Golden Forests investors threaten stir

More than Rs 11 cr had been spent on working of Committee on salaries,security and office expenses

Written by Charanjit Ahuja | Chandigarh | Published: May 3, 2012 5:19 pm

Harried investors of the Golden Forests India Limited after a long wait of 14 years for refund of their investments have joined hands with the company threatening to “gherao” the office of the liquidation committee formed to liquidate the company and settle the claims of the investors.

Nikhil Kant Syal,spokesman of the GFIL said here today that more than Rs 11 crore had been spent on the working of the Committee on salaries,security and office expenses during the past eight years. He alleged that Committee was getting extension after extension year after year but investors fate was still in the lurch.

Syal disclosed the company under liquidation owns vast stretches of lands in Punjab (3,000 acres),Uttarakhand (2,500 acres),Madhya Pradesh (1,250) and Andhra Pradesh (1,000).

Enquiries reveal that since 1998 when the Securities and Exchange Board of India (SEBI) imposed a ban on the working of Golden Forests India finding investments in the company unsafe,the 14-year-old dispute involving lakhs of investors has far from been resolved. During this period three members of the promoter’s family including principal promoter,R.K.Syal,his mother and father passed away facing court cases. Nikhil Kant Syal is son of founder Chairman of the company,R.K.Syal.

Nikhil Kant Syal said that the committee had been formed to take control of the entire assets of company,liquidate assets to refund investors their due. He alleged that the company’s land is being sold at low prices by the Committee. He also questioned an annual outlay in excess of Rs 26 lakh on salaries for a committee consisting of three members. Also around Rs 33 lakh are being spent on security services.

Shamsher Singh Sandhu,president,Golden Forests Investors’ Society alleged that the Committee members turned them off whenever they tried to raise the issue of refund of their hard earned money invested in the company. He said the committee had by now collected about Rs 450 crore by selling some assets of the company but investors had got peanuts in return.

Nikhil Kant Syal said that the investors would take up the issue with the Punjab Governor,Shivraj Patil,President,Ms Pratibha Patil and National Human Rights Commission.

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