In what has come as a relief to investors who were cheated by the I Monetary Advisory (IMA) Group that went kaput in June 2019, the special court for cases registered under the Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004, approved disbursal of a second tranche of settlement for investors on Thursday (October 5).
The Competent Authority will disburse ₹69 crore, presently available with them after auctioning movable assets of IMA, to 55,126 investors in the next 20 days. This is the second tranche of settlement. In the first tranche, the Competent Authority disbursed ₹19.12 crore to 6,800 investors whose liability was less than ₹50,000 in 2021.
