Properties of many emu farms to be attached
Posted on: 17/Aug/2013 12:35:18 PM
Home Department of the Tamil Nadu State Government has ordered to attach the properties of many emu farms that had defaulted on repayment of public deposits. An important step in a long winding legal process under which the assets would be liquidated to repay the deposits, the State government move is likely to keep the hopes of depositors alive. The government has invoked the provisions of its special law on protection of investors for the action. The properties attached included emu birds as in the case of Suthi Emu Farms. According to a GO, 220 emu birds of the company, whose total value is Rs.6.60 lakh (at the rate of Rs.60 per kg), were attached. These would be disposed of by the Competent Authority, Erode.
The attached properties of other companies, including Subasree Emu Farms and G1 Emu’s Zone India Pvt Ltd range from vehicles, immovable properties, air-conditioners and office furniture.
