In the year 1989, two young chartered accountants decided to start the practice of their profession. They were energetic, hardworking and ambitious. They had very high aspirations and wanted to reach the pinnacles of their profession. True to the ethos of South Indian professionals, they set very high standards in their honesty and integrity. They resolved to conduct their profession on one and only one dictum.
“We shall not perform any action that we shall regret about in the future”.
Today, nearly after 30 years, they have reached the heights that they wanted to reach. They are very well known members of their profession, known for their honesty, integrity, knowledge and skills. And, they never had to regret any of their actions even once in these 30 years! The firm which was formed 30 years ago was M/s S. Kannan & Associates. The two youngsters are Mr. CA. S. Kannan and Mr. CA. A. PerumalSamy.
In the year 2005, soon after the enactment of the securitization Act 2002, the spouses of the partners, viz., (Mr. S. Kannan and Mr. A Perumalsamy, Mrs. Prema Kannan and Mrs. Laksmi Samy) decided that the time was ripe for them to venture into the field of Recovery of Non Performing Assets of the Banks. They had sufficient background, qualification and confidence. Therefore, they floated a new company named “Charitarth Financial Services Pvt Ltd.” Under their directorship. After thirteen years, now the company has grown and grown big. Now the company has been empanelled by 15 Nationalized Banks and 4 Private Banks and 2 ARCs. The team comprises of 25 members, including 10 senior and experienced Bankers, a panel of advocates and finance experts. The company specializes in marketing secured assets.
Some of the Banks that have empanelled CFSPL, include Giant Banks like SBI Chennai SAMB, Central Bank of India, Punjab National Bank, Indian Bank, Punjab & Sind Bank, Dena Bank, Syndicate Bank, Vijaya Bank, Canara Bank, Federal Bank, South Indian Bank, Karur Vysya Bank, etc.
It can be stated with pride that whenever a high-value, challenge-ridden and complex account becomes NPA and a recovery/resolution process has to be performed, we have been chosen by these Banks to handle such accounts by virtue of the expertise in handling all facets of recovery, from end to end, i.e., assisting the Bank right from the issuance of Demand Notice to taking physical possession, along with the uncanny ability to scout for bidders for sale of properties. Just to cite an example, CFSPL have been appointed as recovery/resolution agents for an NP account, wherein the outstanding Balance is in the region of Rs.16,750 Crores. With such credentials to be proud about, it is no surprise that this company has the distinct honor of being the first Recovery Agency to have been accredited with ISO 9001:2008.