Sterling Tree Magnum (India) Limited — non payment of matured amount

Address:

Chennai, Tamil Nadu, 600063

During the 1990s, a number of companies sprang up all over the country promoting teak tree schemes and promising fabulous return on the money invested by gullible depositors. Carried away by their advertisement I too had invested Rs.975 with Sterling Tree Magnum (India) Limited, Madras (now Chennai) with the high hope of leading a peaceful life after my retirement from service.

A few months after investing the money I received a brochure about their teak tree scheme and the areas where the plantations are coming up. After that there was no communication from the company about the progress of the scheme. So after a few years (in 1998) I wrote a letter to the company seeking to withdraw from the scheme and refund of my investment.

The company responded by sending me a letter explaining about the progress of the plantation, asking me to reconsider my intention to withdraw from the scheme and that I would receive money in installments. However, I did not receive any money from the company as promised by it.

Again in 2006 I wrote to the company demanding return of the money invested by me. I got a letter from the company saying that if found scheme unviable and as such it has come out with a new scheme which is pending before the Madras High Court.

After that I have not received a single letter from the company. All my dreams of reaping a good return have been demolished. According to the scheme the investors would receive a lump sum amount after 20 years. The time limit has expired.

Now I am well over 70 years of age and I don’t whether I would be alive to get any money from the company.

very recently I sent two letters to the company by Speed Post but both were returned undelivered to the company with a note 'left;.
S Gururajan, Chennai