CITY LIMOUZINES CASES UPDATE FOR KNOWING STATUS

28/4/2021

Hi

Hope you and your family are doing fine in this Pandemic situation. Be safe and take all measures to protect from Covid.

Please get your claims confirmed through RTI application, whether your claims are there in their records and whether same has been transferred to MPID Court Mumbai, as all claims and criminal cases have been transferred by Supreme Court to MPID COURT from all agencies and from all over India or Not. BECAUSE there are numerous claims have been mixed with other companies liquidation or missed. Rest your choice to do this process  or not. only advisory from my side. Some investors are questionings over questions if I pass any information in groups. Let me say clearly, I am Advocate at Supreme Court and voluntarily passing information. Professionally I am not appearing in any cases for any investor in this matter. So follow the advisory note or not your choice. Nothing to say in this

Regards

Dr. Zulfiqar Ali Khan

Advocate

MB: 9884102961

CITY LIMOUZINES CASE AS PER MY CASE FILES:

I AM WRITING HERE CITY LIMOUZINES CASES STEP BY STEP FOR YOUR UNDERSTANDING THAT THIS IS DONE & THIS IS STAGE OF CASE:

1.     Agreement dated.- 27.07.2002:- One Mr. J. G. Pansare entered a agreement with company for Car leasing agreement by investing an amount Rs. 97,907/- and received back Rs. 2.4 Lacs after Five years at the rate of Rs.4,000/- P.M. He lodged an F.I.R Vide No. 151/2007 (74/2007 EOW Mumbai) b alleging  that he was entitled for the rented car as per the agreement and Car is not given to him after 5 years competition of agreement.

2.     2005: as per company statement  before Hon’ble Court City Limouzines (India) Ltd Commenced exports of Cut and Polished Diamonds by the following the normal Customs procedures as prescribed by Law( FALSE STATEMENT no where in their Company brochures mentioned with regard diamonds exports except Car leasing and Land allotments)

3.      From 01-02-2007 to 30-03-2009 (City Group of Companies Invested Rs. 92.60 Crores in M/s Millennium Plaza Resorts & Hotels Ltd, a 5 Star Hotel Project under HUDA (Haryana Urban Development Authority)

4.      14-09-2007 : FIR NO.151/2007 was registered with Cuffe Parade Station against the Mr. Syed Masood U/s 406, 420, 420 B of IPC and was investigated thereafter by Economic Offence Wing Mumbai, under CR No. 74/2007 for breach of agreement between company and investors.

5.    19-09-2007: Mr. Syed Masood Filed Writ Petition (Crl.) bearing no. 1796/2007 before High Court of Bombay for Quashing the FIR No. 151/2007.

6.     21.09.2007: Hon’ble High Court of Bombay passed an order dated 21-09-2007 in WP(Crl) NO.1796 of 2007 directing the EOW Mumbai / State of Maharashra  for removal of the seals put to the Company premises and return of documents seized.

7.       17-10-2007:  Hon’ble High Court of Bombay further passed an order that the documents which have been returned in terms of order dated 21-9-2007 shall remain in possession of Company.

8.     18-12-2007: Investigating Officer Gave undertaking before Hon’ble High Court of Bombay in the case of EOW  CR NO. 74/2007 that no coercive action will be taken in respect of this case.

9.       03-03-2008: Mr Masood and Company filed fresh petition WP(Crl )No. 2333/2007 before Hon’ble High Court of Bombay seeking Quashing of the Impugned FIR, which was allowed by the Hon’ble High Court of Bombay vide order dated 03-03-2008, Quashing the FIR.

10.     15-04-2008: Mr. Masood and Company filed a criminal defamation petition No. 65/ Misc/08 against Mr. Sadanand Date, Addl Commissioner of Police, EOW Mumbai for making a statement before the media to the effect that the Police Raided the house of Mr. Syed Masood  but he escaped. The said Media reports were published in the Times of India News Paper dated 02-10-2007 was factually wrong and contrary to the case record.

11.     Dec 2008 to Aug 2009: The inward Cheques received by the Group of Companies to the extent of more than Rs. 90 Crores were dishonored , Criminal proceedings were initiated by City Group of Companies against M/s Aerospace Services Pvt Ltd( 2390/SS/2009- INR 2.4 Crores), M/s Innova Enterprises Ltd (4183 to 4187/SS/2009-INR 1.63 Crores), Sager Developers / Yaqoob Badshah Khan (3024/SS/2009-INR 62 Crores), Ranjit Deshmukh (1285-1286/SS/2009-INR 12.5 Crores), Pramod Kumar Parida (3025/SS/2009-INR 2.5 Crores) ad various other persons / entities, which are pending before the Esplanade Court, Mumbai.

