Golden Forest Land Set To Change Hands

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In what could lead to one of the biggest land transactions in the country, the Supreme Court will hear on September 16 two companies who have put in bids to acquire the entire land assets of the infamous Golden Forest India (GFIL) which is under liquidation. These two companies are Vavasi Group promoted by National Knowledge Commission chairman Sam Pitroda, and the Delhi-based real estate firm Chadha Group.

“We have received applications from these two companies for the takeover of all the assets of Golden Forests. As long as we manage to raise Rs 2,000 crore, which would benefit GFIL investors, we have no objection,” Justice RN Agarwal (Retd), chairman of the Supreme Court-appointed committee to sell Golden Forests assets told from Chandigarh. GFIL’s land assets are spread across Punjab, Haryana, Uttarakhand, Madhya Pradesh, Orissa and Andhra Pradesh.

“We have forwarded these applications to the Supreme Court, which is expected to take up the matter in its next hearing on September 16,” Mr Agarwal said. The bids are far more than Rs 2,000 crore of current liabilities which includes interest of the defunct company, Mr Agarwal said.

The former judge said that nearly 110 companies, which were floated by GFIL to buy land across the country, will need to be merged with the parent company first so that a bidder can take over the land bank. “This is quite complicated… a lot of legal formalities need to be completed first,” he added.

Analysts said the land bank of around 12,000 acre is approximately valued at Rs 5,000 crore. “We have managed to sell some small portions of GFIL’s land and have received part payment. This will also need to be ratified by the Supreme Court, along with Vavasi and Chadha groups’ applications,” he said.

Golden Forest India made news in the mid-nineties when the company raised funds worth Rs 1,000 crore from over 22 lakh investors across 11 states to invest in plantation schemes. But it soon defaulted on payments to the investors. So, Sebi — which bought all plantation schemes under its purview in 1997 — moved court and initiated proceedings against the company’s promoters led by its chairman R K Syal.

As the case against the company was heard across various courts, the matter was finally transferred to the Supreme Court. Four years ago, the apex court appointed a committee under the chairmanship of retired chief justice RN. Aggarwal, with two members, one each from the Reserve Bank of India and Sebi, for the purpose of taking into custody all the assets of Golden Forest and calling for claims of creditors and scrutinizing them. The court later asked the committee to auction all the assets of the company so that the investors could be repaid.

A banker told that Vavasi is doing a due diligence of GFIL’s assets and talking to various banks to raise funds required for taking over GFIL’s assets. A questionnaire sent to Mr Pitroda went unanswered.

112 thoughts on “Golden Forest Land Set To Change Hands”

  1. This news is very usefull for invester. In future also give curent news in this regard.

  2. I wanted to know what supreme court decide about to golden forest company. and what is the next date in supreme court. when we can get our money.

    Thanks

  3. I want to know about latest report on GIFL being as custmor.I have sent all original documents to company on order of court.

    Thanks,

  6. I have about Rs. 5 lakhs invested in Golden Forest. I want to know a site or website where I could get regular updates on Golden Forest and about the supreme court decision. When finally the whole asset is liquidated of Golden Forest. Is it Golden Forest going to contact the investors who are due to be paid or investor has to contact the company.
    Since company is no more existing or locked, how investor is going to contact the company or whom the investor should contact to get the money, please let us know.

  7. I have about Rs. 4 lakhs invested in Golden Forest. I want to know when finally the whole asset of Golden Forest is liquidated. Is it Golden Forest going to contact the investors to pay the money or investor has to contact the company or who so ever, since company is locked, who the investor has to contact to get the money. Also I want to know the approximate timeframe it will take for the investor to get their money back.

  9. I also invested lots of money with my team member approximate 15 Lakh .

    so where we received refund amount .. . . . .. . …..

  10. please give confirmation to me what happens in next hearing at supreme court ?

