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.
What you must do
- 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.
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.