Trust to pay legal fee of depositors

HYDERABAD: Over 1,500 depositors who lost their money in various co-operative bank scams attended the first meeting of Visu Trust, to chalk out a strategy to take legal recourse to get back their cash, here on Sunday.
In his address, Visu Group chairman C C Reddy announced that the Trust would pay all legal expenses in the depositors'' fight against the Reserve Bank of India, Registrar of Co-operative Societies and the state government.
Reddy also said peaceful demonstrations would be organised.
He emphasised that the deadline set for the government to pay up the depositors money was still May 15, after which the Trust would strengthen its agitation programmes.
Trust volunteers had a tough time controlling the depositors at the Hari Hara Kala Bhavan.
Many of the depositors were in their 70s and 80s. And as many a bespectacled old man or woman who had lost a lifetime''s saving shuffled through the crowds to take their seat, the sight was aptly summarised by Reddy ''of a system that failed to safekeep the interests of its stakeholders''.