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Thread: Integrated Finance Company Limited

  1. #1
    Unregistered Guest

    Default Integrated Finance Company Limited

    A leading Malayalam daily Wednesday said it was not linked "legally or morally" to a finance company that has gone bust.

    Malayala Manorama editor and managing director Mammen Mathew said in an e-mail to IANS that it was unfortunate that a section of the Kerala media was wrongly portraying the failed company, Integrated Finance Company Limited (IFCL), as a Malayala Manorama company.

    "Malayala Manorama has no role, involvement in the policy decisions or in the day-to-day management of the Integrated Finance Company Limited. Referring to Integrated Finance Company Limited as a Malayala Manorama Company is wrong. The insinuation that it is a Malayala Manorama Company is totally baseless," Mathew said.

    "It is very unfortunate that a small section of the media in Kerala is wrongly
    portraying Integrated Finance Company Limited as a Malayala Manorama
    company. Malayala Manorama is not in any way connected with the
    management of Integrated Finance Company Limited," Mathew added.

    The Chennai headquartered IFCL has 15 of its 18 branches in Thiruvalla, Pathanamthitta and Kottayam districts of Kerala, where it is believed to hold deposits and bonds of Rs.2 billion.

    Things started going wrong for IFCL a month back when depositors could not withdraw their money.

    Instead, depositors got a letter from IFCL stating the company had applied to the Madras High Court for restructuring as falling interest rates had forced it to rework its operations.

    The letter said the company had deposits of Rs.300 million and had issued bonds worth Rs.950 million.

    The company said it will repay those who have deposits of up to Rs.20,000 and that the others would have to wait till the restructuring is complete.

    "In view of certain practical and legal difficulties and to bring an overall settlement of all our clients, we have approached the Madras High Court with a scheme of arrangement and compromise with our clients. We would discuss this with them on the 10th of this month," the letter said.

    Many depositors have gone on record to say they invested with IFCL because its advertisements stated the company had the backing of Malayala Manorama, MRF Tyres and OEN Connectors (a private limited company).

  2. #2
    george_philip99@yahoo.com Guest

    Default Investment in Integrated Finance Company

    I regret to inform you that my hard earned money from Saudi Arabia had been invested to Integrated Finace Alleppey Brach with a promise from the Branch Manager shown the advt. that this company is a sister concern of Malayala Manorama, OEN and MRF. As an idet I belived their words and pictures of the advt. and invested a total of Rs.7,00,000/ in it. As a result, still I am suffering my life in Saudi. The investement period is over and this amout is gone in the wind. What honesty Manorama Management had?

    What I understand is that 99.9% of the investers belived that this company is a sister concern of Manorama with solid written advertisement proof. Justice K. G. Balakrishnan, the most honerable Justice may also made a lot of money out of that deal, by delaying and to give wrong judgement.

    One thing everyone want to remember, this is not the end of life. You MUST get the reward from the Almighty GOD, my dear. whoever it is, we are still keep on praying for that. The caurse will come to your Head, and you will see it with your eyes.

    Thanks
    Philip George

  3. #3
    kunnathcyril is offline Junior Member
    Join Date
    Jul 2011
    Posts
    1

    Default

    iam writing this complaint on behalf of my father. he had invested all the money he earned for a life time in integrated finance company limited. the manager of kanjirapally branch mr. r raju was my father's friend. he exploited the friendship to the maximum. i've seen my father's crying face many a times. this money was kept for the construction of a new house and my sister's marriage.
    we all will be very much grateful if atleast half the money is returned to everyone. god bless you
    yours sincerely
    cyril j kunnath

