Cuttack: In a move likely to bring relief to the small investors duped by chit fund companies, the Orissa High Court today directed two major chit fund firms Seashore and Rose Valley Group to identify the investors and refund their money.
The High Court has given two months time to the firms to complete all the formalities and return the money of the depositors.
The decision of the High Court came after hearing the petitions filed by Kendrapara's Surendra Acharya and 12 others.
HC Justice Sanjay Mishra during the hearing also asked the firms to include the non-petitioners in the process who have invested even smaller amounts.
According to reports, the state government had earlier announced a corpus fund of Rs 300 crore for the chit-fund depositors on October 20, 2014. Alleging limitation of corpus fund grant only in paper works and that the fund remained dysfunctional and unutilised, a petition was filed in the HC.
Mishra also directed to utilise the said corpus fund and auction seized property of the companies to refund the money of the depositors.