The NCLT Kochi has ordered the winding up of 14 Popular Finance Group entities on a petition by the Serious Fraud Investigation Office, appointing the Official Liquidator to trace money and recover assets.
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Kochi: The National Company Law Tribunal, Kochi Bench, has ordered the winding up of 14 entities linked to the Popular Finance Group, on a petition initiated by the Serious Fraud Investigation Office, and appointed the Official Liquidator as Company Liquidator [Union of India v. Mary Matha Popular Nidhi Limited and Others].
A Bench of Judicial Member Vinay Goel and Technical Member Ravichandran Ramasamy passed the order on 6 October 2026 in CP(C/ACT)/19/KOB/2026.
The case
The SFIO initiated the winding up proceedings on the basis of its investigation report dated 27 February 2025. The agency alleged that the companies were incorporated for unlawful purposes and that their affairs were conducted fraudulently and in a manner prejudicial to public interest. These are the SFIO’s allegations as put to the Tribunal.
What the Tribunal ordered
The Tribunal ordered the winding up of the 14 entities, which include Mary Matha Popular Nidhi Limited, Saan Popular Finance Private Limited, Amala Popular Nidhi Limited, MRPN Chits Private Limited, Mary Rani Popular Nidhi Limited and a series of LLPs carrying the Popular and Saan Popular names across fuels, medicare, exports, trading, marine products, e-compliance and business solutions.
The order followed findings that the companies failed to file financial statements and annual returns for five consecutive years. The Official Liquidator was asked to trace the money and recover assets of the entities.
Why the order matters
Winding up on an SFIO petition lets the liquidator take over the books and assets of the group, with a mandate to trace funds. For depositors and creditors of the Nidhi and chit entities, the liquidation is the forum through which recovery will now be pursued.
The order is a tribunal decision on the winding up petition. The allegations of fraud are those raised by the SFIO, and the persons behind the entities are not parties to any finding of criminal guilt in this order.
Case Title: Union of India v. Mary Matha Popular Nidhi Limited and Others [CP(C/ACT)/19/KOB/2026]
Bench: Judicial Member Vinay Goel and Technical Member Ravichandran Ramasamy, NCLT Kochi
Date of Order: October 6, 2026
Appearances: Advocate Renjith R for the petitioner