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Mylapore Hindu Permanent Fund secretary tells depositors ‘do not panic’. ‘Outstanding payment of Rs.5 crores will be released by the Fund in two months.’

Wednesday, April 10, 2024 – 1 Comment

Mylapore Hindu Permanent Fund says that in ‘unforeseen circumstances, there was a sudden foreclosure by the majority of the depositors and that unanticipated move resulted in a temporary financial constraint to the Nidhi Fund’.
This was shared with Mylapore Times in an e-mail signed by Ravichandran, secretary of the Fund, in response to queries mailed to the Fund by this newspaper a fortnight ago.
Ravichandran says that ‘the foreclosures led to chaos and panic among the depositor members and that despite the complication, the Nidhi Fund ensured the clearance of almost Rs.35 crores within three months for the sudden foreclosure and maturity of fixed deposit.’
The secretary says in the note that ‘the outstanding payment of Rs.5 crores will be released by the Nidhi Fund within the next two months.’

‘We would also like to assure the depositor members that all possible steps have been initiated to clear the outstanding balance at the earliest and request them not to panic, ‘ the mailed statement states.

The statement goes on – It is also clarified that the managing director’s inclination towards contesting the elections in 2024 has no bearing or relevance to the instant issue in hand and that he is working on an honorary basis and does not hold a salaried position.

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