Comments
CHEQUE DISHONOURED
HOLDING THREE A/CS WITH CITY REAL COM. FILE NO. 16458/R, 29781/C AND 043/H1 CHEQUES DATED 17/08/09 FOR RS.7, 775, 24/08/09 FOR RS.16, 541 AND 24/08/09 FOR RS.1, 800ON THREE A/CS BOUNCED STATING THAT INSUFFICIENT FUNDS.
NEELAM
HOLDING THREE A/CS WITH CITY REAL COM. FILE NO. 16458/R, 29781/C AND 043/H1 CHEQUES DATED 17/08/09 FOR RS.7, 775, 24/08/09 FOR RS.16, 541 AND 24/08/09 FOR RS.1, 800ON THREE A/CS BOUNCED STATING THAT INSUFFICIENT FUNDS.
NEELAM
i too invested in two combo offers .but in this current month i presented chq to bank for clearing on 08/09/09, it is returned back from clearing house. what to do? I tried to call delhi & jaipur office of city limouzines but no one picks the phone? now what could be expected? if any one get his chq cleared plse send mail. Thanks
on further study of the case i have the following observations.
1.bombay h.c quashed f.i.r stating that thre is no element /intention of cheat and undr ipc 420 this is not a valid case.
2. the apex reopen the issue and allow the inspector if EOW TO CONTINUE THE INVESTIGATION, AND ALLOW THE COMPANY TO FUNCTION. THE F.I. R IS REOPEN AND THE CASE IS BEING CONTESTED AS PST/2406/09 UNDER DIVISION BENCH OF MUMBAI COURT WHICH IS PRE-ADMISSION CASE - NEXT HEARING IS ON 15/09/09.
AS FAR AS THIS CASE IS CONCERNED IT IS NEITHER A CHEQUE BOUNCE NOR THE FUNCTIONING OF THE COMPANY /ACCTS IN FROZEN BY EOW.
3. NEXT COMES BOUNCING OF CHE QUES FROM AUG-09 ONWARDS. PL SEE THE REMARK IN THE CHEQUE RET. MEMO. ’’INSUFFICIENT FUNDS’’- MEANS NO MONEY IN THE A/C. NO BANKER CAN LIE ON THIS . IF ACS ARE FROZEN THEY HAVE TO GIVE THE REMARK A/C FROZEN. BANKERS CANT LIE.
4. NOW THE INTENTION OF THE COMPANY DUE LACK OF FUNDS/ DIVERSION OF FUNDS/NOT REGISTERING THE VEHICLES IN THE INVESTOR’S NAME COMES TO LIME LIGHT.
5. THE THE COMPANY MOVESTTO MUMBAI H.C FOR SCHEME OF ARRANGEMENT UNDER SECTION 391 OF COMPANY ACT. TO MAKE THIS MOVE THEY HAVE NECESSARILY TO APPROACH COURT ONLY AS COM.ACT 1985 DOES NOT DEFINE EITHER A COP.OR ARRANGEMENT AND THE COURT TAKES A BROAD VIEW OF WHAT SHOULD BE INCLUDED. PL UNDERSTAND NO BODY FILED ANY CASE AGAINST THE COM. IN THIS ARRANGEMENT AS U PL SEE THER IS NO RESPONDENT IN THESE TWO CASES NO 933/09, 932/09.
4. THE HON.JUDGE DIRECTED UPON SUMMONS, THUS DISPOSING THE CASE MEANS CASE IS OVER AND AS PER THE MINUTES OF THE ORDER A MEETING OF A, B CLASS CREDITORS IS CALLED FOR. THE DETAILED PUBLICATION WITH FULL PARTICULARS WILL BE PUBLISHED IN MUMBAI FREE PRESS JOURNAL IN ENGLISH &IN MAHARASHTRA TIMES IN MARATHI BEFORE 21 DAYS OF PRIOR THE PROPOSED MEETING I.E ON 8/10/09 MUMBITIES, PL LOOK OUT PAPER PUG. FROM17/09/09 FOR DETAILS.
4.CASE NO CA/93/09 UNDER COM ACT-OTHER PROVISION ACT COMES FOR FINAL HEARING ON 16/09/09.
5. ANOTHER SIMILAR CASE IS IN PENDING.
1.bombay h.c quashed f.i.r stating that thre is no element /intention of cheat and undr ipc 420 this is not a valid case.
2. the apex reopen the issue and allow the inspector if EOW TO CONTINUE THE INVESTIGATION, AND ALLOW THE COMPANY TO FUNCTION. THE F.I. R IS REOPEN AND THE CASE IS BEING CONTESTED AS PST/2406/09 UNDER DIVISION BENCH OF MUMBAI COURT WHICH IS PRE-ADMISSION CASE - NEXT HEARING IS ON 15/09/09.
AS FAR AS THIS CASE IS CONCERNED IT IS NEITHER A CHEQUE BOUNCE NOR THE FUNCTIONING OF THE COMPANY /ACCTS IN FROZEN BY EOW.
3. NEXT COMES BOUNCING OF CHE QUES FROM AUG-09 ONWARDS. PL SEE THE REMARK IN THE CHEQUE RET. MEMO. ’’INSUFFICIENT FUNDS’’- MEANS NO MONEY IN THE A/C. NO BANKER CAN LIE ON THIS . IF ACS ARE FROZEN THEY HAVE TO GIVE THE REMARK A/C FROZEN. BANKERS CANT LIE.
4. NOW THE INTENTION OF THE COMPANY DUE LACK OF FUNDS/ DIVERSION OF FUNDS/NOT REGISTERING THE VEHICLES IN THE INVESTOR’S NAME COMES TO LIME LIGHT.
