Basil International Ltd. (BIL) – Current Status & Information regarding Refund Process
Basil International Ltd (BIL) is a Kolkata-based company that was illegally involved in raising funds through the issuance of redeemable preference shares (RPS) to investors without complying with the regulatory norms of the Companies Act, 1956. The company is accused of cheating depositors with over Rs. 1700 crore by promising them handsome returns ranging from 11% to 14%. The firm used the investors’ money to further invest in business assets, fixed deposits, pay huge commissions to agents, and more.
In May 2013, market regulator SEBI had asked the firm and directors not to collect any money from investors as it was found that the company had mopped around Rs. 92 crores till March 2012 from multiple investors by violating public issues norms. After this, in February 2015, the capital markets regulator directed the firm to refund investors’ money along with returns promised to them. However, the company failed to comply with the direction. SEBI had barred the company and its directors from accessing the securities market till further notice.
In May 2019, the Securities and Exchange Board of India (SEBI) fined Basil International Ltd and three others over Rs. 1 crore for failing to refund investors’ money. Apart from Rs. 1 crore fine, an additional 10 lakh fine was levied on the former director, two present directors, and the firm. Also, a total penalty of 14 lakh was levied on the two promoters of the company.
SEBI has appointed Ms. Rachna Anand as adjudicating officer to further inquire about the case. As per the latest information, The Enforcement Directorate (ED) has attached assets worth Rs. 200 crores of the company along with Rs. 1.77 crores from BIL’s bank accounts to repay investors’ money.
The recovery proceeding has been initiated by the Securities and Exchange Board of India (SEBI). The case is at present pending and is under the supervision of a one-man committee (Justice S.P. Talukdar). Also, the sale of the company’s properties is still under process. After the completion of the sale process, further information will be made available.
Investor Rights, Recovery Compliance & Procedural Safeguards
As an investor in Basil International Ltd, it is important to understand your rights under Indian securities and financial laws. Regulatory bodies like SEBI have summoned the company and its directors to refund investor contributions, and have imposed strict compliance and recovery obligations. The recovery process is being carefully monitored through legal oversight and asset attachment to ensure claims are processed fairly.
To strengthen your refund application, maintain a clear audit trail — retain copies of investment documents, bank statements, and communication records. Always use verified communication channels and avoid third-party intermediaries. These safeguards aid compliance reviews and enhance your position in any grievance or consumer-rights proceedings.
Procedure Tips & Precautions for Claimants
Ensure all your personal and investment credentials (name, PAN/Aadhaar, bank details) exactly match your original subscription documents. Discrepancies often lead to delays or rejection. Additionally, monitor updates via the official committee’s announcements and verify any asset sales or recovery steps publicly announced.
In cases of unusual delay, you may escalate your grievances: file formal complaints via SEBI’s SCORES portal, seek legal recourse in consumer courts, or approach the oversight committee with documented proof. Always adopt safe digital practices — submit claims only through secure official portals and avoid sharing sensitive data on unverified platforms.
Verification & Guidance for the Refund Process
If you invested in Basil International Ltd and are awaiting your refund, it’s crucial to verify that your bank account details and certificate information are consistent with the company’s records. Any mismatch — such as a renamed account, incorrect IFSC, or outdated Aadhaar — may delay the refund disbursement. To avoid delays, attach a legible bank statement or passbook first page along with your cancelled cheque when you submit your claim.
- Ensure your bond/certificate (Form CA) number is entered exactly as shown in the official document.
- Your account holder name on the cheque should match your PAN and Aadhaar records.
- Keep a copy of all uploads saved locally in case you need to reference them later.
- Use an active bank account that you have used recently for transactions — this signals legitimacy to the processing authority.
Mistakes That Often Cause Delays
- Using an account which is dormant, closed, or flagged inactive.
- Entering a wrong date format for agreement or certificate issuance.
- Submitting blurry or cropped scans of documents causing verification issues.
- Failure to update the IFSC after a bank branch merge—always check your bank’s website.
Refund Process Flow & Tracking Steps
- Visit the claims portal and provide your certificate/bond number and agreement date.
- Upload required documents: PAN, Aadhaar, cancelled cheque, and bond certificate (Form CA).
- Verify that the account details and IFSC match exactly with the cancelled cheque and bank statement.
- Submit your claim and record the acknowledgement or reference number displayed.
- Monitor the status — typically: Submitted → Under Verification → Processed → Disbursed.
- If you encounter a long processing time, check for notification or mismatch and re-submit with corrections.
- In case of no update after several weeks, file a formal grievance with documented proof and keep the reference number safe for follow-up.
Refund & Investment Recovery Insights
This matter falls under capital investment recovery and legal-compliance refund claims. Proper and timely documentation can significantly influence the speed of processing and the legitimacy perceived by the governing body. For online refund disbursement, using a well-maintained bank account boosts credibility and ensures smoother NEFT credit.
Online vs Offline Claim – Quick Comparison
| Parameter | Online Claim | Offline / Physical Claim |
|---|---|---|
| Submission Mode | Web form + uploads | Printed form + postal dispatch |
| Document Handling | Digital scans (PAN, Aadhaar, Cheque, Certificate) | Self-attested copies submitted physically |
| Error Risk | Lower with validation tools | Higher due to manual handling |
| Tracking Facility | Status portal available | Tracking via mail/courier only |
FAQ – Common Questions About the Refund
How do I check the refund status?
Use the claims portal with your certificate/bond number and agreement date. If the status shows “Under Verification” for a long time, cross-check your account details and resubmit corrected documents.
Which documents must I submit?
Submit your PAN card, Aadhaar card, Cancelled cheque, and the Bond Certificate (Form CA). Adding a recent bank statement or passbook page strengthens your application.
What if my account name or IFSC changed?
Update your bank records first. Obtain a fresh cancelled cheque showing the exact name and current IFSC, then re-upload the corrected documents.
Why is my claim stuck in “Under Verification”?
Typical causes include unreadable scans, incorrect IFSC, or account mismatch. Clear the issue, re-submit, and keep the reference number handy for follow-up.
Pre-Submit Checklist
- Names on PAN, Aadhaar, cancelled cheque, and certificate match perfectly.
- Current IFSC verified via official bank portal.
- Proper date format for certificate/agreement — as per portal requirement.
- All scanned files clear, properly cropped, and fully legible.
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