Oct 01, 2009 10:04 PM
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(Updated Mar 26, 2010 09:51 PM)
past: fd holders cheated by morepen laborotories limited present: morepen fd holders now cheated by roc jalandhar and rd ministry of corporate affairs roc jalandhar and regional director ( northern region) noida failed to file the affidavit for objections with the high court shimla despite the fact that more that five opportunities were given to them. As a result, the scheme of arrangement passed by just 300 depositors out of the 85000 depositors has been passed by the court on 4th august 2009.
The company has been in default since 2003 and the total amount outstanding is over rs 200 crore. As per the scheme, 25% of the principle and whole of the accummulated interest has been waived off. This amount comes to whopping 95 crores.
For the remaining 75% of the principle amount , the depositors have been allotted equity shares @11.32 per share in the bod meeting held on 12th all the action and efforts so far taken by the ministry has gone to drains. By this serious fault by not putting across its objections before the court, the government is likely of fail in the prosecutions so far filed by roc. It is alsop learnt the roc jalandhar has also forgotten the prosecution and none of its officers have attended the cases at the court of cjm nor the case of fd scheme was attended by roc. He was not present in the court when the scheme was approved.
This is a deliberate action to help the company by dr.raj singh roc jalandhar and regional director the fd holders are surprised to see as to why no objection was raised on the following : why waiver of 25% principal why waiver of whole of the interest why no immidiate payment in cash to depositors why no provision hard pressed depositors like senio citizens, ladies, sick depositrs etc. Why conversion of deposits intoi equity at a rate of 11.32 paise per share when the market rate is less than 5 to 7 rupees.
Why only 300 depositors attended th meeting out of 8500 depositors. In nutshell the depositors can only hope to get 25 % their principal that too after incurring cost on demat accounts selling in the market etc and who knows that with selling pressure the rate still gets down to less than a rupee. The depositors have been looted of their hard earned money .
Why the roc failed to fight the case and expose the company directors. Now i urge upon the fellow deposit holders to raise their voice and ask the government to punish the guilty officer dr, raj singh roc jalandhar for illegally helping the company to loot us. The following action points are suggested : spread this message to fellow deposit holders . Make a chain . Forword this email to your known deposit holders. File as many as possible rti application with ministry at 5th floor , "a" wing shastri bhawan new delhi and the regional director ( north) addresses given in https://mca.gov.in send emails to seceratary mca and all other officers, roc's rd's and other government departments to expose the guilty officers email addresses given on https://mca.gov.in and the https://sebi.gov.in and https://cvc.nic.in ask what action has been taken by the ministry against these guilty officers . Inderparkash singh
Latest :
I have given the future action plan in my review itself. I have sent mails and letters complaints to the ministry of corporate affairs to take action against roc jalandhar for not filing the reply with the court. Various depositors should do the same and also file complaints with cvc . In addition, the ministry was forced to file appeal with high court shimla but no relief was granted. Roc jalandhar half heartedly filed appeal with incomplete detail without formal approval or vetting from the ministry. We should also file application with the high court shimla
latest on 20th march 2010
The roc jalandhar has now shifted its office to chandigarh. The address and phone number are given on https://mca.gov.in/mca21. But the roc remains the same dr.raj singh. The ministry has started taking action against the officers who failed to protect investors but dr.raj singh has not been included.mr. Avinash srivatava , ias is the chief vigilance officer mail to avinash.srivastava@mca.gov.in requesting to take action against two main culprits. One dr.raj singh roc chandigarh and r.c.meena joint director legal. I have got this information under rti .