  12. It is great work done by the website to keep the Golden forest investors updated. keep continuing the same.

  13. Sir,
    I am investing Rs 80,000 in Golden Forest India Ltd., & Golden Project India Ltd., Chandigarh in the form of fixed deposite. But sir, there is a problem between SEBI & Company. Due to this problem I am not getting my maturity amount till date which is already matured on or before 2003. Sir If GFIL Ltd allot me plot in Orissa in my maturity ammout then I will be thankful to the company. Thus I will get my maturity ammout quickly.If it is possible please inform the process. My mail id is : swain93@gmail.com
    Thanks
    S.N.Swain
    Jamshedpur

  14. I would like to know about the latest hearing in supreme court about the GFIL case and the decision made by the court. I would even like to know that when shall the money to the investors will be returned. thank u

  15. I also very much eager to know about the present position of GFIL. I alongwith my neighbours and family members invested a lump sum amount in the said company. We are very much tensed about to realise the money. Pl. give us the current position or ensuring Sept.16 hearing position in this site.

  19. I have lost Rs.14 lacs of my realatives in GFIL. Please help me for refund.
    NANJI JANJANI
    BHUJ

  20. what is the course of action by the committee about the apex courts directive that all investors to be cleared by dec 09? when is next hiring date? why these informations are not made availabe to the valid investors?

  21. i will only request govt. to the investors speed up the matter to return the money with interest to the investors.

    Again and again request you.
    D.K.Patankar
    Sangli(Maharashtsra State)

  23. The matter should be highlighted through news channels to expedite the process of returing money to the innocent investors.

  24. I wanted to know what supreme court decide about to golden forest company. and what is the next date in supreme court. when we can get our money.

  26. This news is very usefull for invester. In future if any news in this regard kindly sent me on my mail ID.

  27. let me know the latest development in regard to golden forest as hearing took place on sep.2008 in supreme court. your early reply is highly solicited.

  28. i will only request govt. to restrict such type of game played with investors and speed up the matter to return the money with interest to the investors.people are waiting for money.,

  29. when we should get our money from golden forest india Ltd. please tell aboutletest news&present situation in supreme court.

  32. respected sir,
    sir we are wating for 10 years but their is resonce aginst golden forest claim.sir iam sending lots of comments but their is no latest news. sir this claim creats problem in my nebours or relation ship .sir iam requesting you to solve this claim emejately.
    mobil no:9868934565.9818743355
    email id :manishrana.hp66@yahoo.com

  33. No one is a bigger than honable court i am optamastic & bleave that my khoon pasina eaning will be back soon

  34. our family invested around Rs.50000/- in Golden Forests India Limited. Maturities still pending .Please let me know any thing comes worthwhile.

  36. We are waiting since past 2 years. Kindly complete the process at the earliest & give right justice at short time.

  38. sir iam sending the lots of comment but their is no responce you. sir iam requeting you to solve this problem emejately.

  39. sir we are wating for serval years(10 years).this claim creats problem in my nebour or relation please solve this problem.

  40. I had also invested money in Golden forest India Ltd. My maturity date is 11th jan 2010. Please let me know when am i going to get the money. I request to any of you to call or email me at my mobile no or email me.

    Akatai
    022 25106710/8108892112
    pramodmishra.fp@hotmail.com

  41. pls let me know the process to get my investment back as this was my fathers dream investment when his monthly income was 1200/- at that time he invested his 2 months salary for his futhure & this means to our family a lot we cant let qany one to stole our dreams like this.

  42. I have invested Rs 10000 in 2000 but I still do not know about the Company will return the money or not? My mobile no. 09733018840. Please help me out to find the money.

  43. I have invested Rs 1000 in Golden Forest India Limited in 2000. My agent is Mr Prashant Paul who is saying that he will inform later about it. But still I am in dark condition of it. My mobile no. is 09733018840. My address is Abir Basak, Lambapara(S), Ward no. 8, Tufanganj, Cooch Behar, Pin – 736 159, W.B.

  44. I have invested Rs 4000 in GFIL but nothing respond is given. Our agent Mr Prashant Paul is not showing any interest so please help me to find the money. My no. is 09563232956. My address is Sanjoy Basak, Lambapara More, P.O. Tufanganj, Dist. Cooch Behar ward no. 7, Pin – 736 159, W.B.

  45. I,ve investedRs. 30000.00 in various schemes in 1995 and 1998. Also I’ve submitted my claim with Committee in Jan 2005. But nothing has been intimated to me. My Mobile No is 9765981218 and E-mail is sunilmmarne@yahoo.co.in. Plz let me know if you have any information about this.

  49. i have deposited 5lakhs of rupees in golden forest and golden project LTD please tell me when i will get my money back thank you

  51. Please let us know whether the committee has enlisted the detils of investors. If so, please tell them to confirm about the investments made by people. There may incidents where the investors might have died. What the committee will do for them.

  52. i have deposited 1lac20 thousand rupees in golden forest in goldenproject ltd. please tell me what i do to get my money back

  54. Sir,
    I had invested Rs.1,10,500/- in golden forest india limited. Till it is not known what the fate of returning my hard earned money. I am vigorously waiting for my children education purpose. It is a great sin the golden forest is doing exploiting the people and its concerns.

  55. Plz tel me whn will i get my money …..
    i hav invested more amount..
    Plzz give me updates …..

  56. I had invested Rs. 1,10,500/-, which is still pending unpaid. Kindly enlighten the way of getting my hard earned money back.

  57. I had invested Rs.1,10,500/- in Golden Forest India Ltd in 1996, which is still lying unpaid by the company. Kindly give me the way to get my hard earned money back.

    M. BHASKAR
    F-24, B.J.B. Nagar,
    Bhubaneswar – 751014.

  58. I HAD INVESTED Rs-1000 in GFIL IN 1998.KINDLY GIVE ME THE WAY TO GET MY MONEY BACK. MY NO. IS 09955774477 LOHARDAGA JHARKHAND.

  59. It is very much difficult to get the money back.The case in supreme court will run long.
    This case will run as Ram mandir.People at present are also depositing in the companies like Pearls agrotech.
    Shame shame shame.uneducated people

  63. I am invested in Golden Forests (I) Ltd since 1994 and upto 2000 every year. When they started to mature, I sent them to my Bankers & they returned the same being insufficient funds in the accounts. So I came to know, and since then, I am keeping nervous and wandering to gather information of payment but still not getting any fruit fullness.

    Kindly inform us correct current status of the company, till the time we keep ourselves calm & wait for the exact time frame

  64. My father invested Rs 15 lakhs in Golden forest as a agent,as marturity is compleated till now we have not recived the money, we are facing problem with the investors. please let me know when we can get the money back

  65. I have invested around 1.50lakhs in GFIL & GPL. I am waiting eagerly waiting for the Supreme Court verdict, so that I can be compensated after liquidation.

    I want to know, how long shall I wait, and what is the judicial process for disbursement.

  66. sir, aakhir payment kab milege ? we are waitting from several years.however this is good news. der hai per andher nahi hai. umeed per jee rhein hai.

  69. How many days takes solve GFIL money returns problem.from R. CHANDRA SHEKAR
    KODAKANDLA
    WARANGAL 506 222
    cell:9441121330 , 9676162494.

  70. why delayed invested amount from GFIL after supreme court comittee involment.how many dayes long suffer to wait by investors

  71. I have also deposited some money in Golden Forest India Limited and waiting to get beck them.

  72. I have also deposited some money in Golden Forest India Limited and waiting to get beck them.But when ? An early action in the matter is solicited. Otherwise many senior citizines would lost their life with this hope.

  73. I have invested Rs.45000 in GFIL in the year 2000.The values of real estate had raised in 10years very high.So The Supreme court can pay all the invester with interest .Govt should ask Supreme court to take an early dision .

  74. sir,I have invested Rs.29000 in GFIL in1997.The original documents have been despatched to GFIL office on direction of High court in 2004 as published in News papers but till date no information regarding my hard money invested.Being in defence frequent transferred deprived postal contact also.please intimate current fate of my investment.If possible please SMS at 09611929934.Thanks.

