THRISSUR: In the wake of the RBI notice, Manappuram Agro Farms has stopped accepting public deposits with immediate effect.In a statement issued on Wednesday, Manappuram Agro Farms proprietor V P Nandakumar said that from now onwards Manappuram Agro Farms will not share any resources with Manappuram Finance Limited other than the administrative support required to repay the public deposits collected through it. He pointed out that the Manappuram Agro Farms accepted public deposits in good faith, believing that there was no violation of the Reserve Bank of India (RBI) Act of 1934. “As on January 31, 2012, Manappuram Agro Farms had a total liability, including public deposits, of `140 crore. With the RBI stating that acceptance of deposits by the firm is non-compliant with current regulations, Manappuram Agro Farms has stopped accepting public deposits with immediate effect,” the statement said.Manappuram Agro Farms has undertaken to repay all outstanding deposits at the earliest possible, in any event, as and when the deposits mature, or prematurely, at the request of the depositors. It has stopped accepting any fresh deposits or renewal of matured deposits.
Comments
0 comment