morepen lab — fix deposite money not refund after matury

sir,

below statment is Morepen to offer scheme of Conversion of fixed deposits into equity to its FD holders .sir till date i received my only 20% refund my money. other side some customer claimed via GRAAK SURKSA they got his refund immigetly .

so this is really cheet to investors

do needful againt this matter

hitesh modi

Morepen to offer scheme of Conversion of fixed deposits into equity to its FD holders
New Delhi, Jan 20, 2004
The Board of Directors of Morepen Laboratories Limited have in principle approved a proposal to offer an equity option to fixed deposit holders as recompense to the trust and patience shown by the FD holders for past 15 months. The proposal, which is subject to approval by shareholders in the forthcoming AGM of the company, . was finalized after seeking the views of the FD Brokers and the key Financial Institutions & Banks. This would give the option to the FD holders to convert their deposit amount into fully convertible debentures; and also provide reward by way of possible equity upside to 80, 000 depositors who have been with the Company for a long time. The conversion is proposed to be at SEBI determined formula at the value price which would include the outstanding amount plus the overdue interest. The scheme is in the best interest of the Fixed Deposit holders, as it will enable them to liquidate their amounts at an early stage as compared to the period of four years directed in the Company Law Board Order. The equity conversion may also be extended to the unsecured creditors of the company who have supported the company.
In long term perspective, this proposal will also help the Company by easing out the current pressure on the operations of the Company due to regular outflow of funds on account of FD repayments and also help increase the shareholders' value. The uptrend in the pharma markets world wide and the boom in the stock markets in India would further help the investor to realize full potential of the equity option.
Inking the turnaround of operations
The operations of the Company have also shown an upward trend in this quarter and the company is now poised to make progress in terms of sales and profits in the Jan-Mar-04 quarter going forward.
The sales of Rs.24 crores in the December quarter represent a trend of consolidation given that this is the second consecutive quarter in which the downfall of sales of the previous three quarters has been arrested. The API exports, mainly of Loratadine to US market have contributed nearly 80% to the turnover of the company in last quarter and is further poised to increase in the current Quarter. Operations have become cash positive due to the cost cutting measures introduced by the company over the last few months.
With a very clear focus on the High margin API exports, further Plans are afoot to further augment Bulk drug sales in the high realization US and Canada markets with additional growth also planned for other regulated markets.
Rationalization of manpower has reduced staff cost & the Manufacturing and other expenses have also been brought down. the Company is taking further steps to reduce the bill of materials as also to reduce other overheads and expenses to boost margins further. These have positively impacted the EBIDTA figures and will do so going forward. An upbeat mood is permeating through the organization boosting employee morale and creating a sense of pan-Company ownership for what is clearly a revival story.


--- On Wed, 13/5/09, pusti modi <[protected]@yahoo.co.in> wrote:


From: pusti modi <[protected]@yahoo.co.in>
Subject: Fw: fd money no returned till date
To: "Legal" <[protected]@consumer-voice.org>
Date: Wednesday, 13 May, 2009, 9:06 AM






sir,

here i attach scan copy for morpen lab refund my first instalment cheque rs.10000/-

it is prove they Chet to investor, it is really sam matter for good company but till date

no any intimation about rest money.

regards,

hitesh modi.
--- On Tue, 14/4/09, Legal <[protected]@consumer-voice.org> wrote:


From: Legal <[protected]@consumer-voice.org>
Subject: Fw: fd money no returned till date
To: [protected]@hub.nic.in, sushil.[protected]@morepen.com, ajay.[protected]@morepen.com, ps.[protected]@morepen.com, darpan.[protected]@morepen.com, sanjay.[protected]@morepen.com
Cc: [protected]@yahoo.co.in
Date: Tuesday, 14 April, 2009, 2:14 PM



Dear sir,

we are volunatry organisation working for the protection of consumer
interests.We have sent this complaint earlier also for escalation but till
date nothing had been heard from your side, as this complaint is genuine
enough to be clarified soon otherwise no alternative left with the
complainant to take this matter within the public.

So you are requested as well as advised to do the needful in this matter at
the ealiest .

Thanks

Mona

Legal executive
Consumer Voice
----- Original Message -----
From: Legal
To: [protected]@hub.nic.in ; sushil.[protected]@morepen.com ; ajay.[protected]@morepen.com ; ps.[protected]@morepen.com ; darpan.[protected]@morepen.com ; sanjay.[protected]@morepen.com
Cc: [protected]@yahoo.co.in
Sent: Thursday, March 26, 2009 1:14 AM
Subject: Fw: fd money no returned till date


Dear sir,
We are voluantry organisation working for the protection of consumer interests, We have also been recieving complaints from the investors of MOREPAN LABS who have been paid their FD Amount on maturity.This is serious as the company is keeping silent to the consumers communications.ROC may kindly do something to help the investors.
Thanking you

H.K.Awasthi
Legal manager
CONSUMER VOICE
----- Original Message -----
From: [protected]@yahoo.co.in
To: [protected]@consumer-voice.org
Sent: Sunday, March 01, 2009 10:23 AM
Subject: fd money no returned till date


Dear sir,



This is to inform you that in Morepen Laboratories Ltd.FD Scheme we have invested Rs. 50000/-
in the year 2002, but still we have not recd.return our FD money & reffer to your companys system
we have send the Application for hardship cases in the month of May'06 & your company commite
to send the fd amont in the month of August'06.
It is request you to give the schedule when you release our fd amount, detail of fd as unde.
FDR NO. NAME FD AMOUNT MATURITY DATE OF AMOUNT
AMOUNT MATURITY RECD SO FAR
BRDDX00113N HITESH N.MODI 20000/- 22292/- 156/03 NIL
J/T KUSUMBEN N.MODI
BRDDX00105N KUSUMBEN N.MODI 20000/- 22292/- 14/6/03 NIL
J/T GAURAV N.MODI
BRDDX00452N MUKESH C.MODI 10000/- 11145/- 6/8/03 NIL
J/T YOGESH R.MODI
This is for your information & please reply with releasing schedule.