5. THE THE COMPANY MOVESTTO MUMBAI H.C FOR SCHEME OF ARRANGEMENT UNDER SECTION 391 OF COMPANY ACT. TO MAKE THIS MOVE THEY HAVE NECESSARILY TO APPROACH COURT ONLY AS COM.ACT 1985 DOES NOT DEFINE EITHER A COP.OR ARRANGEMENT AND THE COURT TAKES A BROAD VIEW OF WHAT SHOULD BE INCLUDED. PL UNDERSTAND NO BODY FILED ANY CASE AGAINST THE COM. IN THIS ARRANGEMENT AS U PL SEE THER IS NO RESPONDENT IN THESE TWO CASES NO 933/09, 932/09.
4. THE HON.JUDGE DIRECTED UPON SUMMONS, THUS DISPOSING THE CASE MEANS CASE IS OVER AND AS PER THE MINUTES OF THE ORDER A MEETING OF A, B CLASS CREDITORS IS CALLED FOR. THE DETAILED PUBLICATION WITH FULL PARTICULARS WILL BE PUBLISHED IN MUMBAI FREE PRESS JOURNAL IN ENGLISH &IN MAHARASHTRA TIMES IN MARATHI BEFORE 21 DAYS OF PRIOR THE PROPOSED MEETING I.E ON 8/10/09 MUMBITIES, PL LOOK OUT PAPER PUG. FROM17/09/09 FOR DETAILS.
4.CASE NO CA/93/09 UNDER COM ACT-OTHER PROVISION ACT COMES FOR FINAL HEARING ON 16/09/09.
5. ANOTHER SIMILAR CASE IS IN PENDING.
i m an investor like u. I have arranged money from my friends and relatives for the fast gain withan assurance to thme that money will be returned monthly basis as per the actual gain from the city realcom. Presnetly i have no money to returnback to the friends and relatives. I am in very trouble. please advice what to do and to whom I contact for the cheque clearance. Please help[ me out. Thanks.
Mr. Ganeshvenkatachalam,
I read your posting with interest. Can you give us a clear idea of where you have got this information (any links on the website, etc) and also what you are trying to suggest.
This in no way attempts to test your knowledge or authenticity of the information of your study. But may be giving a clear indication will help investors like me to understand better.
Thank you.
I read your posting with interest. Can you give us a clear idea of where you have got this information (any links on the website, etc) and also what you are trying to suggest.
This in no way attempts to test your knowledge or authenticity of the information of your study. But may be giving a clear indication will help investors like me to understand better.
Thank you.
Dear All,
We are holder of account in City Group from April 2009.From August 2009 onwards till date no cheque has been cleared and now the company officicals from Mumbai Andheri office verbally told me that no cheque to be deposited for clearing purpose as company and Court and Police etc had organised one meeting on 7 and 8 october in Mumbai with all the investors...
So till time again we have to wait and watch and then also i dont think immediately they will resolve the issue...
We are holder of account in City Group from April 2009.From August 2009 onwards till date no cheque has been cleared and now the company officicals from Mumbai Andheri office verbally told me that no cheque to be deposited for clearing purpose as company and Court and Police etc had organised one meeting on 7 and 8 october in Mumbai with all the investors...
So till time again we have to wait and watch and then also i dont think immediately they will resolve the issue...
I personally visit Nehru Place after my cheques is bounced. So many persons are outside the office. The Guard of the building saying the office closed from 7/9/09. From where I lodge the complaint.
I have a/cs with city real com and cheques dated 18/8/09 bounced ststing insufficient funds.
Hi
i heard that one hiring also in Bombay high court and the same will come 15/09/2009. After that, we will get some clear idea about this.
Lets hope for the best.
Regards,
Subbu
i heard that one hiring also in Bombay high court and the same will come 15/09/2009. After that, we will get some clear idea about this.
Lets hope for the best.
Regards,
Subbu
Had a word with Mr. Ajit a while back. He says there'll be a creditors meeting on 7th October '09 in Mumbai. All investors are required to attend the same. For those who cant attend, a proxy attendance form needs to be filled and sent along with representative to Mumbai. The deal is - Court will take the decision based on what the investor wants - refund or restrcuture of schemes. I guess there 'll be some kind of voting for the same. The proxy form is expected to come in newspapers maharastra times & the city website by next monday. thats all i ve got for now.
even now i trust the the comapny is a genuine one. friends do not believe the false allegations or rumours around you ! for sure the company is going through some serious crisis which they will sort out - give some time to the company, iam sure there are many people making use of this benefit, its like a monthly income for all o[censored]s.. have patience, let them sort out the issues first !
thanks
thanks
plz confirm ki hamari payment hme milegi ya nhi
Today i have tried to call them up on thier mumbai office landline. They are either disconnected or all time busy. has anybody got their cheques cleared?
Hi Shashank Nagaraja,
can you let us know, who's Mr.Ajit i mean whats the relation between him and city company.
can you let us know, who's Mr.Ajit i mean whats the relation between him and city company.
Hi guys, i was also one of you among city investors. my cheque is also due sinnce 18/08/09. i also try delhi office regarding clearance of cheque, but could not got satisfactory answer. 1-st time they told the cheque will cleared from 05 sep, then 15 sep . so what will the next date ? if anybody gets any news kindly inform . thanks.