12.     04-08-2009: EOW/State of Maharashtra Preferred the SLP(Crl)No. 3176 of 2008 before Supreme Court of India against order dated 03-03-2008 of Bombay High Court and Hon’ble Supreme Court of India Set aside the above order with the directions which included permission to the company to carry on its business without any hindrance whatsoever and directions to the Investigating officer to take Xerox copies of the books of accounts and other documents required for investigation duly certified by the companies with an undertaking to produce the originals in the Court of Law, as and when called upon. (2009 8 SCC 787).

13.     11-08-2009: Searched of business premises of M/s City Limouzines (India) Ltd and Syed Masood residential remises was conducted by the officers of the Directorate of Enforcement. With records Rs. 61,99,600/- Cash and unpaid Cheques issued in favour of city Group Companies By M/s Sagar Developers, Mumbai totaling to Rs. 67 Crores were also seized and taken over by ED.

14.     21-08-2009:  Company preferred the Company Application no. 932 of 2009 and 933 of 2009 before Company Judge of the High Court of Bombay for settling the issue with creditors.

15.     09-09-2009:  That Hon’ble High Court of Bombay vides Minutes of Order allowed Company Application No. 932/2009 and 933/2009 filed by Company

16.     18-09-2009:  That the Hon’ble High Court Bombay passed further minutes of the order changing the date of the meeting of the investors and company official from 07-10-2009 to 14-10-2009

17.     24-09-2009 to 01-10-2009: Letters written by Economic Offence Wing, Mumbai to ABN Amro Bank, to freeze various accounts of the Company.

18.     14-10-2009 & 15-10-2009: That in view of the aforesaid Minutes of order the meeting of all the Creditors was fixed for approval of some scheme and further for settlement between City Group Companies and Creditors/ Investors  were failed. (Dr. Zulfiqar Ali Khan Advocate from Chennai (myself) took part in this meeting and in the security of Police was brought to Stage at High School Mumbai and gave my Plan for returning of Investors money in six installments before Chairman of Meeting one Lady Advocate and Rtd High Court Judge, Later on lodged a complaint at police station and company officials taken into custody by Police  by registering a CR No. 205 of 2009 against them at V.P.Road Police Station. Same day I meet DGP Mr. Sarbdeep Singh Virk of Maharashtra  with my friend CBN Journalist from Mumbai and sought his help to sort out the problems.

NOTE:  IT was a calculated fraud by company and its Directors . In the Scheme of settlement which were send to investors by company for meeting certain dates were put up,  it looks that it was planned cheating knowing that company is on turmoil so earn whatever possible. A Board of Directors meeting was held as per their settlement scheme notice on 3-8-2009   and 4-8-2009  set aside the Order by Supreme Court in SLP (Crl) No. 3176/2008 against order dated 03-03-2008 of High Court of Bombay, further 11—08-2009 raided by ED at some offices of company and premises of Syed Masood, application filed before High Court on 21-08-2009 for settlement with creditors and investors. BUT COMPANY had advertised and collected money from Investors under investment scheme upto 26-8-2009, as per receipts , I have.

 ANOTHER Arising out of SLP no. 3176 of 2008 on 4-8-2009 wherein Hon’ble Supreme Court set aside the Order of High Court of Bombay. Immediately Company moved an Company Application  in the High Court of Bombay and prayed for stay of all criminal and civil proceedings in CA(L) No.871 and 872 of 2009 which was rejected y an order dated 29-8-2009. Than company filed company application for direction u/s 391 to 393 of company act to conduct meeting with creditors but company failed to conduct meeting with creditors and failed to come with any concrete Plan.

               

19.     30-10-2009: Company filed four cases before High Court of Madras Crl OP No. 26527 of 2009, 20711 of 2009, 21415 of 2009  & 21416 of 2009 in which cases I was Intervener petitioner.

20.     30-10-2009: The Investigation were initiated by the Enforcement Directorate against the Directors and the Company under Prevention of Money Laundering Act, 2002  , vide no. ECIR/65/MZO/2009 on 30-10-2009 and on the basis of their investigation chargesheet was filed on 21-01-2010 and the Supplementary chargesheet was filed on 01.04.2010 in the FIR No. 74/2007 U/s 420/406/120B of Indian Penal Code.

