Small cause for cheer

INVESTORS of MCC Finance may finally have some reason for cheer.

A Division Bench of the Madras Court has permitted the administrator of MCC Finance Ltd to make part repayment of 15 per cent of depositors' investments before Pongal. The minimum repayment amount should be Rs 1,000 and the maximum Rs 45,000.

The Bench has directed the administrator to make the repayment utilising the funds deposited in the court by the MAC group on behalf of the MCC promoters. Until now, the MAC group has paid Rs 25 crore towards repayment to depositors. This amount has been held by the court in the Registrar-General's name. The court has told the administrator that the implementation of the order and part repayment must be completed by January 9, 2001. -- BL Research Bureau