Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2018        Go!    
 
 
August 18, Saturday 2018 6:54 AM       

       HEADLINES: Rescue operations intensified, more to be shifted to relief camps                                              Red alert declared in 13 districts except Kasargod, chances of heavy rains                                              Modi to visit state to take stock of flood situation                                              250 boats, 23 helicopters added for rescue operations; situation under control: CM                                              Stranded people will be rescued by today itself, 164 dead: CM                                              SC directs reducing water level at Mullaperiyar dam by three feet                                              Godavari river in spate in AP/Telangana                                              'Bharat Ratna' Atal Bihari Vajpayee cremated with state honour                                              US newsrooms to Trump: We're not enemies of the people                                              Imran Khan elected as Pakistan's new prime minister                                              I'm not out there to prove anything, asserts Sushil                                              Kaumudi Facebook
       BUSINESS Next Article: Municipalities may raise Rs 6,000 cr from bonds by FY20  
       Taking steps to clear dues of customers: Nathella
 
         Posted on :21:21:09 Nov 29, 2017
   
A A
       Last edited on:21:21:09 Nov 29, 2017
         Tags: Taking steps to clear dues of customers: Nath
 
CHENNAI: Noted jeweller Nathella Sampath Jewelry, which has shut its outlets here citing cash crunch, today said it has taken steps to mitigate the crisis and planned to repay dues to subscribers of gold savings schemes by March next year.
 
The company in a statement said it has informed top officials of the Economic Offences Wing police here about the steps taken to tide over the problem.
 
Last month, some customers alleged that the jewelry had defrauded them of their deposits made in monthly instalments for purchase of gold jewels.
 
Police complaints were lodged by some customers following which the firm closed its operations at all eight branches in and around the city.
 
The firm had then itself assured customers that it was taking all steps to meet its commitments and sought "sufficient time" to clear the dues.
 
The retailer has assured customers that it was taking all steps to meet the committments.
 
Stating that it enjoyed the "unwavering trust" and 'confidence' from the public built over seven decades, the company said, the promoters were committed to living up to the trust and confidence reposed on them over the years.
 
It said the management was extremely disturbed and never had the intention to non-repay the subscribers and claimed the situation was forced upon them due to factors like "business set backs."
 
Banking operations were adversely affected so much that the bankers chose to recall the "working capital facilities" from June this year which led the company's operations to a "grinding halt", it said, adding all the cash flows had cascading effect on the savings schemes.
 
The promoters were making "all out efforts" to liquidate their assets and were hopeful of coming out with a time bound programme for repayment in three-four weeks.
 
The management said the repayment to customers having saving schemes would be settled through bank transfers and the company would inform them once the payment was made.
A A
       BUSINESS
Next Article: Municipalities may raise Rs 6,000 cr from bonds by FY20
 
 
BUSINESS HEADLINES
Sensex surges 284 pts, Nifty hits new high  
Gold eases, silver recovers on subdued demand  
Comfortable forex reserves to deal with undue Re volatility: Jaitley  
Positive growth in steel sector, trend to continue: Tata Steel  
Global Indian Solutions to address $900B NRI assets market in India  
DLF to offer only completed flats; to remove delivery uncertainty  
Adani walks away with gas rights for 21 cities; BPCL bags 11 cities  
India Cements Q1 net profits slips to Rs 21.03 cr  
Microsoft boss Nadella rakes in USD 35 million in share sale  
Odisha likely to put up 18 mines for auction this year: Mukim  
Erdogan says Turkey 'won't lose economic war' after lira crash  
Odisha likely to put up 18 mines for auction this year: Mukim  
US dollar ends sharply higher against rupee  
"Ligne Roset" is all set to cover North Indian market through India's premium furniture brand IOTA  
JP Morgan-CIIE to set up Financial Inclusion Lab  
Adani Power net loss widens to Rs 825 cr in Apr-Jun qtr  
Ola to launch its UK operations with ride-sharing offerings in South Wales, Greater Manchester  
Indra Nooyi to step down as PepsiCo CEO  
Paper Industry aims to rectify misconceptions about paper usage  
Sensex hits record high, Nifty breaches 11,400 mark  
GST slabs may reduce to 3 in long-term: Sanjeev Sanyal  
Lankan govenment reworking MoU on airport deal with India  
Indian carriers need $50 bn to buy planes over 10 yrs: Report  
GST slabs may reduce to three in long-term: Sanjeev Sanyal  
Goibibo now enables users to login via WhatsApp  
 
Do you think Indian Army should take up rescue operation independently?
yes
 
no
 
no opinion
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy