Thu Feb 27 17:22:42 UTC 2025: **Tiruppur Land Auction to Settle Depositors’ Dues**
TIRUPPUR, February 27, 2025 – Twelve acres of land confiscated from two defunct finance companies, Suba Swathy Auto Finance and Investments and S. Abilash Auto Finance, will be auctioned on March 13th to repay defrauded depositors. The auction, ordered by the Tamil Nadu Protection of Interests of Depositors (TNPID) Court in Coimbatore, will take place at the Tiruppur Collectorate at 11 a.m.
The land, located in Mulanur, Dharapuram Taluk, has a base price of ₹9.6 crore. Bids will be accepted until 5 p.m. on March 11th. The companies, which collected deposits and failed to repay them, were found guilty of misappropriating funds after a complaint was filed in 2000 by 128 depositors.
Following a lengthy legal battle that reached the Supreme Court, a settlement was reached with 74 depositors in 2011, leaving 54 with outstanding dues totaling ₹9.68 crore (₹2.19 crore principal and ₹7.48 crore interest). This auction aims to finally settle these outstanding debts.
First Piper 