  4. #4
    Unregistered Guest

    Default integrated finance company ltd and others

    4th October 2011

    Sir,
    Integrated Finance Company Ltd collected huge amount from the investors and issued bonds promising them an interest of 14 to 15 %. When the bonds were about to mature, the Company approached the Madras High Court with a request for restructuring the Bonds and converting it into shares.
    Any attempt to contact the Managing Director generally fails with the staff saying that the MD is Out of Station. The MD, Sri George Kuruvilla, is a Keralite with BIG connections with organizations like Malayala Manorama group of news papers, Harrison Malayalam. The investors were made to believe that the company was owned by Malayala Manorama. Now the Company has shifted from original location to a new one without informing the investor. Registered letters to the company are returned marked as “addee not found”. Even the telephone/mobile of the MD is not attended. The company does not give any other solution except converting the bonds into shares. The bond holders opposed the move because once converted, these shares will not have any value.
    The Case is dragging on in the Supreme Court and has entered seventh Year without any relief to the poor investor. Probably the company must be managing to get the ruling postponed by some means. Many of the investors are retired without pension and depend on the monthly interest for their daily expenses.
    It is true all those who invested in the above private company are to be totally blamed. But the manner in which the Company approached the High Court of Chennai indicates that the company is playing with the loop holes in the law to escape payment to the poor depositors.
    We feel that there is an urgent need for a legislation giving free hands to the police to attach the Property of the Managing Director and other Directors till the Capital invested is returned to the investors. The property in the name of wife and children must also be attached. Stock exchanges, market regulators, registration departments, must also be made equally responsible.
    Investors should form a forum to get the above similar strong legislation in place so that business houses do not play such cruel games on them at least in future.
    Thanking you
    Nandanan S Nair

  5. #5
    achankunjukallooppara Guest

    Default Cheating By Integrated Finance Company Ltd; Chennai.

    As you all know, the class of Depositors and Bond holders in IFCL comprise of mostly old persons, retired persons, widows, medical cases, people who have deposited a major portion of their savings for the purpose of education, marriage etc of their children, people who lost their job and returned from abroad and many others who were totally dependent on the returns from these Deposits and Bonds for their sustenance.
    A total of about 22 thousand creditors are waiting for their fate to be decided and any further delay in the disposal of the matter will have to be viewed as a denial of justice, as far as the creditors are concerned.

    The information and details of people involved in black money, from companies like MRF, Manorama Etc; who were promoters of Integrated Finance Company Limited are being revealed through media and the common man is in no doubt as to where these money has come from, but the inaction and inertia of the Authorities concerned are a boon to such companies and a curse to the innocent investor.
    The Scheme formulated by IFCL is only an attempt to secure financial and legal immunity and deprive the depositors and bond holders of their genuine rights. A major portion of the sums collected from the public was used for the modernization of Malayala Manorama and MRF and other beneficiaries in the group, even though they have now gone out of the picture. IFCL has floated a number of subsidiaries and it is necessary to investigate if any monies belonging to the depositors and bond holders have been diverted into such entities.
    An investigation into the malpractices involving diversion, concealment and misappropriation of such large amounts is the only way to bring the culprits before the law and to render justice and thereby safeguard the interests of the thousands of hapless, innocent Depositors and Bond Holders who have invested their hard earned money in Integrated Finance Company Limited.
    In the light of the above facts and circumstances, RBI must take all necessary actions for the speedy disposal of the matter without any further delay.

    Achankunju Kallooppara.

  6. #6
    Unregistered Guest

    Default Cheating by manorama and integrated

    Manorama and integrated has jointly cheated thousands of small investors and using part of
    that money to bribe to escape from investigation. Government of india should order an immediate
    enquiry on this huge fraud commited by these influential people on common people.

    People are watching whether indian political leaders will stand by the common people or with these
    frauds.

  7. #7
    Unregistered Guest

    Default Integrated Finance Company Ltd. cheated my mother of her hard earned money

    Hi,

    This is to bring to your notice the fraud committed by the company Integrated Finance Company Ltd which had at one point fooled many innocent hard working individuals/pensioners etc of their valuable money by promising high returns on investment. The Company threw in the names of MRF, Malayalam Manorama etc as partners or trusted aides to convince investors of their legitimacy. My mother who had just retired believed this claim and invested all her retiral benefits into this fraudulent company. Within a few years the company went bust and she has not seen a cent of her money since. The last she heard from them was that it had filed for bankruptcy and that there was a restructuring in the company and with the help of an appeal with the High Court, it was allowed to ward off any claims made by investors in the meantime.

    Its been more close to 10 years now and there's been no word on this case/appeal in the high court. I'm surprised how our judicial system can let companies go scot free after committing financial crimes in the open. Does it require such a long time for our judiciary/government to make a decision or are they also hand in glove with the frauds at IFL which prevents them from taking any action?

    Can someone please respond and inform us as to what the status is? Is there any hope of getting any of the money back any time in the future? Does the company have any plan to return atleast a part of the principal invested if not the whole amount?