21.     15-01-2010: The enforcement Directorate the Joint Secretary (COFEPOSA), New Delhi, issued Preventive Detention Order No. 673/06/2009-Cus.VIII against Masood by invoking provisions of  COFEPOSA ACT.

22.     04-02-2010: Mr. Syed Masood and other Directors were arrested in FIR No. 74/2007, PS Cuffe Parade  U/s 420, 120B,406 of IPC, 1860. There after he was taken I custody by different Police Stations from different states wherein more or less allegations remain same of fraud , Cheating and Criminal Conspiracy. Mr. Masood and other Directors were arrested by EOW, Cuffe Parade, Malabar Hill, Agripada, Nagada, Vikhroli, Bangur Nagar, Borivali, Thane, Pune, Police Stations of Delhi, Tamilnadu, Karnataka, Andhra Pradesh and Rajasthan.

23.     In all Police Complaints allegations were the same that Mr. Masood and Company of City Limouzines and City Realcom Ltd that they had taken money from the investors by giving promises of high returns in the name of both companies and did not return the money as was promised to the investors. In those cases Chargesheets came to be filed on differ dates. That out of 42 Cases based on FIR about 16 cases were compounded as per the order of the Hon’ble High Court at Rajasthan  Mr. Syed Masood remained in custody till 27-12-2011 for around 23 moths under various FIRs for the offence of Cheating and fraud.

24.     12-02-2010: That Rs. 39.10 Crores in Axis Bank and Rs. 25 Crores in HDFC Bank and some Demand Drafts received by Company and yet to be encashed were attached by Enforcement Directorate through the Ministry of Finance, Govt of India, North Block , Delhi, Vide Provisional Attachment Order  (in short PAO) No. 01/2010 , thereafter so many attachment orders were passed for company and its directors movable or immovable properties Viz, PAO No. 02/2010,dt 23-02-2010, 03/2010 dt 03.03.2010, 04/2010 dt. 20.4.2010, 5/2010 dt 10-6-2010, 6/2010 dt 28-6-2010, 8/2010 dt 3.8.2010, 9/2010 dt 8.9.2010, 10/2010,dt. 28-10-2010, 11/2010 dt 29-11-2010 and 12/2010 dt 30-12-2010 attaching movable and immovable properties of Company worth Rs. 82.239 Crores.

25.     01-10-2010:  That the Order was passed by the Bombay High Court in Company petition No. 234 of 2010, the official liquidator was appointed as a Provisional Liquidator of M/s City Limouzines (India) Ltd (in Liquidation)

26.     06-10-2010: That the Ld ACMM(SE), New Delhi granted bail to Masood and other Directors in the FIR Nos. 225/2009 & 54/2010.

27.     28-10-2010: Hon’ble High Court of Bombay directed the official Liquidator to take possession of the registered office of City Limouzines India Ltd in CP 234 of 2010.

28.     09-12-2010: Liquidation order against City Limouzines Company passed by High Court of Bombay for liquidation of Company assets.

29.     03-03-2011: Hon’ble High Court of Judicature at Delhi quashed and set aside the Detention order issued against Masood and other Directors Under COFEPOSA Act , 1974.   

30.     04-07-2011: EOW Crime Branch, Mumbai forwarded the details of the Properties (Movable and immovable) to the official liquidator.

31.     27-12-2011: Masood- Company MD was released from Judicial custody after 23 months.

32.     Feb 2012: some of the Family Members of Mr. Masood and other Directors were arrested for the offences of Cheating and finally released in November 2012 by Court.

33.     09-03-2012: That the Bombay High Court directed the City Realcom Ltd to be wound up alongwith the Appointment of the official liquidator in Company petition No. 326 of 2010 and 235 of 2010.

34.     13-04-2012: that the High Court of Bombay disposed of the Company Petition no. 56/2012 in the matter of winding up of City Realcom ltd.

35.     16-04-2012: The official liquidator fixed  meeting in respect of City Realcom ltd with all concerned for ascertaining the details of the Company and to decide the modality of taking possession thereof. (Creditors, Investors and some City Group Investor association participated in this meeting.

36.     13-12-2012:  Hon’ble  Supreme Court stayed the arrest of Mr. Masood in connection with FIR No. 95/2010 registered by Cuffe Parade Police Station in SLP (Crl) No. 8469/2012.

37.     14-12-2012: Mr. Masood MD of Company with other Directors arrested under PMLA , Act 2002.

