLOSED IE DOOE LOCKED POSTAL LETTERS RETURN STATING THAT WITH OUT INFORMATION TO POSTAL AUTHORITIES NEW ADDRESS IS NOT GIVEN. IF ANY KNOWS KINDLY PUT IN THIS BLOG SPOT. KIND REGARDS V.JAYASURYA HYDERABAD.
Dear Sir, I have got 3 nos. of cheque each of Rs.25,000/-principal amt+ Rs.10,770/-interest on it for Aug'15, sept.'15 & Dec'15.When deposited on due date but all were returned by bank as "refer to drawer".Pl. advise what to do since they are neither replying nor accepting any letters.Rashmika Vakharia,Ahmedabad
Date 19-05-2016 Dear All, we Formed FIXED DEPOSITERS HOLDERS WELFARE ASSOCIATION ,HYDERABAD. ON 19TH MAY 2016. TOFILE A CASE WINDING UP PETITION BEFORE CHENNAI HIGH COURT IN JUNE 2016. FURTHER DETAILS CONTACT V.JAYASURYA 9885069684 & P.A.VENKATRAMAN.9393987887 KIND REGARDS V.JAYASURYA
Have they filed the case in chennai court? Did their hearing took place?
Dear Sir,Hyderabad Association has not yet filed petition to my knowledge but are close to filing one. Lot of other individuals have filed. About 30 petitions are pending against Helios.Kind Regards,Alok N. Jain
Has the stay on liquidation of Hm been lifted?
Dear Sir,Stay has not been lifted. Appeal has been filed by Helios and case is continuing. You can check the latest update on the site.Kind Regards,Alok N. Jain
Mr Vedanta Desikan has quoted in the HM FDGroup as below: " Update by Alok - 'I have spoken to both Venkat and HSB as well as Vedanta. The original winding up petition which was ruled in our favor was further moved by Venkat for procedural start of winding up. However the judge noted that the Appeal Court had stayed the winding up. Venkat argued that the stay was not against winding up but against SFIO action. Judge asked Venkat to appear before Appeal Court and either vacate stay or seek clarification that stay is not against winding up. Venkat intends to do so soon. We will get to know the date of hearing of appeal and vacation of stay once Venkat moves the Appeal Court. The original petition will be heard next on July 14 but that hearing is of no use and will be postponed if stay is not vacated before that.'" Alokji pl confirm/admit or reject;so that investors know the correct status of case.
Dear Sir,The above is confirmed. Further new update has been put up.Kind Regards,Alok N. Jain
hi, plz post update on the case to this website forum or email update to the investors.. we dont have any update on the case from past 9 months.. plz do share
the way things are going i think all of us have to forget their hard earned money.maximum thing that we could do is to curse the helios promoters to go to hell. It is a tragedy that the judiciary seems to be not pro active as they are in other cases. After all we are all senior citizens of this country destined to die any moment?!Why not we move TIMES NOW OR NEWSEX to take up our sorry state of affairs
Dear Sir,I agree. Please take up the responsibility and approach all media houses. We have tried and failed to pique their interest. But you should try. Maybe it will work. After all it is your hard earned money. Why wait for someone else to act on your behalf?Kind Regards,Alok N. Jain
Sahara group people were to some extent successful because of active judiciary and efforts of MEDIA.Similaely we should approach Media like Indian Express, TIMES NOW, NEWSEX etc
Dear Mr. Shah,There had been no development in the case and hence there was no update. Now there has been a development so the update has been put up.Kind Regards,Alok N. Jain
Dear Sri Alok Jain/ Sri DesikanTwo deposits of mine in H&M , the details of which have been updated & sent. Kindly confirm the inclusion of my name in the list . The necessary fees as informed by mail by Mr. Desikan to me has been transferred on line for my both deposits. My mobile no 8056101774 may kindly be included in Whats App group & advise me pl.Thanks & kind regards D. Nagarajan & D. N. Suseela
File complaint on newly launched website of RBI .. http://sachet.rbi.org.in
Dear Sh. AlokJain Ji/Sh. R. Vedavanta deskin Ji Kindly inform the status for the cases OSA19/2016 & CMP2253/2016. we are wating the out come. Pl. inform next day after court hearing. your silence get anxous the news to Investprs.
