Comments
I am also an investor in City lum. My cheque for Aug 09 got bounced on the grounds of insufficient funds. I spoke to their regional head in Bangalore, Mr Khan (mob [protected]) and he apprised me that because of the matter being subjudiced he would not be in position to comment and that a clear position will come out after 15rh Sep. He advised me to contact him on 16th Sep. Dear anyone having updated news on company affairs please keep me informed.
Reply
even i am facing the same problem in chennai the office in chennai but no employees are there to give us any clear information please keep updating the information you have guys. The inforamtion i have got till now is not clear or official if you have any official information please do update in this site almost a month is over
as investors who have trusted city limouzines with our hard earned money, guess the least we deserve right now is to get the true story from them, specially if they are genuine...and of course if the reasons are not genuine, then being silent is the way by which they are proving their true intentions...5th sept, 15th sept, 7th oct...do these dates mean anything or are plain and simple delay tactics...why cant they simply give a public statement????????????is anyone from city reading this?????????
citi limouzines is genuine company. They cannot decide the dates by themselves when to produce check.But according to my experience with citi.We can trust them.Filed cases will take long time. so have patience.Hard earned money will be back soon.I hope people will still invest after these problems is over
if they are genuine, guess the best way to prove would be fr the owner to address the investors in a public platform.if intentions are right, why are they shying away from us? closing down office lines will not send right signals, especially if they are genuine...chinese whispers never did good to anyone, and it would be even in their interest to address our worries ( trust me, worried we are!!!) in a clear cut manner...waiting im sure would not be a problem for us, as long as we know money is coming back, at least what we invested!!!
please always not to be B+ve, take care of your health and now wealth - as the next date of hearing in court is going on and we all r simply sending 2 e-mail 2 others
BE UNITED !!!
Today approx. 300 Investors assembled at Nehru Place in front of City Limouzines office. We all decided to move a Criminal Petition in court on MONDAY 14th Sept '09.
But, there are approx 40, 000 investors in DELHI & NCR. I request all the investors to meet & file a case against them. As we cannot move a CRIMINAL petition against them after 15th. They will get their Stay on the same. We all should assemble at MUMBAI on 15th at HIGH COURT MUMBAI. We have to protest against them, so that they must not get the stay.
All serious Investors are requested to meet at Rajeev Chowk Metro Station, 12:00 PM Sharp on 13th Sept '09. SUNDAY
Or Contact [protected] Himanshu Sethi
Today approx. 300 Investors assembled at Nehru Place in front of City Limouzines office. We all decided to move a Criminal Petition in court on MONDAY 14th Sept '09.
But, there are approx 40, 000 investors in DELHI & NCR. I request all the investors to meet & file a case against them. As we cannot move a CRIMINAL petition against them after 15th. They will get their Stay on the same. We all should assemble at MUMBAI on 15th at HIGH COURT MUMBAI. We have to protest against them, so that they must not get the stay.
All serious Investors are requested to meet at Rajeev Chowk Metro Station, 12:00 PM Sharp on 13th Sept '09. SUNDAY
Or Contact [protected] Himanshu Sethi
Guys you have the patience and waiting 15 sep or 7 oct for the solution i think they have gone bankruptcy
bcoz befor six months they gave KOTAK 3 cheques and ABN not 6, they said we have cheques less for printing and we have opened new account and after 3 months 6 cheques were given late and only one cheque were issued that too on our first payment date and second cheque was cleared by god's gift now their game starts...i had the doubt before six months itslelf thought of cancelling due to their problem of giving only 3 cheques in place of 6 cheques.but i did not cancel it ok the investments have increased so may be shortage of printing of cheque's. one main reason i had the doubt bcoz they said we have a scheme in city hospitality is that we have to invest no emi cheques would be given after two years they would give some 3 lakhs so i thought they are collecting from new inverstors and giving to old one's
bcoz befor six months they gave KOTAK 3 cheques and ABN not 6, they said we have cheques less for printing and we have opened new account and after 3 months 6 cheques were given late and only one cheque were issued that too on our first payment date and second cheque was cleared by god's gift now their game starts...i had the doubt before six months itslelf thought of cancelling due to their problem of giving only 3 cheques in place of 6 cheques.but i did not cancel it ok the investments have increased so may be shortage of printing of cheque's. one main reason i had the doubt bcoz they said we have a scheme in city hospitality is that we have to invest no emi cheques would be given after two years they would give some 3 lakhs so i thought they are collecting from new inverstors and giving to old one's
Section 391-394 Company Act 1956 pertains to amalgamation of two companies.
This paragraph has been take from Rocky6 on this same page:
This is the order passed by Hon;ble High Court on the City Limouzines and
City Real application for merging the two company in to one in which 21 days
before the 07 Oct 2009 Notice to be issued to all Cretidors of A category
and Cat B.
[protected][protected][protected][protected][protected]-----
Bankruptcy Law in India
India does not have a clear and comprehensive law on corporate bankruptcy. In fact, there is even significant confusion in the meaning of the terms bankruptcy, insolvency, liquidation and dissolution.
Insolvency is a condition when a person is unable to meet in entirety their liabilities from the realisation of assets and is determined by a balance sheet test. There is no regulation or statute legislated upon bankruptcy which denotes a condition of inability to meet a demand of a creditor ie the cash flow test as is common in many jurisdictions. In 1981, in order to assess the causes of industrial sickness and suggest remedial measures, the Reserve Bank of India constituted a committee under the chairmanship of Mr. T.Tiwari, chairman of Industrial Reconstruction Corporation of India ( now known as Industrial Development Bank of India “IDBI”). This resulted in the enactment of a special legislation, the Sick Industrial Companies (Special Provision Act, 1985 (referred to as “SICA”).
SICA has been repealed and replaced by the Sick Industrial Companies (Special Provisions) Repeal Act, 2003 paving way for amendment of the Indian Companies Act, 1956 through insertion of Chapter VI A to deal with the Revival and Rehabilitation of Sick Industrial Companies. This amendment also allows for the setting up of the National Company Law Tribunal (NCLT). The validity of NCLT has been challenged in the Indian Courts. Though six years have elapsed, the notification in the official Gazette to give effect to the SICA repeal Act is pending. Ironically,
SICA even after it was repealed in principle in 2003, continues to be in force. This quagmire highlights the
uncertain development of insolvency legislation in India and the uncertainty faced by lenders and investors seeking to rely on the law. Dualistic legal systems The existing legislation, SICA, provides for a supervisory restructuring at the behest of The Board of Industrial and Financial Reconstruction (“BIFR”) only for industrial companies in cases where the net worth of the Company has fully eroded. The BIFR appoints an operating agency which is generally a Public Financial Institution, State Level Institution or a Scheduled Bank. However, the winding up of companies continues to be the jurisdiction of the Indian Courts which can take a decade even after the Company has actually been declared sick and reference has been made to BIFR under SICA. This dualistic legal system is largely responsible for delays at various stages which defeat the real objective of maximising value of assets through facilitated restructuring bringing unique focus to industry and business issues based on multi-creditor work-out by an Independent Professional Advisor and fast track implementation of restructuring / liquidation, as the case maybe.
This paragraph has been take from Rocky6 on this same page:
This is the order passed by Hon;ble High Court on the City Limouzines and
City Real application for merging the two company in to one in which 21 days
before the 07 Oct 2009 Notice to be issued to all Cretidors of A category
and Cat B.
[protected][protected][protected][protected][protected]-----
Bankruptcy Law in India
India does not have a clear and comprehensive law on corporate bankruptcy. In fact, there is even significant confusion in the meaning of the terms bankruptcy, insolvency, liquidation and dissolution.
Insolvency is a condition when a person is unable to meet in entirety their liabilities from the realisation of assets and is determined by a balance sheet test. There is no regulation or statute legislated upon bankruptcy which denotes a condition of inability to meet a demand of a creditor ie the cash flow test as is common in many jurisdictions. In 1981, in order to assess the causes of industrial sickness and suggest remedial measures, the Reserve Bank of India constituted a committee under the chairmanship of Mr. T.Tiwari, chairman of Industrial Reconstruction Corporation of India ( now known as Industrial Development Bank of India “IDBI”). This resulted in the enactment of a special legislation, the Sick Industrial Companies (Special Provision Act, 1985 (referred to as “SICA”).