38.     16-01-2012:  Hon’ble Supreme Court granted liberty to Masood to  withdraw WP (Crl) No. 95/2011 as relief sought in this became infractions.

39.     11-02-2013: Enforcement Directorate has filed a Complaint bearing No. PMLA Case No. 01/2013 before Special Judge (PMLA) Mumbai against Masood and Company for Money Laundering.

40.     13-02-2013: That the Bombay High Court passed an order in Company Application (L) No. 600/2012 in Company Petition no. 234 of 2010 directing the official Liquidator to adjudicate the claims of the  Investors and one City investors Association within a period of 4 months from the date of said order and also permitted official liquidator to appoint a Chartered Accountant for adjudicating claims.

41.     18-03-2013:  the official liquidator filed official liquidator’s report no.126 of 2013 before High Court of Bombay praying for an order and direction against the Economic offence Wing, Mumbai to hand over records/ books of the account of the City Limouzines and City Realcom ltd  companies.

42.     21-03-2013:  That Bombay High Court allowed the prayers of the Official liquidator’s report No.126/2013 and another prayer for permission to invite claims of the creditors of the Company in liquidation.

43.     30-03-2013: The official liquidator invited the claims from Creditors of the City Limouzines (India) ltd and City Realcom ltd, by publishing in different news papers and fixed last date for receiving claims 30-4-2013.

44.    02-05-2013: The Police Inspector EOW Crime Branch, Mumbai filed an affidavit in reply to Official liquidator’s report No. 126 of 2013 and in which he stated that during course of investigation, the investigating agency had attached 25 immovable properties and has frozen approximately 55 bank accounts of City Group of companies, estimated value whereof is more than Rs. 180.00 Crores.

45.     02-08-2013:  Mr. Masood and Company filed Writ petition before Supreme Court of India, WP(Crl) NO. 119/2013, challenging the application of PMLA Act in his case and proceedings initiated against him under the provisions of PMLA. Said writ petition was withdrawn by the Masood with liberty to approach the appropriate Court.

46.     November 2013: Mr Masood filed Crl M.C No. 1546 of 2013 before Hon’ble High Court of Delhi for quashing the FIR No. 225/2009 and 54/2010 registered in Delhi.

47.     11-11-2013: The Hon’ble High Court of Delhi vide order dated 11-11-2013 in Crl.M.C.No. 1546/2013 dismissed the petition on territorial jurisdiction with liberty to Mr. Masood to file proceedings in an appropriate Court having territorial Jurisdiction.

48.     01-02-2014:  Mr. Masood filed the Bail Application No. CRBA 216/2014 before High Court of Bombay in the case arising out of CRNO. 205/2010 registered at the Nagpada Police Station in respect of sections 406,420 and 120B of the IPC and also under sections 4,5 and 6 of the Price Money Circulation (Banning) Act,1978.

49.     09-01-2015: The Hon’ble High Court of Bombay granted bail to Masood in the CRBA 216/2014 by stating that Mr. Masood and company property had been attached in the course of investigation of the case and whatever is left was still in process of attachment. As Mr. Masood had already been in prison for a period of more than two years.

50.     18-02-2015: Mr. Masood filed SLP(Crl) No. 1614 of 2015 before Hon’ble Supreme Court of India to modify the above order of the Bombay High Court dated 09-01-2015 on the ground that Mr. Syed Masood was behind bars for past five Years, hence was not able to secure the sureties for bail.

51.     09-03-2015: Hon’ble Supreme Court of India allowed the SLP (Crl) 1614 of 2015 holding that on depositing the mount of Rs. 3,00,000/- before the trail court Mr. Masood would be released on bail and that within two weeks of such release Mr. Masood was to furnish the amount of surety as directed by the Court.

52.     20-03-2015 : The Hon’ble Supreme Court of India in SLP (Crl) 1912 of 2015 filed by Investor Association allowed the stay of operation of the order of High Court of Bombay in CRBA No. 216/2014  dated 09-01-2015.

53.     28-04-2015: Mr. Masood being respondent in SLP (Crl) 1912/2015 filed counter affidavit to the Special Leave Petition.

54.     11-05-2015:  Transfer petitions were filed Transfer petition no. 425-440/ 2014 By Masood and Company before Supreme Court of India for transferring all cases pending in different courts  in Maharashtra, Karnataka, Andhra Pradesh, Rajasthan and New Delhi to the Court of Principal Sessions Judge, PMLA Special Court, Bombay City & Civil Sessions Court, Greater Mumbai and Hon,ble Supreme Court ordered for transfer of all cases from different states to Principal Sessions Judge, PMLA Special Judge, Greater Mumbai.