I am also investor in City Limouzine as well city Realcom and today I went to Mumbai head office and although all the office staff was present and attending to everyone' s query the infm which they gave is that on 7th oct. there wl be meeting of management plus investors plus court people. (they wl be informing abt the same to each and every investor as well in news paper). In the meeting they wl give options;. for people who have already rcvd their investment their wl be diff. option and for investors who have not rcvd their investment back their wl be diff. option. They wl be informing options and investors have to select their option. (new investors can take back their investment with intrest or if they wish they can continure with new payment options which be given in meeting) However court has to approve those options which they hopefully infm within 14 days after meeting. i.e. around 21/10/09.So bad news is no matter what happens nobody wl not get any money before 21/10/09. We can only hope that in meeting on 7/10/09 some firm decision is taken and hope we wl start getting money from 21/10/09.
Dear friends, the crucial hour has come. I am summing up the events with available authenticated information as follows.
1.case no wpst/2406/09-state of Maharashtra vs city limousines- reopen and pre-admission stage- next hearing tomorrow the 15 th.very notable point in this case, the judgment delivered by apex court-a large no of illegalities have been committed by the company including the violation of provisions of section 45(!A) og R.B.I ACT.On scrutiny of the agreement signed with city limousines by investors during yester years say[protected], shows he has certificate of incorporation as "TOURIST OPERATOR" AND COMMENCED OF THIS BUSINESS ONLY REG UNDER COMPANIES ACT. WE HAVE NO AUTHORITY IN HAND TO SHOW THAT THE COMPANY IS NBFC ( NON BANKING FINANCIAL CO), IF IT WOULD HAVE REGISTERED UNDER ABOVE ACT AND WE WOULD HAVE GOT A COPY OF IT. BUT ALAS THIS WAS NOT DONE. WHY I AM BORING U WITH THIS DETAIL, BECAUSE MR .JALANDER GANPAT PANSARE, HAS RIGHTLY ASKED FOR OLD VEHICLE/ RC BOOK . FAILING IN THIS POINT IT CAME TO LIME LIGHT ALL THE VEHICLES ARE NOT REGISTERED IN THE INVESTORS NAME BUT WE HAVE SIGNED AGREEMENT WITH THE COMPANY AND AGREED THAT VEHICLES MAY BE REGISTERED IN THE OWNERS NAME. BUT IN REALITY ALL ARE NOT VEHICLE OWNER AND THE MONEY COLLECTED IS NOT ALSO UNDER NORMS OF NBFC. HENCE THE INVESTIGATION OF EOW WILL CONTINUE FOR A LONG TIME SINCE THE APEX COURT HAS DIRECTED THAT THIS F.I.R. AND MATERIALS COLLECTED DURING INVESTIGATION SHOULD BE ALLOWED TO BE TAKEN LOGICAL END.
2. SECONDLY REPORTED RAID BY FEMA OFFICIAL FOR FOREIGN EXCHANGE IRREULARITIES. BUT AUTHENTIC INFORMATION IS NOT AVAILABLE
3. NOW COMES THE COMPANY'S ENACTMENT. IN MY OPINION THE COMPANY STARTED TO REALIZE THAT THEY CAN NO MORE RUN THE SHOW. AGAIN I INFER PUMPING OF MONEY BY WAY OF
FRESH DEPOSITS MIGHT HAVE BEEN STOPPED BY AUTHORITIES.
4. PRIOR TO THAT THEY FLOATED A NEW COM.CALLED CITY REAL COM- REAL ESTATE BUSINESS - I FELL THEY MAY NOT BE AN EXPERT IN THIS FIELD. THEY MIGHT HAVE INCURRED HEAVY LOSES, AND THE THEY MIGHT HAVE PAID OLD EMI FROM THE NEW DEPOSITS. WHEN BRAKES WERE APPLIED BY GOVT. MACHINES, THEIR BANK BALANCE DRIED UP/ NEGATIVE BALANCE / STOP PAYMENT ALL HAD HAPPENED AND WE INVESTORS ARE ROASTED ALIVE.PL NOTE THAT NO GOVT. AGENCY HAS STOPPED THEIR ROUTINE. IT IS VERY CLEAR IN THE APEX COURT JUDGMENT. THE FACT IS THAT THEIR GENERATION OF FUNDS STATED DWINDLING DUE REASONS EXPLAINED ABOVE.
5. NOW THE COMPANY OF ITS OWN MOVED FOR ARRANGEMENT BET .ITS CREDITORS AND THE NEW DEVELOPMENT WILL BE OUT IN PAPER PUBLICATION WITHIN 4 DAYS AND THE SUBSEQUENT MEETING WIT A & B CREDITORS WILL DECIDE THE FACT. ON SOOTHING FACT IN THIS ORDER IS THAT THE COMPANY PLEADED FOR AN ARRANGEMENT WITH THE EXITING SHARE HOLDERS AND BOARD OF DIRECTORS, WHICH THE HONORABLE JUDGE DIS ALLOWED THE REST EVERY BODY NOW AWARE.
6. NOW WHO IS A, B CLASS CREDITORS, AND WHERE ARE WE IS A MILLION DOLLAR QUESTION.
7.ONE IS SECURED CREDITORS- MEANS THE BANKS, OR OTHER FINANCIAL INSTITUTIONS, OR PRIVATE FINANCIERS FROM WHOM THE COMPANY MIGHT HAVE BORROWED FUNDS BY PLEDGING OUR AGREEMENT AS POWER ATTORNEY AND OUR INVESTMENT AS MARGIN MONEY. THEY FORM THE SECURED CREDITORS.
8. THEN, WE INVESTORS, HOPE BE CONSIDERED AS B CLASS INVESTORS, VERY LITTLE SAY IN THIS MATTER.
9. WE HAVE TO WATCH THE PROPOSED ARRANGEMENT WHICH IS TO BE PUBLICIZED IN NEW PAPER - FREE PRESS JOURNAL, MARATHI PAPER IN COMING DAYS.
