WIDE An interim award was given by Arbitrator Justice K Kannan (Retd), who was appointed by the Madras High Court Three partnership firms – VG Panneerdas & Company; VGP Investments and VGP Beach Housing – belonging to the famous Chennai-based VGP group have been ordered to be dissolved by an interim award given on March 18, 2021, by Arbitrator Justice K Kannan (Retd), who was appointed by the Madras High Court. A public notice issued by five partners – VG Selvaraj; VGP Prasad Das; VGP Murphy Das; VGS Rajesh and VGS Vinodh Raj – said that P Rajagopal, Advocates, has been appointed as the receiver by the Arbitrator to take charge of all the assets of the three firms. These are VGP Golden Beach Resorts; VGP Agro Farms Pvt Ltd; VG Paneerdas & Company Pvt Ltd; VGP Housing Pvt Ltd and VGP Marine Kingdom Pvt Ltd.
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VGP DISSOLUTION
Chennai-based VGP group’s three partnership firms ordered to be dissolved
Our Bureau Chennai | Updated on May 24, 2021
WIDE
An interim award was given by Arbitrator Justice K Kannan (Retd), who was appointed by the Madras High Court
Three partnership firms – VG Panneerdas & Company; VGP Investments and VGP Beach Housing – belonging to the famous Chennai-based VGP group have been ordered to be dissolved by an interim award given on March 18, 2021, by Arbitrator Justice K Kannan (Retd), who was appointed by the Madras High Court.
A public notice issued by five partners – VG Selvaraj; VGP Prasad Das; VGP Murphy Das; VGS Rajesh and VGS Vinodh Raj – said that P Rajagopal, Advocates, has been appointed as the receiver by the Arbitrator to take charge of all the assets of the three firms. These are VGP Golden Beach Resorts; VGP Agro Farms Pvt Ltd; VG Paneerdas & Company Pvt Ltd; VGP Housing Pvt Ltd and VGP Marine Kingdom Pvt Ltd.
The receiver has been directed by the Arbitrator to take charge of all the assets of the three partnership firms and to make inventories of the assets of the group companies and to be made ready for sales in the final award proceedings.
The public is cautioned not to transact or deal with any person other than the receiver appointed, in respect of any of the properties of the firms, the notice said.
Rags to riches
VG Panneerdas, founder of VGP Group of Companies, was another instance of rags to riches story. Hailing from a remote village Azhagappapuram near Valliyur in the Tirunelveli District in Tamil Nadu. In 1955, he opened a shop selling items like alarm clocks, watches and wall clocks, and soon became a pioneer to introduce hire purchase for everyday goods. He was one of the first to start a retail chain of stores in southern India.
He built the VGP company from virtually nothing to its present status as a group of companies including retail, real estate and property development, resorts and amusement parks, including VGP Universal Kingdom, according to information in public domain.
