Committee Appointed by Supreme Court to Take Custody of Golden Forest (I) Ltd. Assets
No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2004-05/260 · issued 01 Nov 2004 · ~2 min read
Quick answerRRBs must immediately transfer all balances in Golden Forest (I) Ltd. accounts to the Supreme Court-appointed Committee chaired by Justice R.N. Agarwal (Retd.), via demand draft/pay order or credit to State Bank of Patiala, High Court Branch, Chandigarh.
What changed
The Supreme Court, via orders dated August 19 and September 10, 2004, appointed a Committee to take custody of all assets of Golden Forest (I) Ltd., realize them, and scrutinize creditor claims. The Committee replaced Justice K.T. Thomas with Justice R.N. Agarwal as Chairman. RBI has directed all RRBs to remit any balances held in the company's accounts to this Committee.
What it means for you
RRBs must act urgently to identify and transfer any funds belonging to Golden Forest (I) Ltd. to the designated Committee account. Failure to comply could lead to legal consequences as the Supreme Court has directed all authorities to assist the Committee. This is a one-time compliance requirement; the Committee must submit its report within six months.
Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.
What banks were required to do at the time
Identify all accounts in your bank held in the name of Golden Forest (I) Ltd. or its variants.
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 confirmation of the transfer to the Committee at Bungalow No. 60, Sector 4, Chandigarh, and acknowledge receipt to your RBI Regional Office.
Treat this as urgent and complete the process within the stipulated timeline.
Who it affects
All Regional Rural Banks (RRBs), Branches of RRBs that may have accounts of Golden Forest (I) Ltd.
❓ Common questions
Regulatory timeline
Decoded by BankPulse2026-06-19 21:37 IST
repealed_by — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
Status change: withdrawn05 Aug 2026, 04:00 IST
Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).
What is the deadline for transferring the funds?
The Supreme Court directed the Committee to submit its report within six months from the order date, so RRBs should treat this as urgent and transfer funds immediately.
How should we remit the money?
You can issue a demand draft or pay order in favor of 'The Chairman, Committee-GFIL' or credit the amount to the Committee's account maintained with State Bank of Patiala, High Court Branch, Chandigarh.
What if we don't have any accounts for Golden Forest (I) Ltd.?
If no such accounts exist, no action is required, but you should still acknowledge receipt of this circular to your RBI Regional Office.
📜 This document’s life story (1 recorded event, each backed by RBI’s own words)
Repealed byRBI/2025-26/100 — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
RBI’s words: “Official withdrawal register entry #2888: RPCD.RRB.CO.No.BC.52/03.05.33/2004-05 — "Before the Supreme Court of India - I.A.Nos. 9, 20 & 28 - In Transfer Case No. 2 of 2004-P(C) No. 696 of 2002 and I.A”
📜 Read the original circular — full text as issued by RBI
RBI/2004-05/260
RPCD.RRB.CO.No.BC.. 52/03.05.33/2004-05
November 1, 2004
All Regional Rural Banks
Dear Sir,
Before the Supreme Court of India - I.A.Nos. 9, 20 & 28 – In Transfer Case No. 2 of 2004-P(C) No. 696 of 2002 and I.A.No. 1 in TC 68/2003 – The Securities and Exchange Board of India etc. Vs Golden Forest (I) Ltd. and Others – Appointment of Committee by the Supreme Court - Regarding
We advise that the Hon'ble Supreme Court of India has, vide its order dated 19th August and 10th September 2004 (copy of orders enclosed), appointed a Committee under the Chairmanship of Shri R.N. Aggarwal, Chief Justice (Retd.) with two members, one each from the Reserve Bank of India and Securities and Exchange Board of India for the purposes of
taking into custody all the assets of the Golden Forest (I) Ltd.;
realising these assets;
calling for claims of creditors and scrutinising them; and
submitting its report to the Supreme Court of India within six months.
2. The Committee has requested the Bank to direct all the banks to forward the information relating to bank accounts maintained in the name of the said company and transfer the money lying in those accounts to the Committee. The Supreme Court has, in its order dated 19th August 2004, directed all authorities to give all necessary assistance to the Committee for taking over all assets of the Company.
3. In view of the above, you may remit the balance lying in the account/s maintained by any of the branches of your bank in the name of the Golden Forest (India) Ltd. either by issuing demand drafts / pay orders in favour of 'The Chairman, Committee-GFIL' or by crediting the account of the 'The Chairman,
Committee-GFIL' maintained with the State Bank of Patiala, High Court Branch, Chandigarh under advice to the Committee on the following address.
Office of the Chairman,
Committee-Golden Forest (I) Ltd
(Appointed by the Hon'ble Supreme Court of India),
Bungalow No. 60, Sector 4,
Chandigarh.
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2004-05/260 · issued 01 Nov 2004. The plain-English explanation above is BankPulse’s own independent summary.
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
BankPulse Compliance Evidence Pack — generated 05 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=2018&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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