[ecis2016.org] A Thane court has directed the district collector to auction the property of the defunct Kalpavriksha Marketing Company and clear the dues of 13 lakh investors
A court in Thane has directed the district collector to auction the property of the now-defunct Kalpavriksha Marketing Company and clear the dues of the investors. Additional District and Sessions Judge, PP Jadhav gave this directive, while going through the application-cum-report of the government on the Special Maharashtra Protection of Interest of Depositors (MPID) case against the company.
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Pravin Tembekar, who represented the investors duped by the company way back in 2004, said, “The company had an investor base in Maharashtra, Karnataka, Goa and Gujarat. There were a total of 13 lakh investors and 3 lakh agents. At the time of closure, the company owed Rs 219 crores to all of them.”
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The company owns a total of 11 properties in Thane which are currently valued at Rs 20 crores. It also has properties in various other places in the state, including Pune, Kolhapur, Nashik, which have been attached by the authorities there.
There are a total of 29 criminal cases filed in various locations in Maharashtra against the company’s management.
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