SICA has been repealed and replaced by the Sick Industrial Companies (Special Provisions) Repeal Act, 2003 paving way for amendment of the Indian Companies Act, 1956 through insertion of Chapter VI A to deal with the Revival and Rehabilitation of Sick Industrial Companies. This amendment also allows for the setting up of the National Company Law Tribunal (NCLT). The validity of NCLT has been challenged in the Indian Courts. Though six years have elapsed, the notification in the official Gazette to give effect to the SICA repeal Act is pending. Ironically,
SICA even after it was repealed in principle in 2003, continues to be in force. This quagmire highlights the
uncertain development of insolvency legislation in India and the uncertainty faced by lenders and investors seeking to rely on the law. Dualistic legal systems The existing legislation, SICA, provides for a supervisory restructuring at the behest of The Board of Industrial and Financial Reconstruction (“BIFR”) only for industrial companies in cases where the net worth of the Company has fully eroded. The BIFR appoints an operating agency which is generally a Public Financial Institution, State Level Institution or a Scheduled Bank. However, the winding up of companies continues to be the jurisdiction of the Indian Courts which can take a decade even after the Company has actually been declared sick and reference has been made to BIFR under SICA. This dualistic legal system is largely responsible for delays at various stages which defeat the real objective of maximising value of assets through facilitated restructuring bringing unique focus to industry and business issues based on multi-creditor work-out by an Independent Professional Advisor and fast track implementation of restructuring / liquidation, as the case maybe.
Hi, Every investors, i have a detailed study about what is going on. i have downloaded all the authentic information of what is going on in mumbai court. i will list out the scenario.
1.ALL STARTED WITH F.I.R NO 151 /07 REGISTERED WITH CUFFE PARADE POLICE ST MUMBAI .
2. THEY TRANSFERRED THE CASE NUM NO 74/07 TI EOW WING OF CRIME BRANCH, MUMBAI UNDER SECTION 406, 420, & 120B 0F INDIAN PENAL CODE'
3.THIS CASE IS REFERRED AS CITY LIMOUSINES (INDIA) LTD REPRESENTED BY MR.SAYED MOHAMMED MASOOD VS STATE OF MAHARASHTRA REPRESENTED BY THE INSPECTOR IN CHARGE, EOW WING CRIME BRANCH FHRO PUBLIC PROSECUTOR, HIGH COURT AND MR.JALANDHAR GANPAT PANSARE .
4.THIS F.I.R WAS QUASHED BY SINGLE JUDGE OF MUMBAI COURT
5. AGAINST THIS VERDICT, AN APPEAL MADE IN SUPREME COURT- CRIMINAL APPEAL
NO. 1416/09-THE APEX COURT SET ASIDE THE MUMBAI HC ORDER, AND RESTORED THE ORIGINAL F.I.R AND ALLOWED THE EOW TO CONTINUE INVESTIGATION.
6. AFTER THIS, A CRIMINAL CASE NO.WPST/2406/09 FILED ON 08/09/09 IS WAITING FOR PRE
ADMISSION IN MUMBAI H.C ON 15/09/09
7. S.NO.1-6 IS ALL ABOUT CRIMINAL PROCEEDING.
NEXT COMES THE MOVE MADE BY THE COMPANY.
MY INFERENCE IN THIS JUNCTURE IS THE COMPANY'S ACTIVITIES & BANK ACCOUNTS MIGHT HAVE BEEN FROZEN BY EOW.
8. NOW THE COMPANY MADE 4 PETITIONS - UNDER SECTION 391TO 394
1.PET.NO.1. CAL/872/2009 FILING DT 21/08/09 REG NO CA/933/09 CITY LIMOUZINES (I) LTD NO 871/2009 FILING DATE 21/08/09 REG NO. CA/932/3- JUDGEMET -SASE DISPOSED- MEANS CASE IS OVER- SUMMONS FOR DIRECTION- MINUTES OF ORDER- SEE JUDGE MET CO IN BOMBAY HIGH CORT WEGSITE.
