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In a recent legal development, the Madras High Court has taken a decisive step in the ongoing case involving Neomax and its affiliated companies. The court issued a directive last week, instructing the Madurai Economic Offences Wing (EOW) to furnish a counter response to a set of petitions filed by Neomax and its subsidiary entities. These petitions collectively seek the establishment of a commission led by a retired high court judge, tasked with mediating disputes over land allocation to depositors.
The focal point of the court proceedings was a cluster of petitions initiated by Neomax Properties Pvt Ltd and its subsidiary firms, including Garlando Properties Pvt Ltd, Transco Properties Pvt Ltd, Tridas Properties Pvt Ltd, and Glowmax Properties Pvt Ltd. The crux of their pleas lies in their assertion that in June, the Madurai EOW had lodged a case accusing these companies of engaging in financial malpractice, specifically defrauding depositors of their money.
The Neomax Group, with a primary focus on real estate operations, had managed to attract deposits from individuals keen on purchasing portions of land. These transactions were substantiated by receipts confirming their booking. As part of the agreement, the companies were obligated to formalize sale deeds in favour of depositors once the full payment was received.
One of the striking revelations from the petitions is that the Neomax Group had already executed sale deeds for an impressive expanse totalling 1.95 crore square feet. This included a mix of residential and commercial plots. Remarkably, the group possesses the requisite approvals for an even more substantial area, a staggering 4.12 crore square feet, dedicated to TCP-approved residential and commercial plots.
The petitioners, highlighting their willingness to find an equitable solution for the land disputes, approached the Madras High Court's bench in Madurai. Presiding over the case, Justice D Nagarjun deemed it imperative for the Madurai EOW to furnish a counter response in the case. Consequently, the proceedings have been adjourned until the 22nd of August.
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