Rose Valley Refund News

Rose Valley Money Refund News 2024 Latest List

Rose Valley Chit Fund Case: Investors can approach the asset disposal committee for a refund

Rose Valley Hotels and Entertainment Ltd. and its former directors are accused of allegedly cheating the public through a Ponzi scheme. Set up in 1999, the company had collected a huge sum of money from the public by offering fictitious schemes (such as holiday plans) and defaulted on the returns.

SEBI had asked the company to refund the money of all investors with an interest rate promised to them. The company claims that out of Rs. 17520 crores raised by Rose Valley, around Rs. 10500 crores has already been returned to investors. However, the settlement has not been done in full. The company has failed to comply with SEBI’s directions to refund the investors who had parked money in holiday membership plans as it declared those schemes as fraud.

Key PointsDetails
Case BackgroundVerification of investors at the Panchayat level, followed by online fund disbursal to bank accounts.
Refund SituationSEBI directed the company to refund all investors. Around Rs. 10,500 crores out of Rs. 17,520 crores raised has been returned.
Court DirectiveDirected an authorized committee to disburse Rs. 92.08 crores among 2,38,477 identified investors.
Refund ProcessLegal Action and Support for the Refund Process
SEBI ActionOrdered attachment of bank accounts, shares, and mutual funds of Rose Valley Hotels to recover dues worth over Rs. 5,000 crores.
Additional Resource for RefundInvestors can approach the asset disposal committee for refund recovery.
Enforcement Directorate (ED) allows people to apply for a refund online or visit the official website of Justice S.P. Talukdar.Investors can apply for a refund through the official website of Justice S.P. Talukdar or approach the asset disposal committee for assistance.
How to Apply for RefundInvestors can apply for refund through the official website of Justice S.P. Talukdar or approach the asset disposal committee for assistance.
Latest UpdateAs of the latest update, investors affected by the Rose Valley Chit Fund scheme can seek recourse through the asset disposal committee or legal channels for refund recovery.

Also, the court has directed the authorized committee to disburse the total fund of Rs. 92.08 crores among 2 38,477 identified investors. The court has also stated that the investors who have deposited Rs. 7000 or less in the scheme will then get a full refund. People who have invested more than 7000 but less than 10,000 will get 7000 with 52% of the remaining amount over and above Rs. 7000.

See also  Togo Retail Marketing Refund News

Since the amount collected was not sufficient to repay all the investors, recently, the Markets regulator SEBI ordered the attachment of bank accounts along with shares and mutual funds of Rose Valley Hotels and its then directors to recover investor dues worth over Rs. 5000 crores.

Before the initiation of the refund process, the Revenue Inspectors will verify the investors at the Panchayat level first. Then, the fund disbursal will take place through online modes of payment. The refund money will be deposited in the bank accounts of the investors.  

According to the Enforcement Directorate (ED), people who still have not received their refund money are free to approach the asset disposal committee (set up in 2015) to recover their dues. For more information, visit the official website of Justice S.P. Talukdar or apply for a refund online.

Related Posts

One thought on “Rose Valley Money Refund News 2024 Latest List

Leave a Reply

Your email address will not be published. Required fields are marked *