Loan company chief uses funds to refuel his personal vehicle | Chennai News

Chennai: A municipal court has reprimanded the chairman of the Transport Employees’ Cooperative Savings and Loan Society for using society funds to refuel his personal vehicle. “These abnormal fluctuations in fuel consumption, coupled with the lack of proper details provided by the president of the company to support his claims of using funds for social purposes, are a sham, a farce and a travesty,” the court said in response to an appeal. by KS Aslam against the order of the Deputy Registrar of Cooperative Societies to recover a sum of 4.3 lakh from him.
On the basis of an audit report for the year 2013-14, an additional lawsuit was filed against the chairman of the company to recover a sum of 4.3 lakh as a loss suffered by the company, against which Aslam took to court.
According to the audit, a sum of 2.6 lakh was considered a loss to the company for the fuel expenses of Aslam’s four-wheeled vehicle from October 2013 to April 2015.
After reviewing the documents, T Chandrasekaran, Chief Justice, Small Cases Court, noted that although there was no vehicle purchased for the company, the President, without obtaining prior approval from the Registrar to use his own vehicle for social purposes, had provided invoices for his fuel expenses. The court noted that the chairman did not provide details of the purpose of the company for which the vehicle was used and did not keep any logbooks.
Rejecting the company president’s appeal, the court said it failed miserably to draw the line between using the vehicle for social and personal purposes.