Chennai Port Trust moves Madras HC to 'trace and return' its Rs 100 crore

Chennai Port Trust moves Madras HC to 'trace and return' its Rs 100 crore

Justice R Mahadevan, before whom the writ petition came up for hearing, directed the petitioner to implead the necessary parties as respondents and adjourned the matter.

Published: 03rd June 2021 11:00 PM

Madras High Court (File Photo| PTI)

By PTI

CHENNAI: The Chennai Port Trust on Thursday moved the Madras High Court for a direction to the Indian Bank to trace and return Rs 107.16 crore it had deposited with its various branches in the city between March and May 2020.

Justice R Mahadevan, before whom the writ petition came up for hearing, directed the petitioner to implead the necessary parties as respondents and adjourned the matter.

The petition d prayed for a direction to the Indian Bank to pay Rs 107.16 crore within a time frame to be fixed by the court.

Of this, Rs 100.57 crore was the principal amount deposited by the CPT in fixed deposits at various branches of the bank in the city in the months of March, April and May 2020 and Rs 6.59 crore was the interest accrued thereon, on maturity.

The petition, after alleging fraudulent activities, unauthorised transfer of the funds and impersonation, said that the bank had not hitherto agreed to return the entire sum and had incorrectly linked the repayment to the investigation pending before the CBI on the issue.