Kalaimagal Sabha, a financial institution, bought thousands of acres of land in states including Tamil Nadu and Andhra Pradesh with an investment of 5,33,356 members and engaged in real estate business. The Tamil Nadu government has appointed a special administrative officer to investigate allegations of misconduct against the company. The High Court, which heard the case, appointed a special officer, a lawyer, headed by a retired district judge.
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In 1999, it was ordered to sell the administration and assets and make appropriate investments to the members. As a result, more than one lakh investors got their money back.
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Judge SM Subramaniam, who heard the case, directed the Commerce Secretary to appoint an officer not below the rank of Assistant Registrar as a special officer within three weeks to control the administration of the Kalaimakal Sabha for non-payment of arrears to investors for the last 22 years. It also ordered the release of the officer currently in charge of the administration.
