The Supreme Court has directed the Income Tax authorities to complete the valuation of properties belonging to Golden Forest India Limited (GFIL) within four weeks. Actually, the company had defrauded about 14 lakh investors and now those investors are waiting for the return of their investment.
Company is from Chandigarh
The Chandigarh-based company has acquired about 7,750 acres of land across the country. The Supreme Court on Tuesday heard petitions filed by investors seeking process for sale of company assets to get refund of their hard-earned money. A bench of Justices BR Gavai and Sanjay Karol, in its order passed on July 16, said, “With regard to the valuation of certain properties (as directed by us in the earlier orders) the senior counsel appearing for the Union of India It is said that the process is going on and he will be in a position to inform about the current status of the same on the next date of hearing.
Next hearing adjourned to August 28
While adjourning the next hearing of the case to August 28, the court appointed senior advocate Sunil Fernandes as amicus curiae who will cooperate in the case. “We request the Income Tax authorities to complete the valuation within a period of four weeks from today,” the bench said.
This ₹2 share rose by 11,000%, turning ₹1 lakh into ₹1 crore in 7 months
This company will give 3 free shares for 1 share, will also share profits, shares become rockets
what is the matter
GFIL started business in 1987. The company had sought funds from investors under its plans and in return for which land was purchased. The scheme attracted a large number of investors as it promised high returns of up to 20% for a minimum investment of Rs 1,000. Within a year the company raised Rs 311 crore and its capital base had increased to Rs 1,037 crore.
In the year 1997, SEBI initiated an investigation against the company and a year later, based on the findings of the investigation, action was taken against the company. The case later went to the Supreme Court and then in 2004 a committee was formed to invite claims from investors and lenders of GFIL and its group companies.
Recently in 2018, the Supreme Court had directed investors to get 70% of the amount collected on their claim verification, about Rs 700 crore. The Supreme Court has since been monitoring the progress made by the committee and the income tax authorities who are assisting the committee in the valuation of properties. In January last year, the Supreme Court had directed the committee to provide a list of complete properties to be auctioned to the income tax authorities.
