Friday, May 27, 2011

How to Filing claims with the Official Liquidator

A lot of you folks are asking the same questions. Please take note of the following points:

1. A detailed check list on how to file a claim for city limouzine, city realcom and city hospitality will be published by the official liquidator in the next few days. 
2. There is no urgency to file a claim, however you must file a claim once the notice is posted on the bombay high court website. Please keep checking this link for details:

3. The claim process will take a very long time. If you are under the assumption, that by filing a claim, you will get your outstanding funds immediately, you are wrong. This process could take more than 5 years.

4. The official liquidator, with the help of investigating agencies has to liquidate all assets of the companies (auction off) and then pay proceeds to the investors, or in this case creditors to the company. As you all know, the amount of Sayed Masood families personal and City Group's corporate assets located in India is negligible to pay even 10% of the outstanding amounts back to investors after liquidation. We are in the process of locating hidden assets overseas and helping authorities in India and abroad with the investigation, so that the investors can get back as much as possible of their tainted investment in this company.

5. Hiring investigators in foreign countries is an extremely time consuming and expensive process which is still being done since we started about 1 year ago. This process will continue and we will keep locating bank accounts, foreign companies, assets disposed off illegally and more by the Masood family. Just today we received new leads from the Bahamas and Costa Rica that we are looking into. 

6. The letter rogatory of ED has also been sent to Ministry of External Affairs to start official foreign investigations in the US and a few other countries.

7. Once again, this is a lengthy process but we will put a successful closure on this at some point. I know most of you want your money back today itself, as much as I do, but reality is far from that. Unless we don't fight for our money, we will get nothing. We have seen this for the last 1 year. 

So, please do not keep asking the same questions. Any important and useful info will be posted on this group immediately. I am trying to see how investors across India can file claims in Mumbai by post or courier. I am trying to find answers on City Realcom, City Hospitality, City Limouzine and other City company claims as well. You will have answers in the due course. Please be patient and continue to monitor this group for updates. 

Hope this update helps.

1 comment:

  1. Dear Friend Bhartiya,

    this is good to hear that you are posting some good information, can you let me know which group to be monitored.

    Thanks & regds,
    Rahul Rambhia.


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