Jisha Surya
Express News Service
First Published : 22 Jan 2011
THIRUVANATHAPURAM: Travancore Software Solutions Pvt Limited (TSS) quit Technopark in December 2007. But the bad image cast by the fraudulent company during its four years at Technopark still haunts it.
Technopark will get rid of the haunting memories of TSS with an auction on January 29. The office equipment, including computers, chairs and tables, will go under the hammer as per the directive of the District Court, Vanchiyoor.
The Kowdiar branch of the State Bank of Travancore (SBT) is the main petitioner. As the company failed to repay the loan amount of more than Rs 8 lakh, the bank had moved Court for attaching the office equipment two months ago.
The Court ordered in favour of SBT and January 29 was fixed as the date of the auction. Adv V S Lija of the Vanchiyoor court has been deputed as the Commission of auction.
The auction was originally fixed on January 15. It was postponed after the date was declared a public holiday due to Pongal. The Commission will fix the value of equipment and the money collected from the auction will be submitted to the Court.
On January 27, individuals or institutions, who are interested in participating in the auction, will be allowed to inspect the equipment at the office at Gayatri building in Technopark.
According to Adv Indira Ravindran, who represented SBT, the value of the office equipment is not likely to replace the loan amount.
The fraudulent practices of TSS were first exposed by ‘Express’ in September 2007. Accepting lakhs as security deposits from employees and promising to train them in IBM mainframe course along with the job, the company had cheated many BTech and MCA graduates. The employees realised they were duped only after they failed to get proper training.
Even after the completion of bond period, the company had refused to pay back the bond amount, which ranged from Rs 50,000 to Rs 1.5 lakh. Most of these BTech and MCA graduates worked for a meagre salary of Rs 1,200. Based on the complaint registered by the employees at the Kazhakkoottam police station, company CEO Shyam Subramanyam is facing trial for cheating.
jisha@expressbuzz.com
Express News Service
First Published : 22 Jan 2011
THIRUVANATHAPURAM: Travancore Software Solutions Pvt Limited (TSS) quit Technopark in December 2007. But the bad image cast by the fraudulent company during its four years at Technopark still haunts it.
Technopark will get rid of the haunting memories of TSS with an auction on January 29. The office equipment, including computers, chairs and tables, will go under the hammer as per the directive of the District Court, Vanchiyoor.
The Kowdiar branch of the State Bank of Travancore (SBT) is the main petitioner. As the company failed to repay the loan amount of more than Rs 8 lakh, the bank had moved Court for attaching the office equipment two months ago.
The Court ordered in favour of SBT and January 29 was fixed as the date of the auction. Adv V S Lija of the Vanchiyoor court has been deputed as the Commission of auction.
The auction was originally fixed on January 15. It was postponed after the date was declared a public holiday due to Pongal. The Commission will fix the value of equipment and the money collected from the auction will be submitted to the Court.
On January 27, individuals or institutions, who are interested in participating in the auction, will be allowed to inspect the equipment at the office at Gayatri building in Technopark.
According to Adv Indira Ravindran, who represented SBT, the value of the office equipment is not likely to replace the loan amount.
The fraudulent practices of TSS were first exposed by ‘Express’ in September 2007. Accepting lakhs as security deposits from employees and promising to train them in IBM mainframe course along with the job, the company had cheated many BTech and MCA graduates. The employees realised they were duped only after they failed to get proper training.
Even after the completion of bond period, the company had refused to pay back the bond amount, which ranged from Rs 50,000 to Rs 1.5 lakh. Most of these BTech and MCA graduates worked for a meagre salary of Rs 1,200. Based on the complaint registered by the employees at the Kazhakkoottam police station, company CEO Shyam Subramanyam is facing trial for cheating.
jisha@expressbuzz.com
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