55.     29-09-2015: Mr. Masood was granted bail by the Addl Sessions Judge, Greater Mumbai (PMLA Special Court) in BA 4/15 in PMLA 3/13 and BA 3/15 in PMLA 6/13.

56.     13-10-2015: Mr. Masood filed Special Leave Petition (Criminal) No. 1912/2015 before Hon’ble Supreme Court for vacating the Status quo order dated 20-03-2015.              

57.     2016:  Three New FIR’s were filed at Vidhayakpuri Police Station, Jaipur South District, Vide FIR No. 09/2016, 10/2016 and 246/2016, They are still pending  in Jaipur Courts only. As They have been filed after transfer of other FIR’s and complaints.

58.     22-01-2016: That the official Liquidator sent a letter to the EOW CRIME BRANCH, Mumbai to release the properties of the Company –City Realcom Ltd attached by EOW Mumbai.

59.     07-03-2016: Enforcement Directorate Filed an affidavit in SLP (Crl) No. 1912/2015 stating the details of all the movable and immovable properties of Mr. Syed Masood and Companies.

60.     09-03-2016: The Senior Inspector of Police, attached to EOW Crime Branch, Mumbai filed affidavit in official Liquidator’s Report No. 126 of 2013 stating that the said ED office had secured 27 Properties of the Company and its directors had frozen total 57 Bank accounts of the Company and its directors worth Rs. 12,01,27,222/-

61.     14-09-2016: Hon’ble Supreme Court passed an order in Special Leave to Petition (Crl) 1912 of 2015 which was filed by City Group Investors Association against Mr. Masood and Company.  That as stated in the order it was agreed by the Advocates of both sides that the attached properties belonging to Mr. Masood should be put to sale by the High Court based on Priority List which shall be furnished by them to the High Court within one week from the date of the said order. It was made clear that the sale of the properties made by the High Court  shall be final and binding on the parties. The Supreme Made it clear that as and when substantial amount payable to the investors is refunded, it shall be open to the Mr. Masood to file the appropriate application for bail before the High Court.

62.     04-10-2016: Mr. Masood filed an application for recall/ modification of the above order of the Hon’ble Supreme Court dated 14-09-2016 in SLP (Crl) No. 1912/2015. That it was stated in the said application that there was no such oral or written consent from the Mr.Masood and that the said order was not informed to the Petitioner by the Advocate on Record. The same application was dismissed by the Hon’ble Supreme Court of India.

63.     08-02-2017:  Mr. Masood Through his Advocate vide letter dated 08-02-2017 addressed to official liquidator and to the Registrar of the Supreme Court furnished the details of Four properties.

64.     09-06-2017: The High Court passed the Judgement in Company Application No. 630 of 2015 in Company petition  no.182 of 2012 with official liquidator’s report no. 252 of 2015 in company petition no. 278 of 2014 in the matters of Companies Act of M/s Aryarup Tourism Club resorts Pvt LTd(in Liquidation)with official liquidator report No. 264 of 2015 in company Petition no. 234 of 2010 of City Limouzines India Ltd and company petition no. 326 of 2010 City Realcom ltd. City limouzines (India) Ltd and City Realcom Limited, vide its Liquidation order dated 03-12-2010 and 09-03-2012 in CP No. 234 of 2010 & 326 of 2010 and further order dated 9^th June 2017 By Hon’ble High Court of Bombay in OL Report 126 of 2013 in C.A.No. 630 of 2015 in Company Petition No. 182 of 2012 with OL Report No. 252 of 2015 in Company Petition No. 278 of 2015

65.    Hon’ble High Court of Bombay passed an order on 9^th June 2017 in Company petition no. 234 / 2010 & 326 /2010 , in which order was passed by Hon’ble Court to transfer unadjudicated claims to MPID Court, Greater Mumbai for speedy adjudication, , operative part  of the order is stated below:

“ Para 135. For the reasons recorded aforesaid, following order was passed by Hon’ble Court :-

(a) OLR No.252 of 2015 is made absolute in terms of prayer clause (a). The properties and the monies standing in the name of the said company shall be handed over by the Police Inspector, State Crime Investigation Department, Mumbai or the competent authority appointed by the State Government who is in possession of the said properties to the Official Liquidator within two weeks from the date of communication of this order.

