Ceylinco Shriram settles over 50% in cash

To nearly 70% investors:

With the release of the third tranche of payments by Ceylinco Shriram, nearly 70% of their investors would receive over 50% of their deposits in cash, a reliable source informs.

The same source divulged that the third tranche would be released to depositors from July 15 onwards, and would be completed by the end of August 2011, in conformity with the payment plan submitted by the Board of Directors of Ceylinco Shriram to the Courts and its depositors.

It was further learned that several more assets owned by Ceylinco Shriram would be liquidated and converted into liquid cash, which would then be utilized to pay the balance outstanding, in keeping with the promise made to the depositors that 60% of the deposit money would be settled within 42 months.

The same source further revealed that the payment plan was on course and that Ceylinco Shriram is confident of delivering the promised results. The source reiterated that the company is in the process of finalising a business plan which includes the sale of Cellestial Towers, aimed at generating more funds, which would enable the company to exceed the promised 60% payment to depositors.