10. IN THIS JUNCTURE, I HAVE A FEELING THAT THE COMPANY WILL PAY FULL AMT TO TO A CLASS CREDITOR, WHICH IS VERY VITAL FOR OUR SURVIVAL, AND WILL COME FOR SETTLEMENT WITH US, SO CALLED B CLASS CREDITORS, THE FOOLED INVESTORS.
12. AGAIN I MAY INFER THAT THOSE HAVING RECEIVED THEIR INVESTMENT IN FULL MAY NOT GET ANYTHING, BUT THE RECENT INVESTORS SHOULD GET BACK THEIR MON EY LES S INSTALLMENT /EMI RECEIVED SO FAR.
13. THE COMPANY IS SO FAR GOOD TO US, AND WE HAVE BENEFITED AND GROWN WITH THE COMPANY. I AM A HANDICAPPED PERSON AND ALL MY HEAVY MEDICAL BILLS FOR PAST THREE YEARS MET OUT OF CITY INCOME ONLY, AND I CANNOT FORGET THEIR HELP, BECAUSE WITH THEIR HELP ONLY I CAN UNDERGO BEST MEDICAL TREATMENT AND I AM SUBMITTING THESE OBSERVATION BY TYPING WITH MY CRIPPLED ARM.
14. LET US PRAY AL MIGHTY TO GIVE STRENGTH TO CITY COMPANY AUTHORITIES, TO COME OF WOODS AND me, ON BEHALF OF ALL O[censored] BROTHER / SISTER INVESTORS APPEAL TO MR.SAYED MOHAMMED MASSOOD, TO DO THE NOBLE ACT OF RESCUE DURING THE RAMALAN EVE.
15. DEAR FRIENDS, I BURST OUT WHAT I THOUGHT AND STORED. IN THE COURSE OF OBSERVATION I[censored] FELL I HAVE DISTURBED/ BORED I TENDR MY SINCER APOLOGIES T O ONE AN ALL. REAGRDS. GANES
dear friends, the crucial hour has come . i am summing up the events with available authenticated information as follows.
1.case no wpst/2406/09-state of Maharashtra vs city limousines- reopen and pre-admission stage- next hearing tomorrow the 15 th.very notable point in this case, the judgment delivered by apex court-a large no of illegalities have been committed by the company including the violation of provisions of section 45(!A) og R.B.I ACT.On scrutiny of the agreement signed with city limousines by investors during yester years say[protected], shows he has certificate of incorporation as "TOURIST OPERATOR" AND COMMENCED OF THIS BUSINESS ONLY REG UNDER COMPANIES ACT. WE HAVE NO AUTHORITY IN HAND TO SHOW THAT THE COMPANY IS NBFC ( NON BANKING FINANCIAL CO), IF IT WOULD HAVE REGISTERED UNDER ABOVE ACT AND WE WOULD HAVE GOT A COPY OF IT. BUT ALAS THIS WAS NOT DONE. WHY I AM BORING U WITH THIS DETAIL, BECAUSE MR .JALANDER GANPAT PANSARE, HAS RIGHTLY ASKED FOR OLD VEHICLE/ RC BOOK . FAILING IN THIS POINT IT CAME TO LIME LIGHT ALL THE VEHICLES ARE NOT REGISTERED IN THE INVESTORS NAME BUT WE HAVE SIGNED AGREEMENT WITH THE COMPANY AND AGREED THAT VEHICLES MAY BE REGISTERED IN THE OWNERS NAME. BUT IN REALITY ALL ARE NOT VEHICLE OWNER AND THE MONEY COLLECTED IS NOT ALSO UNDER NORMS OF NBFC. HENCE THE INVESTIGATION OF EOW WILL CONTINUE FOR A LONG TIME SINCE THE APEX COURT HAS DIRECTED THAT THIS F.I.R. AND MATERIALS COLLECTED DURING INVESTIGATION SHOULD BE ALLOWED TO BE TAKEN LOGICAL END.
2.SECONDLY REPORTED RAID BY FEMA OFFICIAL FOR FOREIGN EXCHANGE IRREULARITIES. BUT AUTHENTIC INFORMATION IS TRACED OUT .
3. NOW COMES THE COMPANY'S ENACTMENT . IN MY OPINION THE COMPANY STARTED TO REALIZE THAT CAN NO MORE RUN THE SHOW. AGAIN I INFER PUMPING OF MONEY BY WAY OF
FRESH DEPOSITS MIGHT HAVE BEEN STOPPED BY AUTHORITIES.
4. PRIOR TO THAT THEY FLOATED A NEW COM.CALLED CITY REAL COM- REAL ESTATE BUSINESS - I FELL THEY MAY NOT BE AN EXPERT IN THIS FIELD. THEY MIGHT HAVE INCURRED HEAVY LOSES, AND THE THEY MIGHT HAVE PAID OLD EMI FROM THE NEW DEPOSITS. WHEN BRAKES WERE APPLIED BY GOVT. MACHINES, THEIR BANK BALANCE DRIED UP/ NEGATIVE BALANCE / STOP PAYMENT ALL HAD HAPPENED AND WE INVESTORS ARE ROASTED ALIVE.PL NOTE THAT GOVT. AGENCY HAS STOPPED THEIR ROUTINE. IT IS VERY CLEAR IN THE APEX COURT JUDGMENT. THE FACT IS THAT THEIR GENERATION OF FUNDS STATED DWINDLING DUE REASONS EXPLAINED ABOVE.