  75. B Premanand Kumar Ph No +91 9640526298
    S/ Mallaji
    Seethagondi (Villege/Post)
    Guduhathnoor (Mandal)
    Adilabad (Dist)
    Pin 504 308
    Andhra Pradesh
    Sir Hamara Paisa Milega Ki Nai 2,00,000/-
    Payment

  76. Sir, very later stage I knew that some commetee looking after the investor interest invested in GF(I)L and forwarded all details to committe headed by Shr RN Agawal. Part of certificate in original and some part phototate as original was submitted to GF(I)L agent Coach Bihar(WB) on 4.8.2000.while watching the web of GF(I)L As per tribune dt 13.9.2006 the committee with entertained original papers whereas same was given to Agent. I have fwd my details under my letter No 330380/01/Pers dt 20 Mar 2007 and none letter No 330380/02/Pers dt 17 Jul 2009(regarding change of adress due to transferable job)but no response have recd from commettee whether my case has been listed in investors list due for payment. please inform me the present position through my E-mail ID or Mob No 9792681201.

  79. I had deposited Rs. 200/- Per Month in 36 mothns i.e. Rs. 7200/- and I was expecting to receive back Rs. 9600/- but till date I have not received any amnount. After taking salary from Bank on 1st of every months I had given Rs. 200/- Per Month to amy agent in 36 months. But, I do not know the day when I will be paid back Rs. 9600/- as promised.

  80. Approximately 15 lakh claims have been filed up until now.
    The payment to the investors depends mainly on the collection of funds. The minimum funds required are about Rs. 2000 Crore. There is only one source for collecting funds. That source is properties of the company. Pursuant to the order of the Hon’ble Supreme Court dated 05.09.2008, some properties situated at Jharmari, Nalagarh, Jalandhar, Amritsar, Kurukshetra, Dehradun and one Shop cum Office at Sector 11, Panchkula were put to auction and sold. As per terms and conditions 25% of the bid amount was deposited. The balance of the bid was to be deposited within 30 days of the confirmation of the sale by the Hon’ble Supreme Court.
    The total amount, thus, collected was about Rs. 55 Crore. The Committee filed applications before the Hon’ble Supreme Court, giving complete details of the auction proceedings and for confirmation of sale. These applications are pending till date.
    There has been one fresh development that there are two parties M/s Vavasi Telegence Pvt. Ltd and M/s D. S. Construction who have filed applications for purchase of assets of all the group companies and for clearing the liabilities. These applications also are pending before the Hon’ble Supreme Court.
    Now, the final position is; if the application of M/s Vavasi Telegence Pvt. Ltd or M/s D. S. Construction is accepted and they deposit the required money, the payment to the investors could be made within a period of six months to one year. This is all subject to the orders of the Hon’ble Supreme Court. But, in case the funds are to be collected by the sale of the properties which are situated in different parts of the country, it will take a very long time to sell the properties and to collect the funds.
    Certain properties are involved in legal tangle, first their possession is to be recovered and thereafter the properties to be sold and the sale confirmed by the Hon’ble Supreme Court. This all is a time consuming process. The Committee has proposed, subject to availability of funds, to pay the principal amount invested plus interest of 8 to 9% from the date of investment till the date of payment. This, again, is subject to the decision of the Hon’ble Supreme Court.
    There are other complications involved, as well, for instance the company has made settlements with group of investors under some resolutions. According to the Committee-GFIL, these settlements are illegal. The properties shall have to be recovered with the help of District administration and the police. This is again a time consuming process.
    Thus, in conclusion, the Committee-GFIL wishes to inform the depositors/investors that the payments wholly depend on the collection of funds. As soon as there are some vital developments, the Committee-GFIL shall make an effort to inform the investors/public through internet and through other ways of communication. Meanwhile, the investors are requested to keep patience as all possible efforts are being made to collect the funds.
    As regards the receipt of claims after the cut off date i.e. 10.08.2006 (fixed by the Hon’ble Supreme Court), the Committee-GFIL shall at the appropriate stage move the Hon’ble Supreme Court for condoning the delay in receipt of genuine claims and these claims also be paid.
    The Hon’ble Supreme Court had passed an order for filing of original receipt or notarized photocopy of the receipt. Those investors who have filed original receipts issued by the company or notarized photocopy of the receipts, their claims are being considered. The Committee-GFIL has considered the other claims as well and if satisfied with the genuineness of the claim, these claims also shall be sympathetically considered.
    For the information of the investors; all the claims received have been computerised, if any inquiry is received regarding the filing of the claim, the necessary information is provided.
    No investor is being given preference in payment of the claim. Subject to the order of the Hon’ble Supreme Court, the claims shall be paid by a cheque drawn in favor of the investor only. The transferee of any claim shall not be recognised. The payment shall be made only to the investor and in case of his/her death, to his/her nominee.
    No definite date or period of time can be given regarding payment.
    There is absolutely no certainty as to when the payment will be made. Every effort is being made to gather funds for disbursal to the investors. However, due to the magnitude of the problem, it may take years for the funds to be collected and disbursed. Claimants are advised to exercise patience.

