Thursday, May 16, 2013

estimation of time for repayments

This my estimation of time for repayments.
Expected petitions 100000 , still petitions are not opened as of today.
Time to open and computerize the data with staff of 20 -  1 month
Time to verify computerized data with confiscated data of city offices.- 1 month
Sending call letters to produce originals at Mumbai court - 2 months
Issuing settlement checks - 1 month
I believe by Oct 2013, we could get some money.

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You may have forgotten that we will be paid from the auction money which may take a year. Auction by govt. is a very long procedure i believe. So i don't think that we will get anything this year but still be positive. Hope to get it soon.

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I think money or properties attached are with RBI now.Official liquidator would take stock of claims and put forward the case to RBI. I heard a CA firm is working on evaluating the properties and money confistgated.

Let us keep our fingers crossed.

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I fully agree as in spite of sending self addressed envelop with all the documents through speed post I have not received the papers back. One can agree that the liquidator is too busy but he can not escape from his moral duty to keep us informed and also be transparent.

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It is better that official liquidator be transparent in claims received.Once claims are computerized , the data need to be put up in a website. So the people will be knowing the status. Also, court allows only postal communication,which consumes lot of time. It is better they communicate email or website,which hastens the process.

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