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RBF assets set to go under the hammer

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The has decided to sell assets worth Rs 35 crore of (RBF Nidhi Ltd), a non-banking finance company which went under due to mismanagement of funds in 1999.

RBF had defaulted in paying about Rs 454 crore to 1.92 lakh depositors in 1999, following which about 20,000 depositors lodged police complaints against the company seeking immediate refund. However, only around Rs 150 crore has been settled so far. About 50,000 people, whose deposits were less than Rs 5,000, got the full amount.

The total outstanding of 266 borrowers was Rs 490.84 crore, including the loan amount of Rs 282.08 crore and the interest of Rs 208.76 crore. There were 1,82,183 depositors.

Earlier, RBF Depositors Welfare Association said that around 35,000 depositors were no longer alive and the amount would go to their nominees.

The recent Madras High Court’s direction came as good news for the depositors.

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