History of Events

  • 1991 - Express Financial Exchange Pvt. Ltd. founded
  • 1995 - Goes public and becomes Express Financial Exchange Ltd.
  • 1999 - Changes name to Helios and Matheson Information Technology Ltd. Commences accepting Fixed Deposits from public
  • 2005 - H&M investigated into for financial irregularities
  • 2010 - H&M declares 55 cr profit and 15% dividend
  • 2011 - H&M declares 59 cr profit and 15% dividend
  • 2012 - H&M declares 74 cr profit and 15% dividend
  • Feb 2013 - CRISIL gives highest rating to H&M of 5/5
  • Aug 2013 - Central Govt. announces new law Companies Act, 2013 relating to governance of companies and new rules for acceptance of Fixed Deposits by such companies in order to protect investors. As per the new law before accepting/renewing deposits from the public the companies must comply with certain conditions including obtaining minimum credit ratings. With respect to already accepted deposits, the companies must repay the same along with interest within 1 year of the commencement of the new law or as and when the deposit becomes due provided the companies comply with the provisions of the new law.
  • Sep 2013 - H&M declares 77 cr profit and 50% dividend
  • Apr 2014 - Companies Act 2013 notified. H&M barred from accepting / renewing deposits from the public as H&M does not comply with requirements of law. However H&M continues to accept / renew deposits.
  • Jun 2014 - H&M starts partially defaulting in repayment of fixed deposits and interest amounts thereon. Post dated cheques bounce.
  • Sep 2014 - CRISIL downgrades H&M credit rating to 2/5
  • Dec 2014 - H&M completely stops repayment of fixed deposits and interest amounts thereon. Post dated cheques bounce.
  • Jan 2015 - Investors begin legal proceedings in various cities.
  • Feb 2015 - Investors file complaints with Company Law Board, Chennai under the Companies Act.
  • Feb 2015 - Investors file FIRs with Economic Offences Wing, Chennai under Tamil Nadu Protection of Interests of Depositors Act, 1997.
  • Mar 2015 - H&M moves application before Company Law Board for extension of time in repayment of fixed deposits.
  • Apr 2015 - Winding Up Petitions filed by few investors in Madras High Court under the Companies Act.
  • Apr 2015 - EOW, Chennai arrests key officials of H&M
  • Jun 2015 - H&M obtains temporary order from Madras High Court in Winding Up Petition which permits temporary freedom to key officials. As ordered by Madras High Court H&M presents a scheme for repayment.
  • Jul 2015 - H&M challenges EOW action by filing Writ Petition in Madras High Court
  • Aug 2015 - Madras High Court dismisses H&M Writ Petition and deems EOW action valid. H&M appeals. Loses appeal.
  • Sep 2015 - H&M appeals to Supreme Court and obtains temporary order restraining EOW action subject to H&M depositing 10 crores as security before Madras High Court by Oct 2015 and further 38 crores by Oct 2016.
  • Oct 2015 - H&M fails to comply with Supreme Court order and does not deposit 10 crores. Supreme Court dismisses H&M's appeal.
  • Nov 2015 - BSE issues notice to delist H&M for non-compliance of Clause 41 of Listing Agreement.
  • Jan 2016 - Madras High Court issues winding up order against H&M.
  • Feb 2016 - H&M files appeal against winding up order.