    The money lost over the years is something my mother and several such trusting investors have learnt to live without. But for the betrayal of trust and subsequent apathy shown by the people involved in the company, I'm sure they will have to pay for it a hundred times over in their individual lives.

    Madhu

  8. #8
    hdmenon@gmail.com Guest

    Post Non receipt of cancellation of hypothication for vehicle loan

    I did avail a loan from the Integrated finance company limited, to buy a new Honda activa scooter from M/s Ghani Honda , Palakkad, Kerala in the year 2005. I gave 17 post dated cheques for an amount of Rs 1738/- per cheque. This was to the balance cost of the vehicle with interedst, after deducting the initial cash payment. These 17 cheques South Indian Bank, Ottappalam Branch, issued to UTI bank were cleared on time.

    On clearing the complete loanamount i.e my last cheqe was cleared on 09-01-2007, i was informed to get the duplicate key that they were in possesion of and th RC book.I went to their place at Palakkad, got the key and the
    RC book, informed me that the necessary forms signed by the Bnak UTI will be sent to me without much delay, so that i can get the hypothication cancelled.

    Unfortunately ,I failed to follow up the issue, and forgot to get the said papers.
    Recently i tried to sell my scooter, but as the hypothication was not cancelled, i couldnot seel the vehicle.
    Can i get help from this forum to get the required papers from the IFCL-UTI bank.
    Truly yours
    K.P.Haridas
    Devi sadan, Manissery Post
    Ottappalam dist.
    Kerala
    E_Mail id- hdmenon@gmail,com
    nitinmittal72 likes this.

  9. #9
    Unregistered Guest

    Angry IFSC cheated us

    Hello
    We invested in this bond at their Kanjirappally office. We made lots of attempt to get the money back, visited their office at Chennai, complaint to CM ...... but no results??
    In our country ,there is no such system to help these investors???
    Please help
    Anil

  10. #10
    Unregistered Guest

    Default Unfortunate

    It is quite unfourtunate that we are in a country where justice is mockery.

    People have invested their hard earned money with a NBFC (Integrated Finance Company Limited) expecting that they would be getting some retuns,But alas there is no interest nor the Amount.

    I cannot understand that how come these type of people get the status of NBFC from RBI.
    I even cannot understand, that how come no actions are taken against such people who are responsible for this.
    And how come, after these many long years of struggle by the investors no actions is taken against these culprits and what is the point of these Justice system which takes so long to give its verdict (Justice delayed is justice denied).
    What can anyone expect from this system where a Cheif Jutice of India (was corrupted).

    I think we all need to put our head in shame that we have a system in place where there is no place for justice and truth, it is only Muscle power and Goondaism that prevails.

    And we should stop saying that we are independent (we are not),we have a crippled system where the oppressed and the inncocents die everyday.

  11. #11
    Unregistered Guest

    Angry Cheaters

    IFCL are cheaters.....they should be jailed.and Govt should do something to give the money back to the investors.
    It was a NBFC (RBI approved),Govt is responsible to pay the money back.

  12. #12
    Unregistered Guest

    Question Cheats

    MRF and Malaya Manorama must pay back the investors

  13. #13
    Sonny John Guest

    Default Fraud by IFCL

    I stay in Kottayam district of Kerala State. There is deposit of Rs 1000000 with IFCL under the name of my family members which could not be recovered since year 2004. This company had collected the funds using the name of Malayala Manorama. Mr. George Thomas who is the managing director of this firm is Late. K M Mathews sisters son. Mr. K M Philip elder brother of Late K M Mathew was director in the board of IFCL. Most of the daughter in laws of the Manorama family wer holding official posts in this fradulent Company. The Company was thoroughly mismanaged and it died its own death. Manorama family got their money back and also ensured that all their dear and near were given sufficient information to recover their money deposited with IFCL. George Thomas was arrested but subsequently there is no news about repayment of money. What ever Manorama clan says they have an involvement in this cheating case, of course it is not new for them as this sort of cheating was initially started by their founder father Mr. Mammem Mappilai under the name of Qulion and Kottayam bank.

  14. #14
    ALLEN Guest

    Default Any update please

    Any update please..

  15. #15
    Keralite Guest

    Default Investor fooled

    When is there going to be a solution? The company must clarify its sand

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