Asset sale directed

The Madras High Court has directed the administrator of Chennai-based finance company _ RPS Benefit Ltd _ to take steps to dispose the company's assets.

The court has directed refund of monies deposited by the members of the public. The ruling has been given on a winding up petition filed by an investor under the Companies Act.

The money raised from the sale of shares of Ajith Dairy Industries promoted by Mr Saranyan, Chairman of RPS Benefit Fund, and its assets should be utilised to repay depositors. The sale of buildings of the company in Chennai, Coimbatore and Vijaywada, the parcelling out of a 150-acre piece of land, the possibility of a township development and preparation of a list of depositors to whom Rs 2.50 crore from sale of Ajith Dairy had been disbursed, also form part of the Court directive.