2. PET NO CAL/871/09 FILING DT 21/08/09 REG NO CA/932/2009CITY REALCOM LTD- JUDGE MET SAME AS PER ITEM NO.I
3.PET NO. 940/2009 FILING DATE 08/09./09 REG NO 931/09 UNDER COMPANIES ACT RULES 1956-PETITIONER CITY LIMOUSINES (I) LTD
CATEGORY -OTHER PROVISION OF COMPANIES ACT- THIS REG DIS ON REMUNERATION OF DIRECTORS, REQUIREMENT OF AUDIT COMMITTEE, CORPORATE DEMOCRACY. THIS CASE IS IN PRE- ADMISSION STAGE DT 9/9/09'
4.PET NO. 939/2009 FILING DATE 08/09./09 REG NO 931/09 UNDER COMPANIES ACT RULES 1956-PETITIONER CITY REAL COM
CATEGORY -OTHER PROVISION OF COMPANIES ACT- THIS REG DIS ON REMUNERATION OF DIRECTORS, REQUIREMENT OF AUDIT COMMITTEE, CORPORATE DEMOCRACY. THIS CASE IS
IS IN FINAL HEARING ON 16/09./09I.
HELLO FRIENDS I HAVE APPRISE what is the factual position as on date.
HOW THE MATTER WILL BE DECIDED IS KNOWN ONLY AFTER THE OUT OF THE PROPOSED MEETING ON 8/10/09 AT GARWARE CLUG, MUMABAI AS DIRECTED BY ABOVE COURT JUDGMENT. PL READ THE JUDGMENT AND GET CLARIFIED. FOR ANY ASSISTANCE AN[censored] WANT A COPY OF ALL STATED ABOVE, UN PL CONTACT ME @ [protected]@yahoo.co.in and i am duty bound to share/forward all the materials to u guys . by by
1.ALL STARTED WITH F.I.R NO 151 /07 REGISTERED WITH CUFFE PARADE POLICE ST MUMBAI .
2. THEY TRANSFERRED THE CASE NUM NO 74/07 TI EOW WING OF CRIME BRANCH, MUMBAI UNDER SECTION 406, 420, & 120B 0F INDIAN PENAL CODE'
3.THIS CASE IS REFERRED AS CITY LIMOUSINES (INDIA) LTD REPRESENTED BY MR.SAYED MOHAMMED MASOOD VS STATE OF MAHARASHTRA REPRESENTED BY THE INSPECTOR IN CHARGE, EOW WING CRIME BRANCH FHRO PUBLIC PROSECUTOR, HIGH COURT AND MR.JALANDHAR GANPAT PANSARE .
4.THIS F.I.R WAS QUASHED BY SINGLE JUDGE OF MUMBAI COURT
5. AGAINST THIS VERDICT, AN APPEAL MADE IN SUPREME COURT- CRIMINAL APPEAL
NO. 1416/09-THE APEX COURT SET ASIDE THE MUMBAI HC ORDER, AND RESTORED THE ORIGINAL F.I.R AND ALLOWED THE EOW TO CONTINUE INVESTIGATION.
6. AFTER THIS, A CRIMINAL CASE NO.WPST/2406/09 FILED ON 08/09/09 IS WAITING FOR PRE
ADMISSION IN MUMBAI H.C ON 15/09/09
7. S.NO.1-6 IS ALL ABOUT CRIMINAL PROCEEDING.
NEXT COMES THE MOVE MADE BY THE COMPANY.
MY INFERENCE IN THIS JUNCTURE IS THE COMPANY'S ACTIVITIES & BANK ACCOUNTS MIGHT HAVE BEEN FROZEN BY EOW.
