Chit fund depositors money: Calcutta HC directs committee to refund Vibgyor Group investors

The Calcutta High Court on Friday directed a one-man committee appointed by it to disburse in terms of a scheme as expeditiously as possible in connection with the return of depositors' money of chit fund company Vibgyor Group. 

The court allowed the proposed scheme for disbursement of up to Rs 5,000 through Justice (retd) SP Talukdar Committee to the depositors. 

The division bench comprising justices Joymalya Bagchi and Jay Sengupta directed that it is open to depositors who are extremely ill to make prayers before the committee for getting precedence in receiving the payments and the committee will take an appropriate decision after hearing all parties concerned. 

The lawyer for the Vibgyor Group submitted the terms of the proposed scheme, to which the counsel for the depositors agreed. 

The depositors' lawyer submitted that the scheme may be approved and the committee be directed to disburse payments immediately. 

The counsel appearing for the state submitted that the West Bengal government does not have any objection to the proposed scheme. 

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The committee was appointed by the high court in December 2015 for implementing a process to create a corpus by selling properties, both movable and immovable, of the chit fund companies and its directors by public auction and frame a proper scheme for paying the amounts due to the investors.