5. NOW THE COMPANY OF ITS OWN MOVED FOR ARRANGEMENT BET ITS CREDITORS AND THE NEW DEVELOPMENT WILL BE OUT IN PAPER PUBLICATION WITHIN 4 DAYS AND THE SUBSEQUENT MEETING WIT A & B CREDITORS WILL DECIDE THE FACT. ON SOOTHING FACT IN THIS ORDER IS THAT THE COMPANY PLEADED FOR AN ARRANGEMENT WITH THE EXITING SHARE HOLDERS AND BOARD OF DIRECTORS, WHICH THE HONORABLE JUDGE DIS ALLOWED THE REST EVERY BODY NOW AWARE.
6. NOW WHO IS A, B CLASS CREDITORS, AND WHERE ARE WE IS A MILLION DOLLAR QUESTION.
7.ONE IS SECURED CREDITORS- MEANS THE BANKS, OR OTHER FINANCIAL INSTITUTIONS, OR PRIVATE FINANCIERS FROM WHOM THE COMPANY MIGHT HAVE BORROWED FUNDS BY PLEDGING OUR AGREEMENT AS POWER ATTORNEY AND OUR INVESTMENT AS MARGIN MONEY. THEY FORM THE SECURED CREDITORS.
8. THEN, WE INVESTORS, HOPE BE CONSIDERED AS B CLASS INVESTORS, VERY LITTLE SAY IN THIS MATTER.
9. WE HAVE TO WATCH THE PROPOSED ARRANGEMENT WHICH IS TO BE PUBLICIZED IN NEW PAPER - FREE PRESS JOURNAL, MARATHI PAPER IN COMING DAYS.
10. IN THIS JUNCTURE, I HAVE A FEELING THAT THE COMPANY WILL PAY FULL AMT TO TO A CLASS CREDITORS, WHICH IS VERY VITAL FOR OUR SURVIVAL, AND WILL COME FOR SETTLEMENT WITH US, SO CALLED B CALL CREDITORS, FOOLED INVESTORS.
12. AGAIN I MAY INFER THAT THOSE HAVING RECEIVED THEIR INVESTMENT IN FULL MAY NOT GET ANYTHING, BUT THE RECENT INVESTORS SHOULD GET BACK THEIR MON EY LES S INSTALLMENT /EMI RECEIVED SO FAR .
13. THE COMPANY IS SO FAR GOOD TO US, AND WE HAVE BENEFITED AND GROWN WITH THE COMPANY. I AM A HANDICAPPED PERSON AND ALL MY HEAVY MEDICAL BILLS FOR PAST THREE YEARS MET OUT OF CITY INCOME ONLY, AND I CANNOT FORGET THEIR HELP, BECAUSE THEIR HELP ONLY I CAN UNDERGO BEST MEDICAL TREATMENT AND I AM SUBMITTING THESE OBSERVATION BY TYPING WITH MY CRIPPLE ARM.
14. LET US PRAY AL MIGHTY TO GIVE STRENGTH TO CITY COMPANY AUTHORITIES, TO COME OF WOODS AND I, ON BEHALF OF ALL O[censored] BROTHER/ SISTER INVESTORS APPEAL TO MR.SAYED MOHAMMED MASSOOD, TO DO THE NOBLE ACT OF RESCUE DURING THE RAMALAN EVE.
15. DEAR FRIENDS, I BURST OUT WHAT I THOUGHT AND STORED. IN THE COURSE OF OBSERVATION I[censored] FELL I HAVE DISTURBED/ BORED I TENDR MY SINCER APOLOGIES T O ONE AN ALL. REAGRDS. GANESH
1.case no wpst/2406/09-state of Maharashtra vs city limousines- reopen and pre-admission stage- next hearing tomorrow the 15 th.very notable point in this case, the judgment delivered by apex court-a large no of illegalities have been committed by the company including the violation of provisions of section 45(!A) og R.B.I ACT.On scrutiny of the agreement signed with city limousines by investors during yester years say[protected], shows he has certificate of incorporation as "TOURIST OPERATOR" AND COMMENCED OF THIS BUSINESS ONLY REG UNDER COMPANIES ACT. WE HAVE NO AUTHORITY IN HAND TO SHOW THAT THE COMPANY IS NBFC ( NON BANKING FINANCIAL CO), IF IT WOULD HAVE REGISTERED UNDER ABOVE ACT AND WE WOULD HAVE GOT A COPY OF IT. BUT ALAS THIS WAS NOT DONE. WHY I AM BORING U WITH THIS DETAIL, BECAUSE MR .JALANDER GANPAT PANSARE, HAS RIGHTLY ASKED FOR OLD VEHICLE/ RC BOOK . FAILING IN THIS POINT IT CAME TO LIME LIGHT ALL THE VEHICLES ARE NOT REGISTERED IN THE INVESTORS NAME BUT WE HAVE SIGNED AGREEMENT WITH THE COMPANY AND AGREED THAT VEHICLES MAY BE REGISTERED IN THE OWNERS NAME. BUT IN REALITY ALL ARE NOT VEHICLE OWNER AND THE MONEY COLLECTED IS NOT ALSO UNDER NORMS OF NBFC. HENCE THE INVESTIGATION OF EOW WILL CONTINUE FOR A LONG TIME SINCE THE APEX COURT HAS DIRECTED THAT THIS F.I.R. AND MATERIALS COLLECTED DURING INVESTIGATION SHOULD BE ALLOWED TO BE TAKEN LOGICAL END.
