Ceylinco Shriram settles over 50% in cash to nearly 70% of investors

With the release of the third tranche of payments by Ceylinco Shriram, nearly 70% of its investors would receive over 50% of their deposits in cash.

The third tranche would be released to depositors from 15 July onwards, and would be completed by the end of August 2011, in conformity with the payment plan submitted by the Board of Directors of Ceylinco Shriram to the courts and its depositors.

Several more 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% of the deposit money would be settled within 42 months.

The payment plan was on course and that Ceylinco Shriram is confident of delivering the promised results. Sources reiterated that the company is in the process of finalising a business plan which includes the sale of Celestial Towers, aimed at generating more funds, which would enable the company to exceed the promised 60% payment to depositors.

Ceylinco Shriram was the first, and one among the few companies, to present a realistic payment plan that addressed the concerns raised by depositors.