[Resolved]  Karvy Consultants — c&c constructions ltd. - cheques bouncing

The investment is in Karvy Private Wealth - Investment was done under C&C Constructions on the advice if your VP at Pune. The investment was done under C&C Towers at Mohali junction in a buyback scheme.
The chq was given to Karvy Realty ltd. Now two of the Post dated cheques have bounced and at Karvy, I`m not getting the right support to recover my dues. Pls. inform whom I should contact.

Twice the dates have been postponed by Karvy and now a letter by C&C is sent by local Karvy team that the dues will be paid by Oct 22nd. I have no faith as Karvy team has not done enough protection of my investments. I would like to escalate and talk to the right person to know the actual situation.

Even I have invested in Mohali Junction project of C&C Constructions through Karvi, and 4 of my cheques have bounced. I have written to both C&C as well as Karvy who has been verbally saying that once C&C receives the fund from the Govt of Punjab, they will remit the amount through NEFT. However, I have not got any official communication from any party in writing. Also some questions are unanswered.

1) Since the payment for October 2017 is delayed, will C&C compensate me for the loss of interest for the delayed period?
2) Will such cheque bouncing keep repeating also in future?
3) Can we try to encash the PDCs dated 31st October 2017?
4) Is my investment with C&C safe or in danger?

Frankly, I regret to have believed Karvy in investing into this venture.

Venkataraman K.N.
Kolkata, Mob:[protected]

I have a similar issue and have invested in the same product from Karvy. Two cheques from C&C towers has bounced and it is a listed company.
Regards,
Ramesh V

Till date no positive response from Karvy.
I do not know for what they take their commission?
Can we all go to Consumer court?

I have received a cyclostyled letter (without specifying my name or any reference number) from C&C Constructions Ltd stating that they will settle the dues by 15th December 2017. I suggest let us wait till the 3rd week of December 2017 and if C&C does not keep up their commitment, we shall have to take some legal course of action, even though I know it will be a long process.

Rgds/Venkataraman

All Investors are requested to share the Contact / Mobile Nos.

Fraud committed by C&C Constructions Ltd. - Mohali Junction ISBT Project

A delhi-based company, c&c constructions ltd., had been given the contract of the mohali junction isbt project under the public-private partnership (Ppp) mode and the work had begun in april 2009 with an understanding that the project would be completed by 2011 as per the mou signed between gmada & c&c towers ltd.

The private company c&c towers ltd., which has completed less than one-third of the project in eight years, has already been served with a notice of termination of the agreement under the public-private partnership (Ppp) mode by gmada due to delay in its completion. The termination notice was sent to the company on three grounds — long delay in the project, failure to pay penalties of over rs. 50 crore imposed by gmada and failure to maintain bank guarantees under the norms. Though eight years have passed, the company is yet to complete the first tower. The first deadline for the project was october 2011. Later, it was extended at least five times. The company has already missed six deadlines. The company’s inability to complete the project in the fore-seeable future is now out in public.

The company c&c towers ltd. Has committed a fraud with hundreds of stake holders upto a tune of several crores in the said project by allotment of retail shops & office spaces. The committed date of possession to its stake holders was till october 2011, but till date the construction is incomplete.

The chairman Mr. Gs johar and CGM of the project Col. Sehgal always gave vague assurances about the estimated date of completion and handing over the physical possession of the retail shops and office spaces to the stake holders, who had invested their hard earned money since 2010 and booked the retail shops and office spaces to run the business for livelihood with the sanguine hope that the possession will be handed over by 2011. However, to do the business for livelihood, the stake holders had to make alternative arrangements.

Now even after 7 years, the management and representatives of the company never gave a suitable reply to the investors queries & even used abusive language with them. The company has intentionally looted the hard earned money of the investors. Now all the investors have decided to approach the appropriate court of law for justice and get their hard earned money refunded along with interest from the company c&c constructions ltd.

The meeting of the allottees / stake holders of retail shops / office spaces was held in the commercial complex of mohali junction isbt mohali, phase 6, on 27th september, 2017 from 11.30 am onwards, at mohali junction isbt, mohali, for discussing further course of action against the company c&c towers ltd. For incomplete construction and non-delivery of possession of retail shops / office spaces by company c&c towers ltd. To its allottees / stake holders.

Guys we need to take action against Karvy as well as C&C and even they have taken commission from us.
PLs. wake up to reality as Karvy is also silent like C&C.!!!

This is Vishwas from Bangalore. I have invested a large amount in C&C Towers Ltd. through Karvy Bangalore Office. Neither Karvy not C&C Towers is responding to my many communications that I have been sending them. This entire scam seeks to have been planned between Karvy and C&C Towers.

How do we handle the case? Will going to the court help? Other friend who have invested, please respond to my e-mail id "vishwasbondade(at)gmail.com" Can this scam be made public in the media?? Can we get a media reporter cover this case??

- Vishwas

The parent company stock price down and is on the verge of collapsing.. The stock is down to 42 from 105..It is expected to fall further. I`m not getting proper response from Karvy. It is time we form a group to put pressure on Karvy to assist in getting our principal back. The Mohali project is struck and the Bus terminal is not operational.
Ramesh

Any update on whats going on with C&C investment?

Karvy Started taking some action and have informed that they have put a cse on investors behalf. They gave a std format for filling up. But after atleast 6 reminders to verify, there is no response form Karvy and Karvy`s legal team. Iam loosing hope that Karvy shall resolve our issues.
Any Updates?