Chit fund scam: NCLT Kolkata orders winding up of 13 Saradha group cos

Our Bureau Kolkata | Updated on December 12, 2018 Published on December 12, 2018

Official liquidator told to take possession of assets

The Kolkata bench of the National Company Law Tribunal (NCLT) has ordered winding up of 13 companies of the now-defunct Saradha Group.

The official liquidator, Debjani Mitra, has also been directed to take possession of assets and properties of all these companies while the Saradha group firms have been refrained from disposing them.

The order came in connection with the ₹10,000-crore chit fund scam. The Saradha Group through various companies had been illegally collecting money from 17,00,000 depositors. The group went bust in 2013.

Justice Madan B Gosavi in a December 7 order held that the report filed by the SFIO reveals that the affairs of all these companies were being conducted in fraudulent manner.

“There is every reason for me to believe that the companies were formed for fraudulent and unlawful purposes. The promoters/ directors of all the companies appeared to be guilty of offences of fraud, misfeasance and misconduct relating to affairs of the companies…Hence, I held that all the above companies are required to be wound up by this tribunal,” the order said.

The group companies, which will be wound up, include Saradha Tours & Travels, Global Automobiles, Saradha Housing, Bengal Media, Saradha Shopping Mall, Saradha Agro Development, Rose Capital, Saradha Construction Company, Saradha Education Enterprises, Saradha Garden Resort & Hotel, Saradha Landmark Company, Saradha Exports and Bhasank Foods.

The Serious Fraud Investigation Office had filed the winding-up petitions against these Saradha group companies on grounds that transaction through them had been conducted in a fraudulent manner. And, these entities were formed for “fraudulent and unlawful purpose(s)”.

Justice Gosavi has held that the official liquidator attached to the Calcutta High Court be appointed as the official liquidator to wind up the companies.

Published on December 12, 2018
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