Petition against finance companies dismissed

MADURAI: The Madurai Bench of the Madras High Court has dismissed a PIL seeking directions to the Governor of the Reserve Ba-nk of India to cancel the licences of two Kerala-based finance companies for charging exorbitant interest rates for gold loans in TN. A R Jeyarhuthran, alleged that Muthoot Finance Company, in Kochi and the Man-apuram Finance Company, in Thrissur, charge anywhere between 12 per cent and 30 per cent interest for gold loans and take over the jewels of those who could not repay the high interest.A division bench comprising Justice Chitra Venkataraman and Justice R Karuppiah dismissed the petition, but said that the petitioner can approach Reserve Bank of India to pursue the matter.