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I have contacted the hyderabad branch and they did not comment on anything, just replied visit www.mumbai.nic.in, I think the whole concept has gone for six..
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chennai office closed
CITY GROUP COLLAPSED-CRASHED WE INVESTERS ARE CHEATED AND LOST OUR MONEY
MASOOD IS TRYING TO RUN OUT OF INDIA, SURELY HE WILL RUN AWAY EITHER TODAY OR NEXT COMMING DAYS.
THE FRAUD-SCAM IS OVER (ONCE THERE WAS DAWOOD NOW IT'S MASOOD)
MASOOD IS TRYING TO RUN OUT OF INDIA, SURELY HE WILL RUN AWAY EITHER TODAY OR NEXT COMMING DAYS.
THE FRAUD-SCAM IS OVER (ONCE THERE WAS DAWOOD NOW IT'S MASOOD)
FRESH UPDATE FROM MUMBAI MIRROR - 15 SEP 2009
By Deeptiman Tiwary Posted On mumbai mirror Tuesday, September 15, 2009 at 02:45:33 AM
Around 60 shareholders of car-rental investment company City Limouzine created a ruckus outside the firm’s office at Mittal Towers in Nariman Point on Monday.
The preferential shareholders – including policemen and lawyers – demanded the money due to them. They alleged that the interest cheques, issued to them, had bounced. The matter was resolved only after Cuffe Parade police intervened.
According to police, the shareholders reached the office at 5 pm and demanded that new cheques be issued to them immediately, even though the company said it was unable to pay them due to procedural delays.
‘48 PER CENT INTEREST’
City Limouzine is facing investigations by the Economic Offences Wing of the Mumbai Police for allegedly cheating its investors of crores of rupees.
According to the EOW complaint, the company promised 48 per cent interest to its investors but allegedly failed to pay them after some time.
Promoted by Sayed Masood, the company had promised a Rs 4, 000 return every month (for five years) on an investment of Rs 95, 000. The company said the money would be invested in buying Maruti cars, which were to be registered in the name of investors and transferred to them at the end of this period. However, in 2007, when some investors did not get their money, they complained to the EOW.
Earlier this year, the company managed to get the FIR lodged against it quashed, but the Supreme Court allowed the EOW pursue investigations. Following this, the company approached the HC again and filed a petition under the Companies Act.
SHAREHOLDER MEETING IN OCT
Masood told Mumbai Mirror, “The HC has given us certain instructions because of which we need to do a massive restructuring of our payment schedule. This will take some time. Till then our shareholders will have to bear with us. We can help them if they give us time.”
He added, “Monday’s gathering was a result of some vested interests spreading rumours about the health of the company. We are holding a meeting with our investors and shareholders at Wankhede Stadium on October 7.”
Senior Inspector of Cuffe Parade police station Dhanraj Vanjari said, “There was some tension on
Monday, but it has been resolved for now. The company told us it was not able to pay the shareholders as a case regarding its business is on in the Bombay HC.”
By Deeptiman Tiwary Posted On mumbai mirror Tuesday, September 15, 2009 at 02:45:33 AM
Around 60 shareholders of car-rental investment company City Limouzine created a ruckus outside the firm’s office at Mittal Towers in Nariman Point on Monday.
The preferential shareholders – including policemen and lawyers – demanded the money due to them. They alleged that the interest cheques, issued to them, had bounced. The matter was resolved only after Cuffe Parade police intervened.
According to police, the shareholders reached the office at 5 pm and demanded that new cheques be issued to them immediately, even though the company said it was unable to pay them due to procedural delays.
‘48 PER CENT INTEREST’
City Limouzine is facing investigations by the Economic Offences Wing of the Mumbai Police for allegedly cheating its investors of crores of rupees.
According to the EOW complaint, the company promised 48 per cent interest to its investors but allegedly failed to pay them after some time.
Promoted by Sayed Masood, the company had promised a Rs 4, 000 return every month (for five years) on an investment of Rs 95, 000. The company said the money would be invested in buying Maruti cars, which were to be registered in the name of investors and transferred to them at the end of this period. However, in 2007, when some investors did not get their money, they complained to the EOW.
Earlier this year, the company managed to get the FIR lodged against it quashed, but the Supreme Court allowed the EOW pursue investigations. Following this, the company approached the HC again and filed a petition under the Companies Act.
SHAREHOLDER MEETING IN OCT
Masood told Mumbai Mirror, “The HC has given us certain instructions because of which we need to do a massive restructuring of our payment schedule. This will take some time. Till then our shareholders will have to bear with us. We can help them if they give us time.”
He added, “Monday’s gathering was a result of some vested interests spreading rumours about the health of the company. We are holding a meeting with our investors and shareholders at Wankhede Stadium on October 7.”
Senior Inspector of Cuffe Parade police station Dhanraj Vanjari said, “There was some tension on
Monday, but it has been resolved for now. The company told us it was not able to pay the shareholders as a case regarding its business is on in the Bombay HC.”
