dear all, all of us are facing same probelm
but dont know exact what is happening at company's end
let's be in touch with eachother and any share whatever info we got
till time let's hope good and wait till 5th sep.
if anybody from mumbai please visit personly to mumbai office and try what's happened and distribute the information
Guys, There was a IT raid on 11th Aug at all their branches throught India since lots of members enroll everyday and many get registered by paying hard cash (black money). IT dept has demanded to provide customer list who have invested in hard currencies & City limouzines have refused to provide this upfront due to which the IT(income tax) dept have freezed all their accounts. This should get eased out by 5th sept. Dont panic, the compnay is in existance from past 7 years or more with very little negative feedback.
Hello there, any news about City Realcom or the dud cheques? I got a letter from them asking for copies of my bank statement where I had deposited their cheques, a copy of the preference certificates and agreement copy. Did any of you guys get any letter such as this???
But dud's my question is if there is a incometax raid on their office and IT(income tax) dept have freezed all their accounts, Then why the cheque are dishonouring with message "Insufficient finds" It should be dishonoured with message "Account activity Freezed / No tranaction allowed". As Bank are always liable to give true messages for any type of dishonouring / bouncing of cheque.
The Supreme Court has set aside the order of the Bombay high court quashing the investigation against the chairman and managing director of City Limouzines Ltd on a complaint by an investor in the company. The proceedings will thus go on. According to the plan floated by the company, each investor deposited about Rs 1 lakh in a ren-a-car scheme. The car would be purchased in the name of the investor but the vehicle would be used by the company which will pay Rs 4, 000 per month to the investor for five years. After 60 months, the agreement would end and the investor! is free to take back his car in proper working condition. The dispute arose when an investor was given cheques instead of the car. He filed a complaint with the police, which was quashed by the high court. The government appealed to the Supreme Court (State of Maharashtra vs Sayed Masood) which asked the investigating officer to carry out his inquiry.
MUMBAI: The Supreme Court on Tuesday set aside a Bombay HC order quashing the FIR registered against a private firm, City Limouzines, which had
failed to fulfil one of its promises made to investors while accepting money from them and assuring huge returns.
A division bench of Justices S B Sinha and Deepak Verma restored the FIR and allowed the economic offences wing (EOW) of the city police to continue with investigations against the company. The EOW case was that the firm had cheated investors and committed criminal breach of trust.
In September 2007, the EOW registered a case of cheating against Sayed Masood, promoter of the company, on a complaint by Jalandhar Pansare alleging that the firm had failed to keep its promise.
In 2002, City Limouzines advertised a scheme offering returns of 48% on investments. For instance, on an investment of Rs 97, 000, it offered investors Rs 4, 000 every month for five years. The amount collected by the company was to be used to buy Maruti Omnis, which were to be registered in the names of the investors.
The investors were to be paid the profit from the income generated by giving the vehicles on hire. At the end of the five-year period, the vehicles were to be returned to the investors. Around 22, 000 people invested in the scheme, said the EOW. The company also entered into an agreement with the investors.
Pansare lodged a complaint after he was not given a vehicle as promised. City Limouzines, however, did not default on the monthly payments.
Additional commissioner of EOW Sanjay Saxena said, "Our main argument was that the firm's business matrix was not sustainable. Our investigations will continue now.'' He expressed concern that some people still fell prey to such schemes.
On March 3 last year, a high court division bench of Bilal Nazki and S A Bobde quashed the FIR and observed that "the company had no intention to defraud at the time of inception of the agreement. It is a well-accepted principle that while interpreting a clause of the agreement, the whole of the agreement has to be taken into consideration''.
The bench further observed that applying the principles laid down by various judgments of the apex courts, "we do not think that in the facts and circumstances of the case, an offence of cheating is made out''.
The company's contention was that even if a dispute existed regarding the interpretation of a particular clause in the agreement, it would be a civil dispute and not a matter meant for criminal investigation. City Limouzines got around 22, 000 investors but bought only 4, 000-5, 000 cars
I HAVE SPOKEN TO THEIR PUNE OFFICE, AND THE REPLY IS POSITIVE. THEY HAVE ASSURED
THAT ALL THE CHQS WILL GET CLEARED AFTER 6TH OF SEPT 2009. I TRUST THE CO. BECOZ TILL NOW THERE WAS NEVER ANY PROBLEM IN CHQS GETTING CLEARED. LET'S HOPE FOR THE BEST . GOD WILL BLESS ALL OF US.
Earlier there were two types of schemes announced by the Company, one was vehicle scheme and the other was finance scheme, under the vehicle scheme, the investor is entitled to get the vehicle after completion of 5 yrs period and under the finance scheme, he is not. Which scheme Mr Pansare opted for, he needs to check? Mr Pansare also agrees that he got the monthly payments without any problem.
I HAVE SPOKEN TO THEIR JAIPUR OFFICE, AND THE REPLY IS POSITIVE. THEY HAVE ASSURED THAT ALL THE CHQS WILL GET CLEARED AFTER 6TH OF SEPT 2009. I TRUST THE CO. BECOZ TILL NOW THERE WAS NEVER ANY PROBLEM IN CHQS GETTING CLEARED. LET'S HOPE FOR THE BEST . GOD WILL BLESS ALL OF US.
yup same problem even here tht no payments till 5th (bagalore), but nw i heard this may b extended as the issue is gone to high court, i ve invested abt 12 lakhs recently!! plz leave any authentic information here.
Am one of the tentative ownership in city real com.and also another my four frends.But unfortunatley my last cheque returned, but I contact with chennai office and reply is positive .please wait till 5 th sep209, because foriegn exhange act/ income tax verification .So a/c freezing .please wait alls upto 5th sep2009.god bless all
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