RRBs Must Submit Golden Forests Bank Statements to Supreme Court Committee

RBI/2005-06/169 RPCD.RRB.CO.No.BC.41/03.05.33/2005-06 September 28, 2005 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 PC 68/2003 – The Securities and Exchange Board of India etc. Vs Golden Forest (I) Ltd. and Others – Appointment of Committee by the Supreme Court Please refer to our circular RPCD.RRB.CO.No.BC.52/03.05.33/2004-05 (RBI/2004-05/260) dated November 1, 2004 on the above subject. 2. The Committee – Golden Forests (India) Ltd. has advised that as per the directions of the Supreme Court of India, the committee had invited claims from all the investors and other creditors of Golden Forests (India) Ltd., and received over 12 lakh claims. The committee has observed that some of the agents of the company had been receiving deposits and issuing Provisional Receipts/Acknowledgement even after the company had stopped working and the Provisional Liquidator had taken over the company with effect from July 3, 2003. These agents knew that the company had stopped doing business since December 2000 and no payments were being made by it. Even then, they got receipts printed similar to those issued by the company and continued to receive deposits and issue receipts. Therefore, there is likelihood of many bogus claims being received. 3. In order to verify whether the amounts covered by the receipts issued after December 1, 2000 were actually deposited in the accounts of the company or not, it is necessary to verify the copies of bank statements after December 1, 2000 till the accounts were finally closed. The committee has, therefore, directed that the banks which had/have the bank accounts of Golden Forests (India) Ltd., and/or any of subsidiary/associate companies ( list enclosed ), should send the statement in respect of those accounts from December 1, 2000 till the accounts were finally closed. The statement of accounts may be sent to 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.(Tel.No.0172-2740134). 4. Please acknowledge receipt to our Regional Office concerned. Yours faithfully, (G. Srinivasan) Chief General Manager Annexure I Golden Forests (I) Ltd. (SUBSIDIARY AND ASSOCIATE COMPANIES) Sr. No.

Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2005-06/169 · issued 28 Sep 2005. The plain-English explanation above is BankPulse’s own independent summary.

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