(c) Insofar as moveable and immoveable assets of the company i.e. M/s.City Limouzines (India) Ltd. (in liquidation) are concerned, the said Special MPID Court of Session, Greater Bombay or the competent authority whomsoever is in possession thereof are concerned, the same shall be handed over by them to the Official Liquidator within two weeks from the date of communication of this order.

(d) OLR No. 126 of 2013 is also made absolute in terms of prayer clauses (a) to (d). It is however made clear that the Economic Offence Wing, Mumbai will be entitled to keep the photocopies of the records/books of accounts of M/s.City Limouzines (India) Ltd. (in liquidation). The possession of the records/books of accounts as directed aforesaid shall be handed over within four weeks from the date of communication of this order. The possession of the properties of M/s.City Limouzines (India) Ltd. and M/s.City Realcom Ltd. (in liquidation) shall be handed over by the Enforcement Directorate and Economic Offence Wing, Mumbai or whomsoever is found in possession thereof to the Official Liquidator along with the details of the bank account of those companies to the Official Liquidator and the amounts lying in those accounts along with interest accrued if any, within two weeks from the date of the communication of this order.

(f) The Official Liquidator shall take possession of the four properties disclosed    by Mr.Sayyed Masood vide letter dated 8^th February,2017 pursuant to the order dated 14^th September, 2016 passed by the Supreme Court in Special Leave to Appeal (Cri) No.1912 of 2015 and shall take steps to sell those properties in accordance with the provisions of the Companies Act, 1956 expeditiously and not later than six months from the date of this order. The expenses if any, incurred on effecting sale of those properties can be recovered by the Official Liquidator from the sale proceeds of those four properties. The Official Liquidator shall thereafter handover the balance sale proceeds to the MPID Court for distribution of balance sale proceeds amongst the investors as contemplated in order dated 14th September,2016 passed by the Supreme Court.

(g) The MPID Court/the competent authority shall thereafter distribute the said amount amongst the investors whose claims are adjudicated upon on pro-rata basis. If the claims of all the investors/depositors whose claims are adjudicated upon are not fully satisfied, those claims can be conveyed to the Official Liquidator. The Official Liquidator shall submit a report for declaration of dividend to all the creditors in respect of the payment proposed to be made including the unpaid amount to investors/depositors in accordance with the provisions of the Companies Act, 1956. The priority of the claims shall be considered by the Official Liquidator as per provisions of sections 529, 529A and 530 of the Companies Act, 1956 and in accordance with the views expressed in this judgment. The MPID Court/competent authority would be at liberty to convey the balance claims of the investors/depositors left outstanding after distributing the amounts realized from sale of the four properties of the ex-directors pursuant to the order of the Supreme Court and the other properties of the ex-directors and the agents which are attached so far and may be attached in future. The Official Liquidator shall consider those balance claims while distributing dividend in accordance with provisions of law and as directed in this judgment.

(i) The Official Liquidator shall forward the order of adjudication passed on various claims of investors/depositors made so far in respect of the companies in liquidation which are subject matters of this proceedings before the MPID Court to MPID Court / competent authority. He shall also forward the balance claims which are yet to be adjudicated upon by the Official Liquidator to the MPID Court/competent authority for the purpose of adjudication. The claims which are already adjudicated upon by the Official Liquidator shall be treated as the adjudication of the claims by the MPID Court/competent authority and shall not be adjudicated upon again by the MPID Court for the purposes of making payment. The claims which would be received, in future from the investors/depositors by the Official Liquidator shall be forwarded to the MPID Court/competent authority within two weeks from the date of receipt of such claims. The MPID Court/competent authority shall adjudicate upon those claims expeditiously. If the Official Liquidator has to recover any amounts incurred on adjudication of the claims of the investors/depositors, the same can be recovered by the Official Liquidator from the sale proceeds of those four properties standing in the name of Mr.Sayyed Masood.

66.    Jan 2018: Sale Notices of Company Properties and its Directors issued by Official Liquidator, auction of other properties and valuation of attached properties is going on.

Thanks & Regards

Dr. Zulfiqar Ali Khan, 

               M.A., M.L.,M.Phil(Law),Ph.D

Advocate & Legal Consultant

Supreme Court of India
No.244, H-Block, Beta-II

Gr. Noida, G.B.Nagar-Distt (U.P)

Pin Code- 201308   INDIA

Branch office: Chennai

Blog: http://zulfiqarlegal.blogspot.com

MB: 9884102961 / 9444412961