Ceylinco Shriram's third tranche commences

With the release of the third tranche of payments by Ceylinco Shriram, nearly 70 percent of their investors would receive over 50 percent of their deposits in cash, a source said.

The the third tranche would be released to depositors from July 15, and would be completed by the end of August, in conformity with the payment plan submitted by the Board of Directors of Ceylinco Shriram to the Courts and its depositors.

Assets owned by Ceylinco Shriram would be liquidated and converted into liquid cash, which would then be utilised to pay the balance outstanding, in keeping with the promise made to the depositors that 60 percent of the deposit money would be settled within 42 months.

The payment plan was on course and Ceylinco Shriram is confident of delivering the promised results, the source reiterated and the company is in the process of finalising a business plan which included the sale of Cellestial Towers, aimed at generating more funds.

Ceylinco Shriram was the first, and one among the few companies, to present a realistic payment plan that addressed the concerns raised by depositors. The Directors of Ceylinco Shriram, who were committed to seeing that every depositor is settled, stood with the depositors, understanding their plight, which many felt was reflected in the payment plan presented.