[Resolved]  Basil International Limited — DUBIOUS NATURE OF OPERATION

Address: Murshidabad, West Bengal

Respected Sirs,
The undersigned is an individual living in Berhampore-742101,Murshidabad,West Bengal. I have this query regarding a company named “BASIL INTERNATIONAL LIMITED”. Regd. No. 55-87010 and having a corporate address at B-1/24,Sector-A, Aliganj, Lucknow-226024. The branch code of this company of the berhampore office is 7108M. I have RECCURING DEPOSIT ACCOUNT with them, and that account number is BIL – 133606. The sales agent code is [protected]M. Further there is another code given in my PASS BOOK, which is APPL No. :[protected].
The thing that is irking me is the name of this company keeps changing. Firstly it used to be called APPELINE, then it turned to BASIL INTERNATIONAL LIMITED, and at present it has again turned to TOGO RETAIL MARKETING INDIA. However no advertisement of these changes appear in any newspaper, neither is any effort made to inform the investors like us, about the changes in the company. At present money receipts are given in the name of BASIL, however the office premises in berhampore carries a sign board naming TOGO RETAIL. The office bearers also say that there is no further existence of the company named BASIL. All this leads to a lot of ambiguity, and headaches for small investors like us. We have no way to verify the credentials of the company, or whether it has all the necessary clearances to raise money from the public. It’s a clear breach of our RIGHT TO INFORMATION about the company we are investing with.
Further, I would like to draw your attention to an article appearing in a BENGALI VERNACULAR daily named “PRATIDIN” on the 17th June 2010, stating an operation by the GOVT. OF TRIPURA, in sealing certain offices of NBFCs, and also stalling all operations of the same. Among other companies, the first name that appeared in the newspaper was that of “BASIL INTERNATIONAL LIMITED”. The article stated that all offices and finance institutions which don’t have requisite R.B.I clearances will not be allowed to operate in TRIPURA. So does that mean BASIL does not have such clearances? Why, otherwise was there offices sealed and operations stalled? Due to this article, I am in a state of panic, and so is, I am sure, a lot many people who have accounts with BASIL? I am unsure whether to carry on with the RECURRING DEPOSIT or not. Even if I stop depositing the monthly money, there agent says that I wont be able to withdraw the money that have so far accumulated with them, until the maturity date in 2012. They is no provision of premature withdrawal, they say. However other institutions like the POST OFFICE, NATIONALISED BANKS do allow such premature withdrawals. A person can get into any emergency, or sudden acute financial crisis, then in such situations don’t we have the right to ask for our money back?
I would like to know certain things mentioned under:-
1)If in any situation the above mentioned institution goes bankrupt or just close down offices without paying our due, who will be responsible for that?
2)Will the R.B.I pay our dues?
3)Given the apparent dubious nature of operations of the company, what steps are you taking to ensure the interest of small investors like us, from any such cheating if/when it occurs?
Thanks & Regards,
Shibaji Sarkar.
Mail-- shibaji.[protected]@gmail.com
20/06/2010