  82. I had invested in goldenforest, but not received amt back . What I should do pl inform me
    mobile no 9827239867 / 9302632665

  83. Out family had invested in golden forest, but not received amt back. What I should do pl inform me
    mobile no 9881871075

  84. sir,I have invested Rs.200000 in GFIL in1997.The original documents have been despatched to GFIL office on direction of High court in 2004 as published in News papers but till date no information regarding my hard money invested.Being in defence frequent transferred deprived postal contact also.please intimate current fate of my investment.If possible please SMS at 9059376850. 9700292209 Thanks.

  85. sir bahoot din ho gaye jinaka paisa jama kiya gaya hai voh sub paresan hai. paisa kab milega kya posisan hai kripaya hinhi paper nav bhart times me likhe.

    dhanyabad
    Shriprakash dwivedi, Mumbai

  86. Latest development of honourable supreme court of India, in this regard,should be published smoewhere under intimation to all wretched investor of Golden Forest so that their hopes of getting the money back is kept alive.

  87. I had invested in goldenforest, but not received amt back . What I should do pl inform me?

  88. I also invested 1000 rupees at maturity of 101000 rupees.It is dated 18/3/2019 at enrolment no. 709131.I am waiting for it.
    what I should do?

    M.no. 9463551441

  89. GFIL owns land of 12000 acres in prime locations. the Market value of the assets will be more than Rs. 15000 crores. committee of Golden Forests India Limited, headed by Justice RN Aggarwal is not able to sell land for Rs. 2000 crores. Its shows inability of committee, inability of SEBI, inability of RBI and inability of Government. Every agency is simply passing the time so that total property will be owened by Government when there will be no claimant. Handling case of worth Rs. 150000000000/- No public notice, No solution, No. information and No. Updates are given by the committee. Please do some need full to awake the committee so that all investors can get some relief or hopes atleast.

  90. I had invested Rs 20,000/- in GFIL on 01/10/99 ans muturity completed on 01/04/2003. Receipt No 99/111215 dated 11/10/99. The muturity date has been lapsed 8 yrs back. So I request you to pl guide and advice me what I should do pl inform me.

    Phone-09458287038
    E-mail-bhskrnk@gmail.com

  92. I have invested in Golden Forest but not received amt back. What I should do please inform.
    I also invested in Timberworld Resort & Plantation India Ltd.But not received amount back.Please inform what I should do.

  93. Sir please tell me the final date of case,present position the company.I want moneyback from GOLDENFOREST COMPANY.I waiting for this money from last ten years.So please finish this case as soon as possible.
    My contact no. is 07501165200

  94. Justice delayed is justice denied. So please make immediate arrangement to return money to the investors with interest.
    Mobile:- 9438135633

  95. I hhave invested Rs25000/- in 1995. Papers are with me.When i approched to Ambala the office was closed. Now what to do and where to keep these documents.