Next hearing iro case No. WP/2406/2009, in Bombay High Court is on 6 Nov 09.
DAWOOD MASOOD BHAI BHAI
Problem showing that regsd office mumbai is said about share holder meeting on 08 oct at mumbai
hi,
anyone from bombay? can u please give the correct message regarding citi real com. I have invested in May 09. Iam from Chennai. Here everyone is in dilemma about the company, there are many rumours spreading here that the company has cheated everyone and ran away? Can anyone please give the correct information from bombay?
anyone from bombay? can u please give the correct message regarding citi real com. I have invested in May 09. Iam from Chennai. Here everyone is in dilemma about the company, there are many rumours spreading here that the company has cheated everyone and ran away? Can anyone please give the correct information from bombay?
Hi
I am from Mumbai. The mumbai office is functional and they have asked to come to the meeting in Oct. I have been receiving timely payments from City for last 8-9 months. i think it's just because of the court case and that their accounts are being checked for some 'black money' deposits done by some investors that their accounts are frozen.
If the company is still functioning and is calling for a meeting and is giving a option, in front of court judges, to reinvest MEANS THE COMPANY IS NOT FRAUD. we shud stand by the company and give a chance to again formulise its investment options. AND SINCE IT WILL BE IN PRESENCE OF EVERYONE (court) it will be fully legal!!
a fraudulent company will be closed overnight and everybody absconding. that is not the case here.
Also it was a long case where Bombay HC had given, earlier, the verdict in favour of City group!!
I am from Mumbai. The mumbai office is functional and they have asked to come to the meeting in Oct. I have been receiving timely payments from City for last 8-9 months. i think it's just because of the court case and that their accounts are being checked for some 'black money' deposits done by some investors that their accounts are frozen.
If the company is still functioning and is calling for a meeting and is giving a option, in front of court judges, to reinvest MEANS THE COMPANY IS NOT FRAUD. we shud stand by the company and give a chance to again formulise its investment options. AND SINCE IT WILL BE IN PRESENCE OF EVERYONE (court) it will be fully legal!!
a fraudulent company will be closed overnight and everybody absconding. that is not the case here.
Also it was a long case where Bombay HC had given, earlier, the verdict in favour of City group!!
CHEQUE DISHONOURED
HOLDING One A/C WITH CITY REAL COM.CHEQUES DATED 23/08/09 FOR RS.7775 BOUNCED STATING THAT INSUFFICIENT FUNDS.
-T J Jordy
HOLDING One A/C WITH CITY REAL COM.CHEQUES DATED 23/08/09 FOR RS.7775 BOUNCED STATING THAT INSUFFICIENT FUNDS.
-T J Jordy
hi all investors,
Just think logically, if the company wants to run away with the money, y should the company be indulged in Income Tax / CBCID CASES or FEMA case?
THEY ARE ACTUALLY HELD UP BY GOVT FILED CASES REGARDING CASH INVESTMENTS MADE BY MORE THAN 22000 INVESTORS AND THE HUGE RETURNS GIVEN BY THEM WHICH THE GOVT CANT EVEN THINK TO DO SO FOR THE INDIANS.
All investors should think positively instead of going on negative rumours... I have just invested three months ago, but still i know the company for last 6 years. Not a single cheque bounce nor a single cheque delayed to reach the investor through post. Just think ... All because of one stupid individual named JALANDHAR PASARE from MUMBAI who filed a case against CITI LIMOUZINES for getting 70000/- hot cash instead of a OMNI car after his harvest of ripened fruit of 05 years solid income of Rs. 4000/- per month, that stupid got his money all 05 years and after that he has created problem for all other investors.
IF THE COMPANY WANTS TO CHEAT THE INVESTORS:-
1.IT WOULD HAVE RAN AWAY WITHOUT TRACE
2.IT WOULD NOT REPLY ABOUT THE CHEQUE DEPOSITING DATES
3.IT WONT CONDUCT MEETING WITH INVESTORS ON 07 TH OCT
Just think logically, if the company wants to run away with the money, y should the company be indulged in Income Tax / CBCID CASES or FEMA case?
THEY ARE ACTUALLY HELD UP BY GOVT FILED CASES REGARDING CASH INVESTMENTS MADE BY MORE THAN 22000 INVESTORS AND THE HUGE RETURNS GIVEN BY THEM WHICH THE GOVT CANT EVEN THINK TO DO SO FOR THE INDIANS.
All investors should think positively instead of going on negative rumours... I have just invested three months ago, but still i know the company for last 6 years. Not a single cheque bounce nor a single cheque delayed to reach the investor through post. Just think ... All because of one stupid individual named JALANDHAR PASARE from MUMBAI who filed a case against CITI LIMOUZINES for getting 70000/- hot cash instead of a OMNI car after his harvest of ripened fruit of 05 years solid income of Rs. 4000/- per month, that stupid got his money all 05 years and after that he has created problem for all other investors.
