[Resolved] Rose Valley — It is authirized by RBI | |
collecting money as RD & FD rose vally chain marketing system is a corporate agent of LIC of India but they collect money as RD & FD and the fund use in their own business, my question is 1. if the company faliure who will responsible to pay my maturity amount 2. what is the present rating of the company what is your suggession, how much safe i am in the company as a invester... Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
 185 Comments | |
Comments
Now Rosevalley has grown with leaps and bounds and today it has developed vastly and has already made a mark in the world of business.It is established in the Eastern part of the country, but has shockingly explore their business in many country.Rose Valley consists business of different sector including hotels, insurance, resorts, amusement parks etc.It has made its own benchmark in all the respect to give quantity and quality work and achievements.
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how much safe our money to deposit in rosevally?
WE NEED UNIT LEADER(COMPANY CODE) ALL DISTRICT & ALL STATE, CALL ME - [protected]
Where I will get the details about this information (Rose Valley is authorized by RBI). Kindly give the web link.
Thanks... Ashish
Thanks... Ashish
Sir,
I am customer in Rose valley network.
collecting money as RD & FD
rose vally chain marketing system is a corporate agent of LIC of India but they collect money as RD & FD and the fund use in their own business, my question is 1. if the company faliure who will responsible to pay my maturity amount 2. what is the present rating of the company what is your suggession, how much safe i am in the company as a invester...
(Amar akjon porichito amake rose vally`r ekti boi khulte bolechen kintu rose vally`r form dekhe amar mone holo okhane kichu hoteler bapar ache.
Sir, ami jante chai je ami jodi amar kono proyojon metate takata jama rakhi tahole on maturity ami takata hate pabo to? naki ota 3 din ba 5diner hotel package hisebe dhara habe? ebang hoteler jonyoi kharoch korte habe?
r tachara form e kothao to eta lekha ache dekhte pelam na j maturity sese ei takata ei tarikher par peyejaben ba kichu to serakom dekhlam na. pls jodi ei bapare ektu help karen. hay amay mail karun athoba apnader kono officer phone nomber din jekhane ami phone kore sab jante pari.)
Yours Faithfully.
Pankaj Saha
pankaj.[protected]@gmail.com
I am customer in Rose valley network.
collecting money as RD & FD
rose vally chain marketing system is a corporate agent of LIC of India but they collect money as RD & FD and the fund use in their own business, my question is 1. if the company faliure who will responsible to pay my maturity amount 2. what is the present rating of the company what is your suggession, how much safe i am in the company as a invester...
(Amar akjon porichito amake rose vally`r ekti boi khulte bolechen kintu rose vally`r form dekhe amar mone holo okhane kichu hoteler bapar ache.
Sir, ami jante chai je ami jodi amar kono proyojon metate takata jama rakhi tahole on maturity ami takata hate pabo to? naki ota 3 din ba 5diner hotel package hisebe dhara habe? ebang hoteler jonyoi kharoch korte habe?
r tachara form e kothao to eta lekha ache dekhte pelam na j maturity sese ei takata ei tarikher par peyejaben ba kichu to serakom dekhlam na. pls jodi ei bapare ektu help karen. hay amay mail karun athoba apnader kono officer phone nomber din jekhane ami phone kore sab jante pari.)
Yours Faithfully.
Pankaj Saha
pankaj.[protected]@gmail.com
Despite several request made to the Branch Manager of Rose Valley, Siliguri Branch, the TDS upto February 2013 which was deducted from the Commission paying to the agents not yet refunded. Refund it early.
rose valley a cheat fund...bewere to the company.
today the sarada group is cheat fund.
i think TOWER GROUP is the best company. that is reg.by RBI.{RECENTLY} TODAY THE COMPANY WILL TAKEN NEW NAME "TOWER FINLEASE LIMITED"
If Rose Valley is not a Cheat Company then Why inspite of SEBI closed down and cancelled rose valley real estate business under what terms is it running its business.. What legit reason is there behind this..
