Ceylinco Shriram make payments to 4,330 investors

Ceylinco Shriram has successfully made payments to 4,330, nearly 75% of their investors amounting to over 60% of their deposits in cash, as at now. The balance 1,443 (25 %) of the investors have received payments averaging to over 20 % of their investments in cash. The payments have been made in compliance with the payment plan submitted by the Board of Directors of Ceylinco Shriram to the courts and its investors. The payment plan was prepared, with the interest calculated up to time of formulating the settlement plan, and included in the repayment amounts, a reliable source confirmed.

The same source reveals that a staggering Rs 800 million is due to Ceylinco Shriram from the Celestial Towers project as repayment of the loan given to them along with the interest due for this loan.

According to the proposed plan, this amount is to be utilized to pay a further 40 % to the 25 % of the depositors who have received averaging to 20 % of their money invested. In addition to the said loan given to Celestial Towers, 55 % of the ownership of the Celestial Tower project is held by Ceylinco Shriram. If this stake could be realized at the present market value, the entire amount could be utilized to pay the investors far beyond the promised 60%.Sources point out that the payment plan is on course and that Ceylinco Shriram is confident of delivering the promise made to the investors that 60% of the money invested would be settled.

Further, the Supreme Court recently approved another Rs 200 million to be paid to the investors by the April 15, 2013 as the 5th installment. Ceylinco Shriram was the first, and one among the few companies, to present a practical and a realistic payment plan that addressed the concerns of the investors. The Directors of Ceylinco Shriram, were committed to seeing every investor is settled, understanding their plight, which many felt was reflected in the payment plan presented.

Ceylinco Shriram had to face a situation beyond its control, and succumb to the domino effect of the collapse of Golden Key and other Ceylinco Group companies.