2. SECONDLY REPORTED RAID BY FEMA OFFICIAL FOR FOREIGN EXCHANGE IRREULARITIES. BUT AUTHENTIC INFORMATION IS NOT AVAILABLE
3. NOW COMES THE COMPANY'S ENACTMENT. IN MY OPINION THE COMPANY STARTED TO REALIZE THAT THEY CAN NO MORE RUN THE SHOW. AGAIN I INFER PUMPING OF MONEY BY WAY OF
FRESH DEPOSITS MIGHT HAVE BEEN STOPPED BY AUTHORITIES.
4. PRIOR TO THAT THEY FLOATED A NEW COM.CALLED CITY REAL COM- REAL ESTATE BUSINESS - I FELL THEY MAY NOT BE AN EXPERT IN THIS FIELD. THEY MIGHT HAVE INCURRED HEAVY LOSES, AND THE THEY MIGHT HAVE PAID OLD EMI FROM THE NEW DEPOSITS. WHEN BRAKES WERE APPLIED BY GOVT. MACHINES, THEIR BANK BALANCE DRIED UP/ NEGATIVE BALANCE / STOP PAYMENT ALL HAD HAPPENED AND WE INVESTORS ARE ROASTED ALIVE.PL NOTE THAT NO GOVT. AGENCY HAS STOPPED THEIR ROUTINE. IT IS VERY CLEAR IN THE APEX COURT JUDGMENT. THE FACT IS THAT THEIR GENERATION OF FUNDS STATED DWINDLING DUE REASONS EXPLAINED ABOVE.
5. NOW THE COMPANY OF ITS OWN MOVED FOR ARRANGEMENT BET .ITS CREDITORS AND THE NEW DEVELOPMENT WILL BE OUT IN PAPER PUBLICATION WITHIN 4 DAYS AND THE SUBSEQUENT MEETING WIT A & B CREDITORS WILL DECIDE THE FACT. ON SOOTHING FACT IN THIS ORDER IS THAT THE COMPANY PLEADED FOR AN ARRANGEMENT WITH THE EXITING SHARE HOLDERS AND BOARD OF DIRECTORS, WHICH THE HONORABLE JUDGE DIS ALLOWED THE REST EVERY BODY NOW AWARE.
6. NOW WHO IS A, B CLASS CREDITORS, AND WHERE ARE WE IS A MILLION DOLLAR QUESTION.
7.ONE IS SECURED CREDITORS- MEANS THE BANKS, OR OTHER FINANCIAL INSTITUTIONS, OR PRIVATE FINANCIERS FROM WHOM THE COMPANY MIGHT HAVE BORROWED FUNDS BY PLEDGING OUR AGREEMENT AS POWER ATTORNEY AND OUR INVESTMENT AS MARGIN MONEY. THEY FORM THE SECURED CREDITORS.
8. THEN, WE INVESTORS, HOPE BE CONSIDERED AS B CLASS INVESTORS, VERY LITTLE SAY IN THIS MATTER.
9. WE HAVE TO WATCH THE PROPOSED ARRANGEMENT WHICH IS TO BE PUBLICIZED IN NEW PAPER - FREE PRESS JOURNAL, MARATHI PAPER IN COMING DAYS.
10. IN THIS JUNCTURE, I HAVE A FEELING THAT THE COMPANY WILL PAY FULL AMT TO TO A CLASS CREDITOR, WHICH IS VERY VITAL FOR OUR SURVIVAL, AND WILL COME FOR SETTLEMENT WITH US, SO CALLED B CLASS CREDITORS, THE FOOLED INVESTORS.
12. AGAIN I MAY INFER THAT THOSE HAVING RECEIVED THEIR INVESTMENT IN FULL MAY NOT GET ANYTHING, BUT THE RECENT INVESTORS SHOULD GET BACK THEIR MON EY LES S INSTALLMENT /EMI RECEIVED SO FAR.
13. THE COMPANY IS SO FAR GOOD TO US, AND WE HAVE BENEFITED AND GROWN WITH THE COMPANY. I AM A HANDICAPPED PERSON AND ALL MY HEAVY MEDICAL BILLS FOR PAST THREE YEARS MET OUT OF CITY INCOME ONLY, AND I CANNOT FORGET THEIR HELP, BECAUSE WITH THEIR HELP ONLY I CAN UNDERGO BEST MEDICAL TREATMENT AND I AM SUBMITTING THESE OBSERVATION BY TYPING WITH MY CRIPPLED ARM.
14. LET US PRAY AL MIGHTY TO GIVE STRENGTH TO CITY COMPANY AUTHORITIES, TO COME OF WOODS AND me, ON BEHALF OF ALL O[censored] BROTHER / SISTER INVESTORS APPEAL TO MR.SAYED MOHAMMED MASSOOD, TO DO THE NOBLE ACT OF RESCUE DURING THE RAMALAN EVE.
15. DEAR FRIENDS, I BURST OUT WHAT I THOUGHT AND STORED. IN THE COURSE OF OBSERVATION I[censored] FELL I HAVE DISTURBED/ BORED I TENDR MY SINCER APOLOGIES T O ONE AN ALL. REAGRDS. GANES
dear friends, the crucial hour has come . i am summing up the events with available authenticated information as follows.