Till NOW ALL THE MONEY MARKETTING WHAT EVER ROSE VALLY GROUP OF INDUSTRIES IS DOING ARE ALL ILLIGAL AND THEY DONT HAVE ANY PROPER AUTHORISATION FROM SEBI AND RBI... I URGE?REQUEST TO THE ECHONOMIC OFFENCE WINGS OF INDIA TO TAKE THE MATTER SERIOUSLY AND TRY TO CLOSE DOWN THIS COMPANY SO THAT ALL THE CITIZENS OF INDIA AS A WHOLE WILL BE BENIFITED AND WILL NOT GET CHEATED
IRDA has cancelled the corporate agency license of Rose Valley chain marketing system. Rose Valley was a corporate agent of LIC. Rose Valley was under the scanner of IRDA since long. This is a big blow to all other chain marketing systems operating in India in similar lines. They will have to immediately change their business models before they face the axe of IRDA.
By virtue of powers vested in the Authority under section 14 (2) (h) of the IRDA Act, 1999, the Authority has carried out an on-site inspection of the Corporate Agent at their Registered Head Office at RGM-25/3010, Raghunathpur, VIP Road, Kolkata – 700 059 on 27th and 28th May, 2010.
The Authority has communicated findings of Inspection seeking comments of the corporate agent. The corporate agent has responded vide its letter dated 24th July, 2010. Upon examination of the explanation/clarifications of the corporate agent on the inspection findings the Authority noticed pertinent violations of Regulations and Guidelines and show caused the corporate agent vide its letter dated 23rd December, 2010 seeking explanation as to why appropriate action should not be taken against them on grounds of following charges.
Charge 1: It is brought to the notice of the Authority that the Company is Sourcing business through Multi Level Marketing through persons who do not possess any certificate / License issued under Licensing of Corporate Agents Regulations, 2002.It is also observed that commissions are paid to the persons other than specified persons.
In view of the above it is established that the business is sourced through the persons other than specified persons which is in contravention of Regulation 9(2)(ii)(a) of IRDA (Licensing of Corporate Agents) Regulations, 2002 and Cl.17 of Guidelines issued on Licensing of corporate Agents issued vide Circular no. 017 / IRDA / Circular / CA Guidelines / 005 dated 14th July, 2005.
Charge 2: In terms of provisions of Cl.21 of Guidelines issued on Licensing of corporate Agents, the Company shall not charge an administration fee, service charge, or any other charge to the policy holder insured through it.. But as per evidences available with the Authority (copies of which have been sent to you along with our letter dated 11th July, 2010)
It is observed that the Company has charged a processing fee, joining fee, admission fee which is in violation of Cl.21 of Guidelines issued by the Authority on Licensing of Corporate Agents vide Circular no.017/IRDA/Circular/CA Guidelines/2005 dated 14th July, 2005.
The corporate agent offered its explanations vide letter dated 18.01.2011 and requested the Authority for an opportunity of personal hearing. Upon considering the same the corporate agent was given an opportunity to present their case in person on 25.11.2011. The corporate agent represented by Mr.Spandan Sengupta, its legal advisor and Mr. Manosij Chatterjee, Corporate insurance Executive appeared before me on 25.11.201 at 3.00 pm in IRDA Office and offered submissions on the charges.
As regards charge 1, the corporate agent denied the charge and stated that their objective is to penetrate into market with vast network and further they elaborated that they are in process of appointing one at least one SP in each location to sustain the pressure of large volume of business. It was also submitted that the current average production per SP is 1300 policies per year.
During personal hearing Mr.Spandan Sengupta explained about their business model and submitted that they are part of Rose Valley group which is also having many other businesses such as Hotels, Real estate, FMCG products, Mineral water etc. These sister concerns usually conduct trade fairs for promoting their respective business. The SP’s of corporate agent present in such events where they come into contact with 5 to 6 thousand people to whom they can solicit insurance business.
It is for this reason average production of SP is high. However, it is pertinent to note that the application form to enroll as member in chain vividly portrays the business model known as Multi Level Marketing, since it seeks details of superiors and indicating ranks in chain along with membership number. Further LIC voucher no.195 is clearly indicating details of team strength and upward and downward chain and details of commission paid.