8. NOW THE COMPANY MADE 4 PETITIONS - UNDER SECTION 391TO 394
1.PET.NO.1. CAL/872/2009 FILING DT 21/08/09 REG NO CA/933/09 CITY LIMOUZINES (I) LTD NO 871/2009 FILING DATE 21/08/09 REG NO. CA/932/3- JUDGEMET -SASE DISPOSED- MEANS CASE IS OVER- SUMMONS FOR DIRECTION- MINUTES OF ORDER- SEE JUDGE MET CO IN BOMBAY HIGH CORT WEGSITE.
2. PET NO CAL/871/09 FILING DT 21/08/09 REG NO CA/932/2009CITY REALCOM LTD- JUDGE MET SAME AS PER ITEM NO.I
3.PET NO. 940/2009 FILING DATE 08/09./09 REG NO 931/09 UNDER COMPANIES ACT RULES 1956-PETITIONER CITY LIMOUSINES (I) LTD
CATEGORY -OTHER PROVISION OF COMPANIES ACT- THIS REG DIS ON REMUNERATION OF DIRECTORS, REQUIREMENT OF AUDIT COMMITTEE, CORPORATE DEMOCRACY. THIS CASE IS IN PRE- ADMISSION STAGE DT 9/9/09'
4.PET NO. 939/2009 FILING DATE 08/09./09 REG NO 931/09 UNDER COMPANIES ACT RULES 1956-PETITIONER CITY REAL COM
CATEGORY -OTHER PROVISION OF COMPANIES ACT- THIS REG DIS ON REMUNERATION OF DIRECTORS, REQUIREMENT OF AUDIT COMMITTEE, CORPORATE DEMOCRACY. THIS CASE IS
IS IN FINAL HEARING ON 16/09./09I.
HELLO FRIENDS I HAVE APPRISE what is the factual position as on date.
HOW THE MATTER WILL BE DECIDED IS KNOWN ONLY AFTER THE OUT OF THE PROPOSED MEETING ON 8/10/09 AT GARWARE CLUG, MUMABAI AS DIRECTED BY ABOVE COURT JUDGMENT. PL READ THE JUDGMENT AND GET CLARIFIED. FOR ANY ASSISTANCE AN[censored] WANT A COPY OF ALL STATED ABOVE, UN PL CONTACT ME @ [protected]@yahoo.co.in and i am duty bound to share/forward all the materials to u guys . by by
Dear All
I have two schemes one combo in Jan 08 and one realcom in Mar 09. The recent developments in city have created a lot of trauma for all investors. To me follwing appears:
1. City will run away with our money- keeping past trends in mind, it is difficult to accept. If it had to run it could have without giving any sneak. If they are insolvent at the moment, they must have been aware of their financial position long ago. They could have filed bankruptcy request/petition of their own without waiting for such situation. They could have easily done this without giving any intimation to any one. They are still resolving the matter though the content has not been made public.
2. They are going to modify the scheme which would result into less monthly incentives to the investors. This is what i think most suitable to the situation arose. Other wise investors would have to opt for their principal amount.
The aboves are purely my opinion without any prejudice to any one. However, the magic mantra of the moment is have faith in almighty and ourself. Wishing good luck to one and all
I have two schemes one combo in Jan 08 and one realcom in Mar 09. The recent developments in city have created a lot of trauma for all investors. To me follwing appears:
1. City will run away with our money- keeping past trends in mind, it is difficult to accept. If it had to run it could have without giving any sneak. If they are insolvent at the moment, they must have been aware of their financial position long ago. They could have filed bankruptcy request/petition of their own without waiting for such situation. They could have easily done this without giving any intimation to any one. They are still resolving the matter though the content has not been made public.
2. They are going to modify the scheme which would result into less monthly incentives to the investors. This is what i think most suitable to the situation arose. Other wise investors would have to opt for their principal amount.
The aboves are purely my opinion without any prejudice to any one. However, the magic mantra of the moment is have faith in almighty and ourself. Wishing good luck to one and all
dalinder is a greedy man all you investers my advice keep your finger cross and hope for the best city group ki jai ho
I sincerely hope that City Limousines wins the case and Jalandar Ganpat Pansare loses all the benefit he got from City Limousines in fighting this case (Rs.2, 40, 000).
