Helios & Matheson Information Technology Limited (H&MITL) was originally incorporated in 1991 as Express Financial Exchange Private Limited, a financial services company and became public limited company in 5th September, 1995 named Express Financial Exchange Limited. The company diversified into information technology and consequently changed its name to Hellios & Matheson Information Technology Limited in May 1999 so as to truly reflect the main focus of the business before going into public.
The company is an Information Technology company, having integrated operations of Software Development, Education and IT Consulting. The focus is on Net Centric computing specializing in intranet and internet based applications and e-commerce and visual computing. Currently the company is not pursuing any financial services business.
This company stop paying the amount to its depositor from March 2014. All the creditors cheques got bounced and complaints have been lodged at different place.
Two FIR’s have been lodged and Crime no. 2/ 2015 and Crime No. 5/2015 before Economic offence wing –II Chennai. Total Number of complaint lodged in EOW-II from all over India only 621, so their estimate complaint amount approximately Rs. 25 Crores .
Number of Company applications have been filed for liquidation and in which provisional official liquidator has been appointed.
First writ petition no 10015 of 2015 filed by company for challenging the Constitutional validity of the Tamil
Nadu Protection of Interests of Depositors (In Financial Establishments) Act
1997, in the light of the provisions of the Companies Act, 2013 , that was dismissed as withdrawn.
Crl.OP No. 9982 /2015 filed by Company before High Court of Chennai under Section 482 of the Code of Criminal
Procedure, for quashing the FIR in Crime No.05 of 2015. It is claimed by the
appellant that the quash petition was also withdrawn by them, leaving
all the contentions open to be raised at the appropriate forum and at the
appropriate stage. But the records reveal that the quash petition
was dismissed as withdrawn on 20.4.2015 by an order which reads as follows:
"The learned counsel
appearing for the petitioners has sought permission of this Court to withdraw
the petition and he had also made an endorsement to that effect.
2. In view of the
endorsement made by the learned counsel for the petitioners, this Criminal
original Petition is dismissed as withdrawn with liberty to the petitioner to
put forth all the contentions which is raised today before the appropriate
forum. Consequently, connected Miscellaneous Petitions are closed
After this Third attempt was made in W.P.No. 14664 /2015 praying for the issue of a writ of
declaration that the FIR in Crime No.5 of 2015 was without jurisdiction and ultra
vires.
At present official liquidator has been appointed for liquidation of this company by High Court of Chennai.
SFIO and EOW are doing the investigation of the fraud, total complaints received till date is only 621.
Next Topic i will put details of short notes on orders, including Liquidation orders and my personal opinion.
Thanks & Regards
Dr. Zulfiqar Ali Khan, M.A., M.L.,M.Phil(Law),Ph.D
Advocate & Commissioner of Oaths
No. 462, Addl law Chambers
High Court of Madras
Chennai- 600 104
MB: 9884102961 / 9444412961
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