This shows that they are soliciting insurance business by resorting to business model known as Multi Level Marketing. This is further evident from main objects clause of their MOA which includes chain marketing as one of their main objects. Hence I am of considered view that the corporate gent has violated provisions of Regulation 9(2)(ii)(a) of IRDA (Licensing of Corporate Agents) Regulations, 2002 and Cl.2, 8, 17 of the Guidelines.
As regards charge 2, the corporate agent contended that the joining fee mentioned therein pertains to membership fee of land clubs, which is collected for onward transfer to their real estate business books. However, this contention is not supported by relevant documents. The receipts and payments account of their Guskara branch clearly shows that they are collecting joining fee in violation of the provisions of Cl.21 of Guidelines. Hence I am of the considered opinion that the corporate agent has violated provisions of Regulation 9(2)(ii)(a) of IRDA (Licensing of Corporate Agents) Regulations, 2002 and Cl.2, 8, 17, 21 of Guidelines .
Having regard to the facts of the case and documents related therein, I am of the considered opinion that the charges made against the corporate agent stand established. It will not be in interest of policyholders for M/s Rose Valley Chain Marketing System to continue to function as corporate agent.
Accordingly, on a judicious exercise of the powers vested in the Authority under Section 14(1) of the IRDA Act, 1999 and section 42(5) of the Insurance Act, 1938 read with Regulation 11(a), 11(b), 11(c), and 11(d) of IRDA (Licensing of corporate agents) Regulations, 2002, the license bearing no.883899 granted to M/s Rose valley Chain marketing System Ltd. is cancelled with immediate effect. The corporate agent is hereby ordered along with insurer with whom it is attached to, to make necessary arrangements for servicing of insurance policies earlier serviced/being serviced by it, under intimation to the Authority.
Lotha Manik
Former Employee
Till NOW ALL THE MONEY MARKETTING WHAT EVER ROSE VALLY GROUP OF INDUSTRIES IS DOING ARE ALL ILLIGAL AND THEY DONT HAVE ANY PROPER AUTHORISATION FROM SEBI AND RBI... I URGE?REQUEST TO THE ECHONOMIC OFFENCE WINGS OF INDIA TO TAKE THE MATTER SERIOUSLY AND TRY TO CLOSE DOWN THIS COMPANY SO THAT ALL THE CITIZENS OF INDIA AS A WHOLE WILL BE BENIFITED AND WILL NOT GET CHEATED
IRDA has cancelled the corporate agency license of Rose Valley chain marketing system. Rose Valley was a corporate agent of LIC. Rose Valley was under the scanner of IRDA since long. This is a big blow to all other chain marketing systems operating in India in similar lines. They will have to immediately change their business models before they face the axe of IRDA.
By virtue of powers vested in the Authority under section 14 (2) (h) of the IRDA Act, 1999, the Authority has carried out an on-site inspection of the Corporate Agent at their Registered Head Office at RGM-25/3010, Raghunathpur, VIP Road, Kolkata – 700 059 on 27th and 28th May, 2010.
The Authority has communicated findings of Inspection seeking comments of the corporate agent. The corporate agent has responded vide its letter dated 24th July, 2010. Upon examination of the explanation/clarifications of the corporate agent on the inspection findings the Authority noticed pertinent violations of Regulations and Guidelines and show caused the corporate agent vide its letter dated 23rd December, 2010 seeking explanation as to why appropriate action should not be taken against them on grounds of following charges.
Charge 1: It is brought to the notice of the Authority that the Company is Sourcing business through Multi Level Marketing through persons who do not possess any certificate / License issued under Licensing of Corporate Agents Regulations, 2002.It is also observed that commissions are paid to the persons other than specified persons.
In view of the above it is established that the business is sourced through the persons other than specified persons which is in contravention of Regulation 9(2)(ii)(a) of IRDA (Licensing of Corporate Agents) Regulations, 2002 and Cl.17 of Guidelines issued on Licensing of corporate Agents issued vide Circular no. 017 / IRDA / Circular / CA Guidelines / 005 dated 14th July, 2005.