    Thanks

  96. I had invested in Golden Forest (INDIA) Ltd. & Golden Project Ltd. about Rs. 300000/-
    All original documents sent to “chairman Committee”, Office of the Committee GFIL. (Appointed by Suprime court of India), Village Jharman (Dist. Patiala) by Courier. But till date I have not received a single Naya Paisa. I want to know, How long shall I wait and what is the judicial process for disbursement,
    Kindly inform us correct current status of the company and give us the way to get our hard earned moneyback.
    My address and Mobile No. as below :-
    Name : Harikrishna B. Kothare,
    B- 205, Shri Aniket Apartment,
    Opp. Allahabad Bank,
    Navghar Road, Mulund(East)
    Mumbai – 400 081.
    Maharashtra State.
    Mobile No. : 09869342371 &
    09869812689
    Please inform me. Thanks in
    advance. With Regards,
    HARIKRISHNA B. KOTHARE.

  97. Dear Sir,
    I had invested nearby Rs. 300000/-,in Golden Forest (India) Ltd & Golden Project Ltd., But till date I have not received a single Naya Paisa after Maturity date. I had already despatched All Original Documents to Office of the ” Chairman Committee GFIL,(Appointed by Supreme Court of India, Village – Jharman, Dist : Patiala. on 13th January 2005.
    Sir, I want to know, How long shall I wait and what is the judicial process for disbursement. Kindly inform us the correct current status of the Company and give us the way to get our hard earned money back.
    My Address and Mobile No. as below :-
    Name : HARIKRISHNA BALARAM KOTHARE,
    Address : B-205, Shri Aniket Appartment,
    Opp. Allahabad Bank, Navghar
    Road, Mulund (East), MUMBAI –
    400 081. (MAHARASHTRA STATE).
    Mobile No.: 09869342371 and 09869812689.
    Thanking you in advance.
    Regards,
    HARIKRISHNA B. KOTHARE.

  98. dear sir..pls let me know .if i cn get the details of khasra numbers of land of GOLDEN FOREST CO.at dehradun

  99. my family had invested in goldan forest, but not recived amt back what i shuld do pl inform me
    mobile no 09407627805

  100. plz help me i had invested 2 lakhs before 15 yrs,now i arranged my daughter marriage ,so plz return my money ,,,sooon as possible,,plz plz

  101. iam from ambur.. tamil nadu,,,, i had invested 1 lakh rupees money before 15 yrs,,,now iam in emergency so plz return my money back,,,plz when did i get my money back.plz call me and solve my prblm soon,mobile num 9344470533,9566333354

  102. Sir..we are sent origiinal documents to GFIL & we have recived acnowledment from committe but today it self there is no answer regarding that plese any one who know plese inform to my email or mobile number is.09738870442. shoukathraza@gmail.com

  104. sir,
    i had invested Rs.30000(thirty thousand)in golden forest india limited and golden projects india limited.Chandigarh in the form of fixed deposit.but sir there is a problem between SEBI and company.due to this problem i am not getting my maturity amount till date.thus i will get my maturity amount quickly if it is possible please inform the process.my mail id is udaysinghthakur55@gmail.com and mobile no. is 09290491458
    thanking you

  106. I have invested of Rs 5000/ vide reciept no 94/LS/34069 dated 11.02.94 in plan no 22/15 this company in 1994 for a period of 15 Yrs. I am holding the Cheque of Rs 1,70.000/- of Union bank of India. I have Submitted all the document via Registerd post in March 2005, but not recieved any acknoledgement and not known about the matter. Any latest information pl inform to me.

    Thanks and Regards narender Singh

  107. My father had invested more than 1.5 lakh, but not receive any maturity so far because of our judical system.I think indian judical system is dead.There are nothing responsibility of 25 lakhs investor’s sentiment.It is very shame,shame,shame……….

  108. I had invested Rs 75000/in GFL AND HAVE DEPOSITED THE ORIGINAL PAPER AT THE OFFICE NEAR LALRU WHERE THAT BIG STATUE OF SHIVJI WAS THERE .AS PER ORDERS OF COURT.Whats the news now.

  110. i am invest 100000 in 1995 and compny give me a 10100000 i hve no recev money plse give me my money another way … give me yaarr

  111. sir I had invested & many realetive in golden forest, but not received amt back. what i should do please inform me.
    mobile no. 9926648402

  112. i have invested 1/12/1996 and my plan is coming to maturity i want to know how to appy for it

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