1.case no wpst/2406/09-state of Maharashtra vs city limousines- reopen and pre-admission stage- next hearing tomorrow the 15 th.very notable point in this case, the judgment delivered by apex court-a large no of illegalities have been committed by the company including the violation of provisions of section 45(!A) og R.B.I ACT.On scrutiny of the agreement signed with city limousines by investors during yester years say[protected], shows he has certificate of incorporation as "TOURIST OPERATOR" AND COMMENCED OF THIS BUSINESS ONLY REG UNDER COMPANIES ACT. WE HAVE NO AUTHORITY IN HAND TO SHOW THAT THE COMPANY IS NBFC ( NON BANKING FINANCIAL CO), IF IT WOULD HAVE REGISTERED UNDER ABOVE ACT AND WE WOULD HAVE GOT A COPY OF IT. BUT ALAS THIS WAS NOT DONE. WHY I AM BORING U WITH THIS DETAIL, BECAUSE MR .JALANDER GANPAT PANSARE, HAS RIGHTLY ASKED FOR OLD VEHICLE/ RC BOOK . FAILING IN THIS POINT IT CAME TO LIME LIGHT ALL THE VEHICLES ARE NOT REGISTERED IN THE INVESTORS NAME BUT WE HAVE SIGNED AGREEMENT WITH THE COMPANY AND AGREED THAT VEHICLES MAY BE REGISTERED IN THE OWNERS NAME. BUT IN REALITY ALL ARE NOT VEHICLE OWNER AND THE MONEY COLLECTED IS NOT ALSO UNDER NORMS OF NBFC. HENCE THE INVESTIGATION OF EOW WILL CONTINUE FOR A LONG TIME SINCE THE APEX COURT HAS DIRECTED THAT THIS F.I.R. AND MATERIALS COLLECTED DURING INVESTIGATION SHOULD BE ALLOWED TO BE TAKEN LOGICAL END.
2.SECONDLY REPORTED RAID BY FEMA OFFICIAL FOR FOREIGN EXCHANGE IRREULARITIES. BUT AUTHENTIC INFORMATION IS TRACED OUT .
3. NOW COMES THE COMPANY'S ENACTMENT . IN MY OPINION THE COMPANY STARTED TO REALIZE THAT CAN NO MORE RUN THE SHOW. AGAIN I INFER PUMPING OF MONEY BY WAY OF
FRESH DEPOSITS MIGHT HAVE BEEN STOPPED BY AUTHORITIES.
4. PRIOR TO THAT THEY FLOATED A NEW COM.CALLED CITY REAL COM- REAL ESTATE BUSINESS - I FELL THEY MAY NOT BE AN EXPERT IN THIS FIELD. THEY MIGHT HAVE INCURRED HEAVY LOSES, AND THE THEY MIGHT HAVE PAID OLD EMI FROM THE NEW DEPOSITS. WHEN BRAKES WERE APPLIED BY GOVT. MACHINES, THEIR BANK BALANCE DRIED UP/ NEGATIVE BALANCE / STOP PAYMENT ALL HAD HAPPENED AND WE INVESTORS ARE ROASTED ALIVE.PL NOTE THAT GOVT. AGENCY HAS STOPPED THEIR ROUTINE. IT IS VERY CLEAR IN THE APEX COURT JUDGMENT. THE FACT IS THAT THEIR GENERATION OF FUNDS STATED DWINDLING DUE REASONS EXPLAINED ABOVE.
5. NOW THE COMPANY OF ITS OWN MOVED FOR ARRANGEMENT BET ITS CREDITORS AND THE NEW DEVELOPMENT WILL BE OUT IN PAPER PUBLICATION WITHIN 4 DAYS AND THE SUBSEQUENT MEETING WIT A & B CREDITORS WILL DECIDE THE FACT. ON SOOTHING FACT IN THIS ORDER IS THAT THE COMPANY PLEADED FOR AN ARRANGEMENT WITH THE EXITING SHARE HOLDERS AND BOARD OF DIRECTORS, WHICH THE HONORABLE JUDGE DIS ALLOWED THE REST EVERY BODY NOW AWARE.
6. NOW WHO IS A, B CLASS CREDITORS, AND WHERE ARE WE IS A MILLION DOLLAR QUESTION.
7.ONE IS SECURED CREDITORS- MEANS THE BANKS, OR OTHER FINANCIAL INSTITUTIONS, OR PRIVATE FINANCIERS FROM WHOM THE COMPANY MIGHT HAVE BORROWED FUNDS BY PLEDGING OUR AGREEMENT AS POWER ATTORNEY AND OUR INVESTMENT AS MARGIN MONEY. THEY FORM THE SECURED CREDITORS.
8. THEN, WE INVESTORS, HOPE BE CONSIDERED AS B CLASS INVESTORS, VERY LITTLE SAY IN THIS MATTER.
9. WE HAVE TO WATCH THE PROPOSED ARRANGEMENT WHICH IS TO BE PUBLICIZED IN NEW PAPER - FREE PRESS JOURNAL, MARATHI PAPER IN COMING DAYS.
10. IN THIS JUNCTURE, I HAVE A FEELING THAT THE COMPANY WILL PAY FULL AMT TO TO A CLASS CREDITORS, WHICH IS VERY VITAL FOR OUR SURVIVAL, AND WILL COME FOR SETTLEMENT WITH US, SO CALLED B CALL CREDITORS, FOOLED INVESTORS.
12. AGAIN I MAY INFER THAT THOSE HAVING RECEIVED THEIR INVESTMENT IN FULL MAY NOT GET ANYTHING, BUT THE RECENT INVESTORS SHOULD GET BACK THEIR MON EY LES S INSTALLMENT /EMI RECEIVED SO FAR .
