What changed
The Supreme Court appointed a committee under Justice R.N. Agarwal (retd.), Chief Justice (Retd.), to take custody of Golden Forest (I) Ltd.'s assets, including bank balances. Banks are directed to transfer all funds from accounts in the company's name to the committee urgently.
What it means for you
Banks must act swiftly to identify and remit any balances held for Golden Forest (I) Ltd. to the designated committee account. Non-compliance could invite court contempt. This is a one-off directive, not a systemic change.
What you must do
- Identify all accounts in the name of Golden Forest (I) Ltd. across branches.
- Remit the entire balance via demand draft/pay order in favor of 'The Chairman, Committee-GFIL' or credit to the committee's account with State Bank of Patiala, High Court Branch, Chandigarh.
- Send advice of remittance to the committee's office at Bungalow No. 60, Sector 4, Chandigarh.
- Treat this as urgent; the committee must report to the Supreme Court within six months.
- Acknowledge receipt of this circular to RBI.
Who it affects
All commercial banks (excluding RRBs), Branches holding accounts of Golden Forest (I) Ltd.
Who is the committee chairman?
Justice R.N. Agarwal (retired), Chief Justice (Retd.), appointed by the Supreme Court in place of Justice K.T. Thomas.