Dear Sir,Updates are made as and when we can. We have our work to attend to as well. Kindly understand that. Further on Whatsapp all updates are made immediately. Updating on website takes time. So be patient please.Kind Regards,Alok N. Jain
In the context of 22/9/2016 hearing what are the chances of court ordering to keep on hold merger of Hm Usa based subsidiary?
Any updates on Hm affidavit?
Thank you Mr Alok Jain for the update. In the event of HM disbursing the amount after Court's approval, what remedy is available to the depositors, whose amounts of deposits are wrongly stated in the list submitted to the Court (as in our case, our Rs. 1 lac deposit which is unpaid FDNo. CDB 045004 for Rs.1 lac matured on 31.7. 2014 is not shown . Instead another FD No:CDB 009537 for Rs. 25000 matured on 7.7.2014 procedds of which was paid to us has been wrongly shown under Serial No:4997 in the list of depositors submitted to Chennai High Court on 21.8.2015 ) OR for those whose names are omitted.We had earlier informed to the court Registrar General vide speed post on 5.9.2015 and on 22.6.2015 also in our objection to the Company's application No.561/2015 in CP 143 of 2015 hearing date 13.7.2015. The Company has also been notified on this discrepancy on 22.6..2015, 20.7.2015, 27.8.2015. Please advise.
Dear Sir,In such an event I would advise filing an intervention petition for including your name in the list of depositors.However, we should await the order passed in the appeal court.Kind RegardsAlok N. Jain
Dear Sir, As per the affidavit given by the Hm there whole point for repayment is their USA based subsidiary.As per them the market cap of the company is 25 million USD.So can we ask the HM promoter to pledge their holding and make the outstanding payments in the next hearing?
Dear Nikunj ji,We can do so but it will be of no use. HM can argue to say that pledging the promoter holding will result in violation of SEC or that it will cause difficulties in the performance of their deal with Zone Technologies, etc.Kind Regards,Alok N. Jain
HAS ANYONE IN THE PAST TRIED TO SUE THIS COMPANY UNDER SECTION 138?
Frankly Sir, This thought never came to my mind.If we can, how do we proceed ?
Respected Alokji, But the company if not pressurized will never pay us the money.can we ask the court to put stay on hm deal with zone technology? There are many promoters in India who have pledged 90% of there holding. Lastly as per the affidavit the promoter wants to pay the money then he has to find ways of doing it fast. As per what the promotor says that he will payback everyone by 2018 end is it with intrest?
I have following FDs not paid yet, can anyone suggest what to do? can you please add my number in whatsapp group 009665003690131) TDR No: CDB030786, 1Lakh, 5/12/2012 Mat: Date: 05-Dec-20152) TDR no. CDB030787, 1 Lakh, 5/12/2012 Mat: Date: 05-Dec-2015 RegardsKrushna Gohil
Can anyone update me about the last court hearing, please? Sorry I am not in whatsapp group..
My mother has invested around 5.5 lkhs in this company..and till date she has not taken any steps not made any sort of complain even.. As she is senior citizen. I am unaware about the whole issue.. Can any one please guide.. My mobile/whats app num. Is 9227218486... Manish Desai
Dear Friends,I too have written mails to them, no reply.I have Rs.1,00,000 fd and have major operation done.Dont know how or what to do.I would like to join in fight and let me know steps to be taken.Hiten Mehta9769760002mehta.email@example.com
Recently in Pacl case Seb8 has assured that all foreign assets of the company will be sold and paid to the investors. Can it be of help to us as Hm only has investments abroad only.
What is "Pacl case Seb8" please?