Process to attach properties of ‘chit fund’ companies begins in Siliguri
In order to return money to depositors who have deposited money in different chit fund companies, the Calcutta High Court has formed the Justice S P Talukdar Committee to attach properties of chit fund companies and auction the properties through Securities and Exchange Board of India (SEBI). After the auction, money will be returned to the depositors.
Arindam Das, a lawyer, on the behalf of the committee has been given the task of attaching properties of the chit fund company, ‘Annex’, in Siliguri.
Accordingly, Das came to Siliguri to attach the properties. He has already attached an office in the Haiderpara area.
On Monday, upon identifying land owned by the Annex group, he visited the Bhanu Nagar area and found out that the vacant land belonging to Annex was occupied and a building was constructed there.
Sandip Agarwal, a resident of Siliguri, claimed that he is the owner of the land and has all related documents for it. After communicating with Sandip, Arindam Das asked him to submit all the related documents within the next seven days, based on which he will prepare a report and submit it to the High Court. After cross-examination, steps will be taken in accordance with the High Court’s order.
“I was assigned to identify, attach and auction the properties of Annex Group through
SEBI. After the auction, the depositors will receive their money back,” said Das.
He further said: “While doing so, we found out that a land was occupied. The person asked us for time. I asked him to submit all the related documents. The steps will be taken as per the High Court’s order.”
Sandip Agarwal said: “I bought the land in 2011 and constructed the building in 2013. I have a building plan approved by Siliguri Municipal Corporation. I have a Land Use Compatibility Certificate (LUCC) and other documents. I will submit those.”
It will take approximately 90 days to complete the entire process for this company. Depositors can apply to get the money at the official website of SEBI.