Charge 2: In terms of provisions of Cl.21 of Guidelines issued on Licensing of corporate Agents, the Company shall not charge an administration fee, service charge, or any other charge to the policy holder insured through it.. But as per evidences available with the Authority (copies of which have been sent to you along with our letter dated 11th July, 2010)
It is observed that the Company has charged a processing fee, joining fee, admission fee which is in violation of Cl.21 of Guidelines issued by the Authority on Licensing of Corporate Agents vide Circular no.017/IRDA/Circular/CA Guidelines/2005 dated 14th July, 2005.
The corporate agent offered its explanations vide letter dated 18.01.2011 and requested the Authority for an opportunity of personal hearing. Upon considering the same the corporate agent was given an opportunity to present their case in person on 25.11.2011. The corporate agent represented by Mr.Spandan Sengupta, its legal advisor and Mr. Manosij Chatterjee, Corporate insurance Executive appeared before me on 25.11.201 at 3.00 pm in IRDA Office and offered submissions on the charges.
As regards charge 1, the corporate agent denied the charge and stated that their objective is to penetrate into market with vast network and further they elaborated that they are in process of appointing one at least one SP in each location to sustain the pressure of large volume of business. It was also submitted that the current average production per SP is 1300 policies per year.
During personal hearing Mr.Spandan Sengupta explained about their business model and submitted that they are part of Rose Valley group which is also having many other businesses such as Hotels, Real estate, FMCG products, Mineral water etc. These sister concerns usually conduct trade fairs for promoting their respective business. The SP’s of corporate agent present in such events where they come into contact with 5 to 6 thousand people to whom they can solicit insurance business.
It is for this reason average production of SP is high. However, it is pertinent to note that the application form to enroll as member in chain vividly portrays the business model known as Multi Level Marketing, since it seeks details of superiors and indicating ranks in chain along with membership number. Further LIC voucher no.195 is clearly indicating details of team strength and upward and downward chain and details of commission paid.
This shows that they are soliciting insurance business by resorting to business model known as Multi Level Marketing. This is further evident from main objects clause of their MOA which includes chain marketing as one of their main objects. Hence I am of considered view that the corporate gent has violated provisions of Regulation 9(2)(ii)(a) of IRDA (Licensing of Corporate Agents) Regulations, 2002 and Cl.2, 8, 17 of the Guidelines.
As regards charge 2, the corporate agent contended that the joining fee mentioned therein pertains to membership fee of land clubs, which is collected for onward transfer to their real estate business books. However, this contention is not supported by relevant documents. The receipts and payments account of their Guskara branch clearly shows that they are collecting joining fee in violation of the provisions of Cl.21 of Guidelines. Hence I am of the considered opinion that the corporate agent has violated provisions of Regulation 9(2)(ii)(a) of IRDA (Licensing of Corporate Agents) Regulations, 2002 and Cl.2, 8, 17, 21 of Guidelines .
Having regard to the facts of the case and documents related therein, I am of the considered opinion that the charges made against the corporate agent stand established. It will not be in interest of policyholders for M/s Rose Valley Chain Marketing System to continue to function as corporate agent.
Accordingly, on a judicious exercise of the powers vested in the Authority under Section 14(1) of the IRDA Act, 1999 and section 42(5) of the Insurance Act, 1938 read with Regulation 11(a), 11(b), 11(c), and 11(d) of IRDA (Licensing of corporate agents) Regulations, 2002, the license bearing no.883899 granted to M/s Rose valley Chain marketing System Ltd. is cancelled with immediate effect. The corporate agent is hereby ordered along with insurer with whom it is attached to, to make necessary arrangements for servicing of insurance policies earlier serviced/being serviced by it, under intimation to the Authority.
Lotha Manik
Former Employee
i m also the agent of rose valley from darjeeling and i want to know about the rose valley which is now going on with other private companies
Ami Subhankar Barai
ami ekti rose valleyr policy korechi kintu rose vally`r form dekhe amar mone holo okhane kichu hoteler bapar ache.