13. THE COMPANY IS SO FAR GOOD TO US, AND WE HAVE BENEFITED AND GROWN WITH THE COMPANY. I AM A HANDICAPPED PERSON AND ALL MY HEAVY MEDICAL BILLS FOR PAST THREE YEARS MET OUT OF CITY INCOME ONLY, AND I CANNOT FORGET THEIR HELP, BECAUSE THEIR HELP ONLY I CAN UNDERGO BEST MEDICAL TREATMENT AND I AM SUBMITTING THESE OBSERVATION BY TYPING WITH MY CRIPPLE ARM.
14. LET US PRAY AL MIGHTY TO GIVE STRENGTH TO CITY COMPANY AUTHORITIES, TO COME OF WOODS AND I, ON BEHALF OF ALL O[censored] BROTHER/ SISTER INVESTORS APPEAL TO MR.SAYED MOHAMMED MASSOOD, TO DO THE NOBLE ACT OF RESCUE DURING THE RAMALAN EVE.
15. DEAR FRIENDS, I BURST OUT WHAT I THOUGHT AND STORED. IN THE COURSE OF OBSERVATION I[censored] FELL I HAVE DISTURBED/ BORED I TENDR MY SINCER APOLOGIES T O ONE AN ALL. REAGRDS. GANESH
hi all as per my openion we all should support the company.. in the meeting which will be held on October 7th lets stand unite and ask for the restructuring of the company schemes, instead of demanding closure of the company..
Can you all think this company is running the bussiness successfully since last three to five years. if they can stand for such long time then why they cant do the same in future also.? suppose if they were bluffs they would have ran with in the span of two years after collecting corrors of rupees, earlier only.
hence lets not close the company we all should support the company it in the well being of all o[censored]s. dont you all think the same? LONG LIVE CITY LEMOZINES. GOD BLESS.
Can you all think this company is running the bussiness successfully since last three to five years. if they can stand for such long time then why they cant do the same in future also.? suppose if they were bluffs they would have ran with in the span of two years after collecting corrors of rupees, earlier only.
hence lets not close the company we all should support the company it in the well being of all o[censored]s. dont you all think the same? LONG LIVE CITY LEMOZINES. GOD BLESS.
FRESH UPDATE NEWS on TOI[protected]Mumbai Edition)
Investors fear the bubble has burst C Unnikrishnan, TNN 15 September 2009, 04:02am IST
MUMBAI: Worried that their money may have gone down the drain, irate investors on Monday gathered outside the City Limouzines (India) Ltd's office
at Mittal Tower, Nariman Point, and demanded their money back. A police team from Cuffe Parade rushed to the spot and asked the company officials to leave the premises to prevent any law and order problem.
City Limouzines has been in the news after one of its investors lodged a complaint with the Economic Offences Wing (EOW) of the Mumbai police, saying the company reneged on one of its promises. The Bombay high court quashed the FIR, but it was restored by the Supreme Court on an appeal by the state government.
The company collected crores of rupees from over 22, 000 investors, promising returns as high as 48%. The Enforcement Directorate had recently raided the company alleging foreign exchange violations.
Meanwhile, chairman of the company, Sayyed Masood, has filed an application with the metropolitan magistrate seeking permission to go abroad. The Bombay high court, while hearing the company's petition to quash the FIR, had directed Masood to deposit Rs 55, 000 in the court before travelling overseas. Additional commissioner of EOW Sanjay Saxena told TOI that the police would oppose the application as several investors have now come forward with complaints of cheating.
The company has also moved the high court seeking a stay on any prosecution in cheque bouncing cases registered against it. Besides, one of its sister concerns, City Realcom, has filed a company application seeking restructuring of debts. As per the court's orders, the company will hold a meeting of the creditors. Saxena said the police has requested the state government to appoint a special public prosecutor to intervene if required in matters related to City Limouzines or its sister concerns.
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)
Investors fear the bubble has burst C Unnikrishnan, TNN 15 September 2009, 04:02am IST
MUMBAI: Worried that their money may have gone down the drain, irate investors on Monday gathered outside the City Limouzines (India) Ltd's office
at Mittal Tower, Nariman Point, and demanded their money back. A police team from Cuffe Parade rushed to the spot and asked the company officials to leave the premises to prevent any law and order problem.
City Limouzines has been in the news after one of its investors lodged a complaint with the Economic Offences Wing (EOW) of the Mumbai police, saying the company reneged on one of its promises. The Bombay high court quashed the FIR, but it was restored by the Supreme Court on an appeal by the state government.
The company collected crores of rupees from over 22, 000 investors, promising returns as high as 48%. The Enforcement Directorate had recently raided the company alleging foreign exchange violations.
Meanwhile, chairman of the company, Sayyed Masood, has filed an application with the metropolitan magistrate seeking permission to go abroad. The Bombay high court, while hearing the company's petition to quash the FIR, had directed Masood to deposit Rs 55, 000 in the court before travelling overseas. Additional commissioner of EOW Sanjay Saxena told TOI that the police would oppose the application as several investors have now come forward with complaints of cheating.
The company has also moved the high court seeking a stay on any prosecution in cheque bouncing cases registered against it. Besides, one of its sister concerns, City Realcom, has filed a company application seeking restructuring of debts. As per the court's orders, the company will hold a meeting of the creditors. Saxena said the police has requested the state government to appoint a special public prosecutor to intervene if required in matters related to City Limouzines or its sister concerns.
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)
I am a investor from delhi.I along with my friends have invested a huge amount in this company.For me everything was going ok for the last three years but all of a sudden it colasped. The main problem is this that nobody knows anything, what so ever information we are getting is from internet or from consumer complaint forum.Delhi office is closed.People from bombay office are not giving satisfactory answer.Know some people from our group are going bombay tomarrow to know what is the actual position.If any body has any update then please be in touch. My mobile no is [protected]