Hi All O[censored],
What do u think?
Apna paisa milega ki Dubega?
I"ve recently invested in two files, if agar company dub gayi then mein bhi dub jaunga
What do u think?
Apna paisa milega ki Dubega?
I"ve recently invested in two files, if agar company dub gayi then mein bhi dub jaunga
it is good to see so many positive attitudes here. like most of the investors i too have yet to recover my principle, but something tells me that we will get there. we will get all our money back.
it is just the greed of one person that we are going thru the bad phase (just like the stock market perhaps). let us not be like our friend mr. Pansare and give them some time. The worst has happened and citi is fighting to clear itself in the courts. the reality is that we never had any problems with our cheques. the problem was not because any cheque bounced. the problem was because mr pansare was given a cheque, instead of a car. whilst i agree citi and mr pansare did not handle the case very well, if you think on it the problem is very academic. if pansare had to take money in lieu of the car, we would be laughing our way to the bank every month on month. if we all start filing cases on citi now... they may just give up. as we all know one case has taken so much time, if we have a few more cases like this, citi will spend all our money in the court cases...
i am sure, once citi comes out of it clear, they will emerge stronger and have many more investors. god bless citi and all o[censored]s...and yeah...mr pansare too!
it is just the greed of one person that we are going thru the bad phase (just like the stock market perhaps). let us not be like our friend mr. Pansare and give them some time. The worst has happened and citi is fighting to clear itself in the courts. the reality is that we never had any problems with our cheques. the problem was not because any cheque bounced. the problem was because mr pansare was given a cheque, instead of a car. whilst i agree citi and mr pansare did not handle the case very well, if you think on it the problem is very academic. if pansare had to take money in lieu of the car, we would be laughing our way to the bank every month on month. if we all start filing cases on citi now... they may just give up. as we all know one case has taken so much time, if we have a few more cases like this, citi will spend all our money in the court cases...
i am sure, once citi comes out of it clear, they will emerge stronger and have many more investors. god bless citi and all o[censored]s...and yeah...mr pansare too!
dear intel guy,
you are sleeping till now. there is no attachment of pansare case with the present situation. pls read the post which is posted by me. you will get the real situation
you are sleeping till now. there is no attachment of pansare case with the present situation. pls read the post which is posted by me. you will get the real situation
i somehow agree its the end of the road fr getting back our money frm city, as far as they are concerned we dont exist anymore...guess fr us who are genuine sufferers, uniting together to fight fr our money is the only choice...
Dear All,
There are lot of contradictory statements. Though the people are free to express their views but it should not hurt the others involved. Think positively before making any move. When the stock market crashed, it was the golden time for city to bind its business up and file petition for bankruptcy. But we all know that it did not. At that time none o[censored]s came forward and asked our principal of investment back! There are many mischiefs on this site who enjoy themselves by creating panic amongst already pained investors. Any measure taken without considering pros and cons would lead to another trouble which will keep going and going.Moroever, ponzy schemes donot wait for any court case or its verdict before binding its scheme up. They just run away over night. If city had such intention since beggining it would not have spreaded its business in so many metroes/cities.
So its better to wait and watch till final conclusion is arrived at either by Hon'be Court or City Group.
What is seen is not truth always!
There are lot of contradictory statements. Though the people are free to express their views but it should not hurt the others involved. Think positively before making any move. When the stock market crashed, it was the golden time for city to bind its business up and file petition for bankruptcy. But we all know that it did not. At that time none o[censored]s came forward and asked our principal of investment back! There are many mischiefs on this site who enjoy themselves by creating panic amongst already pained investors. Any measure taken without considering pros and cons would lead to another trouble which will keep going and going.Moroever, ponzy schemes donot wait for any court case or its verdict before binding its scheme up. They just run away over night. If city had such intention since beggining it would not have spreaded its business in so many metroes/cities.
So its better to wait and watch till final conclusion is arrived at either by Hon'be Court or City Group.
What is seen is not truth always!
any comment on the fact that after 15th Sept they can get a stay on any litigation from the investors regd bounced cheques???