IF THE COMPANY WANTS TO CHEAT THE INVESTORS:-
1.IT WOULD HAVE RAN AWAY WITHOUT TRACE
2.IT WOULD NOT REPLY ABOUT THE CHEQUE DEPOSITING DATES
3.IT WONT CONDUCT MEETING WITH INVESTORS ON 07 TH OCT
Hi,
I invest payment in nehru place office 2 may 2009.
any one going to mumbai office plz information the office. our money safe ya unsafe
plz check it
I invest payment in nehru place office 2 may 2009.
any one going to mumbai office plz information the office. our money safe ya unsafe
plz check it
my file no 26319 R MY CHEQUE BONUS RS 7775RS ONLY PLEASE HELP MY COMPANY MEMBER
DONT BE FOOLS ONLY MIRACLE CAN SAVE THEM NOW
Pp, Chauhan, are you all known people knowing everything what is going to happen or are u just rumour mongers only spreading false informations everywhere, please stop this false propoganda or u might cause heart ache for some weak hearted investors .
It can happen to any company this is purely a business, when we get full amount per month that time we are happy and if there is some problem, people are creating full drama like situation, Don't panic everything will be okie before/after 21 Oct 2009.I have talked to them lots of time and completly satisfied by there reply.
Dear All
The positive aspect of all the episode is the statement of Mr. Massod where he asked explicitely appeal the cutomer to stand by the company by giving time to restructure. I am forced to conclude within myself that he has no such intention to cheat or run away with investors' money. Though he indirectly accpeted or hinted some serious problems affecting the company, he was firm to help investors out.Most of the investors have faith but reading one or other negative comments shake their faith. As Mr. Masood himself pointed some vested interest to make the issue more vulnerable. As far as myself is concerned, when my heart supports the city my mind opposes and vice versa. Irrespective all the odds i am very positive till now. However, a wider picture of the whole situation will soon be known when city issues notice regarding its meeting with creditors within a day or two.
God is always be there!
With good luck to all.
The positive aspect of all the episode is the statement of Mr. Massod where he asked explicitely appeal the cutomer to stand by the company by giving time to restructure. I am forced to conclude within myself that he has no such intention to cheat or run away with investors' money. Though he indirectly accpeted or hinted some serious problems affecting the company, he was firm to help investors out.Most of the investors have faith but reading one or other negative comments shake their faith. As Mr. Masood himself pointed some vested interest to make the issue more vulnerable. As far as myself is concerned, when my heart supports the city my mind opposes and vice versa. Irrespective all the odds i am very positive till now. However, a wider picture of the whole situation will soon be known when city issues notice regarding its meeting with creditors within a day or two.
God is always be there!
With good luck to all.
Well said Deepak... I am also 100% +ve
Thank You Nitin. Like we there are many, more precisely all, who within their heart have faith in city. Being their offices close is the concern of the people now, but very few came forward and appreciated their efforts to face such large number of tensed and aggressive investors. It si rightly siad " sukh ke sab sathi dukh mein na koi." If people have coperated in a peaceful manner such situation would not have arisen at all. To me it is of no importance now. Once something happened, it happened. It can never be rolled back. Its better to analyse the ituation and apply some common sense of yourself besides paying more attention to one comment or others. When city started its so called business many of my friends invested their money in[protected] and got their returns. They even asked to invest but i was surprised as how could a company offer such a high return and so i kept myself away. However, in Jan 08 i invested in combo plan after getting myself well asured. My investment was well planed and thought because at that time most of the mutual funds were giving almost 60% return. In Mar 2009, i also invested in realcom.
One thing i would like to make sure that the City is having certain sources of income otherwise it could not run the show so long. However, i also cannot deny that during recent past the incomes of the City has decline and keeping in the recent trends the city must have found itself in position where it could not run with current scheme. Therefore, they are stressing for restructuring of scheme. It can also be deduced that the city will not able to refund all the investors' money in go. So if the city offers a restructure of scheme even with a lower incentive or refund of balance amount of principal amount i will definetely go with the former without any doubt. The opinion is purely mine and does not intend to affect any body's opinion or view directly or indirectly, with or without any prejudice.
A lot said.
One thing i would like to make sure that the City is having certain sources of income otherwise it could not run the show so long. However, i also cannot deny that during recent past the incomes of the City has decline and keeping in the recent trends the city must have found itself in position where it could not run with current scheme. Therefore, they are stressing for restructuring of scheme. It can also be deduced that the city will not able to refund all the investors' money in go. So if the city offers a restructure of scheme even with a lower incentive or refund of balance amount of principal amount i will definetely go with the former without any doubt. The opinion is purely mine and does not intend to affect any body's opinion or view directly or indirectly, with or without any prejudice.
A lot said.