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What is the status as of today??
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Dear vivekanand,
Same case happen with me also. Now they promise that in month of July-Aug 2023, they expect to judgment from high court ( As Investor we do not have any evidence about this audit). However in recent week I contact them about assured 10% return and quarterly payout. Now they claim as below.
"Significant pre-approval activities are going on at the project site in anticipation of the approvals. As mentioned earlier, the payouts will be made at the time of exits.
Subject to the project getting approvals and RERA registration, the project is expected to be launched by the end of this year. The sale o[censored]nits in the retail market will commence shortly after that. As it would take 2-3 quarters to complete a sale, you can expect your exit to be processed by 2024.
As mentioned earlier, the payouts will be made at the time of the exit."
Also they refuse to initiate 10% assured return by claiming as follow.
"The payouts are in the nature of advances against future returns. The IRR of the project has not changed. This means that the terminal value of the investment would be higher."
I think we should have joined our hand together and file litigation.
My email: big.[protected]@gmail.com
Same case happen with me also. Now they promise that in month of July-Aug 2023, they expect to judgment from high court ( As Investor we do not have any evidence about this audit). However in recent week I contact them about assured 10% return and quarterly payout. Now they claim as below.
"Significant pre-approval activities are going on at the project site in anticipation of the approvals. As mentioned earlier, the payouts will be made at the time of exits.
Subject to the project getting approvals and RERA registration, the project is expected to be launched by the end of this year. The sale o[censored]nits in the retail market will commence shortly after that. As it would take 2-3 quarters to complete a sale, you can expect your exit to be processed by 2024.
As mentioned earlier, the payouts will be made at the time of the exit."
Also they refuse to initiate 10% assured return by claiming as follow.
"The payouts are in the nature of advances against future returns. The IRR of the project has not changed. This means that the terminal value of the investment would be higher."
I think we should have joined our hand together and file litigation.
My email: big.[protected]@gmail.com
I agree, I am in for joining hands to file a complaint
I can also join to file a complaint as this is happening for very long. The experience of Meeral Panchal is also my experience. Let us join hands and at least send a legal notice
I am also in the same boat.
First name last name at gmail com
First name last name at gmail com
Hi,
I think we are all in the same page with regards to pay outs from this company.
I have also not received any interest for almost 2 years and this is an explanation given via email back in Sep 2022 "certain payouts being on hold pending an audit with respect to certain transactions by two of our ex-employees, by order of the Hon’ble High Court of Karnataka. We are writing to update you that the audit is still ongoing. As you may appreciate, the timeline for these types of audits are not within our control as the scope depends on the information obtained during the course of the examination of transactions, and the audit is not done in-house but by third parties."
Then the last update was in Nov 2022" As per the update received from the team, 50% of the audit is complete and the audit process is expected to be completed by Feb/Mar 2023. Once the process is completed, the pending payouts will be made."
But no payouts received.
Then last update in Oct 2023 and again no proper response except that the payouts will be made in 2024(but when in 2024).
I think this company is playing with the money of its investors and I would like to join hands with all the other affected investors to get the money along with the interest back.
Please let me know how to proceed further.
Regards
Ravi
I think we are all in the same page with regards to pay outs from this company.
I have also not received any interest for almost 2 years and this is an explanation given via email back in Sep 2022 "certain payouts being on hold pending an audit with respect to certain transactions by two of our ex-employees, by order of the Hon’ble High Court of Karnataka. We are writing to update you that the audit is still ongoing. As you may appreciate, the timeline for these types of audits are not within our control as the scope depends on the information obtained during the course of the examination of transactions, and the audit is not done in-house but by third parties."
Then the last update was in Nov 2022" As per the update received from the team, 50% of the audit is complete and the audit process is expected to be completed by Feb/Mar 2023. Once the process is completed, the pending payouts will be made."
But no payouts received.
Then last update in Oct 2023 and again no proper response except that the payouts will be made in 2024(but when in 2024).
I think this company is playing with the money of its investors and I would like to join hands with all the other affected investors to get the money along with the interest back.
Please let me know how to proceed further.
Regards
Ravi
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martOwner Services India Pvt. Ltd. Delta Block, 8th Floor, Sigma Tech Park, Whitefield - Varthur Road, Bangalore 560 066 www.smartowner.com
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