Kolkata Weir Industries Limited Refund News 2023: Kolkata Weir industries limited was founded in May 2009 as an unlisted public corporation. Established in Parganas South, West Bengal, the company manufactures culinary products and operates in numerous states across the nation. The company was accused of raising approximately Rs. 48 crores from over one million investors through the issuance of redeemable preference shares between 2009 and 2011. When the matter was brought to SEBI’s attention, it ordered Kolkata Weir, its directors, and promoters to return all public funds raised through the issuance of securities. The market regulator added that the company must return the funds with a 15 percent interest rate, payable only in cash via pay order or Demand draught. However, the directive did not result in any action.
Kolkata Weir Industries Limited Refund News 2023:
On December 5, 2018, the high court of India ordered that the case be referred to the Justice S. P. Talukdar Committee for valuation of seized movable and immovable property by the market regulator SEBI. After said matter has been resolved, the report may be filed with the court. On 9 July 2019, the CBI provided information on 131 properties owned by the company, and correspondence was sent to the Registrar of Assurances.
According to the most recent update provided by the Justice S. P. Talukdar committee on November 25, 2021, the committee is still awaiting the State agencies’ valuations of the assets and properties. Upon effective completion of asset valuation, the committee will proceed with auctioning off the properties and reimbursing investors. In the near future, details regarding the auction and refund procedure will be made available. Visit the official website of the Justice S. P. Talukdar Committee for the most up-to-date information, announcements, and news.
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