Sir, ami jante chai je ami jodi amar kono proyojon metate takata tulte chai tahole on ami takata hate pabo to? naki ota 3 din ba 5diner hotel package hisebe dhara habe? ebang hoteler jonyoi kharoch korte habe?
r jodi ami akhan takata tulte chai thahole ami mot koto taka pabo please jodi ektu help koren tahole khub upokriti hobo.amr akhan 2 year 8 month hoyeche.total 5 year er policy chilo.
r rose valley ki SEBI ba RBI ba IRDA er nothibhukto kina please amake ektu bolun, r jodi samvab hoi tahole sei documents er akti scan copy please amr mail id te send korun.
r tachara form e kothao to eta lekha ache dekhte pelam na j maturity sese ei takata ei tarikher par peyejaben ba kichu to serakom dekhlam na. pls jodi ei bapare ektu help karen. hay amay mail karun athoba apnader kono officer phone nomber din jekhane ami phone kore sab jante pari.
amar id holo____
[protected]@gmail.com
ami ekti rose valleyr policy korechi kintu rose vally`r form dekhe amar mone holo okhane kichu hoteler bapar ache.
Sir, ami jante chai je ami jodi amar kono proyojon metate takata tulte chai tahole on ami takata hate pabo to? naki ota 3 din ba 5diner hotel package hisebe dhara habe? ebang hoteler jonyoi kharoch korte habe?
r jodi ami akhan takata tulte chai thahole ami mot koto taka pabo please jodi ektu help koren tahole khub upokriti hobo.amr akhan 2 year 8 month hoyeche.total 5 year er policy chilo.
r rose valley ki SEBI ba RBI ba IRDA er nothibhukto kina please amake ektu bolun, r jodi samvab hoi tahole sei documents er akti scan copy please amr mail id te send korun.
r tachara form e kothao to eta lekha ache dekhte pelam na j maturity sese ei takata ei tarikher par peyejaben ba kichu to serakom dekhlam na. pls jodi ei bapare ektu help karen. hay amay mail karun athoba apnader kono officer phone nomber din jekhane ami phone kore sab jante pari.
amar id holo____
[protected]@gmail.com
Is Rosevalley India is a authentic company?
I want my money back .How to get it.what are the rules.
All THESE Companies are nothing but cheater. They promise to give high return like 4 times in 7 years. But it is impossible in reality. These cheater companies are paying high commission to agents, so agents are making people fool to fill up their own purse. Look these companies are paying 40% commission to agents where an LIC agent gets only 2-3% commission. How these companies, paying such high commission, can promise investors superb high return (like 4 folded money in 7 years). if you invest 100 rs in these chit funds, they pay agents rs 40, and rs 5-10 invest in ad, etc...So if you invest 100 rs the chit fund company actually gets 50 rs, then how they promise of returning 4 folded money after 7 years.
i m an rd customer in ur company and i want to withdraw my amount deposited so far, i have deposited 23 installment, what is the procedure please suggest
santa
dimapur
santa
dimapur
My question is same of above...
D/sir/madam,
Plz provid the SEBI's clearance certificate, RBI's certificate, Central / state Govt.'s certificate which may prove that Rose valley may run their business freely and the customer should not worried about their money. Because the customers want to see the written prove. Now a days they don't want to believe their ageant as well as the Rose Valley Co.
Thanking You.
Plz provid the SEBI's clearance certificate, RBI's certificate, Central / state Govt.'s certificate which may prove that Rose valley may run their business freely and the customer should not worried about their money. Because the customers want to see the written prove. Now a days they don't want to believe their ageant as well as the Rose Valley Co.
Thanking You.
I AM A MONEY BACK POLICY HOLDER OF ROSE VALLEY. SO FAR THE PRESENT CONDITION OF SMALL MONEY MARKETING ARISES, IBACOME CONFUSED AS WELL AS AFRAID OF. ALTHOUGH I HOPE THE COMPANY WILL COPE OF THE SITUATION WELL.I SHOULD HAVE RECEIVED MONEY BACK SOON.----MRS. BHABANI DUTTA CHOUDHURY, PHONE NO.[protected], BIRATI, KOLKATA.