‘Movable assets and docus getting pilfered’

Kolkata: The ponzi scam-accused Prayag Group on Monday submitted in Calcutta High Court that the documents sought by the Securities and Exchange Board of India (SEBI), including the original deed, are all lying inside the offices of a three-star hotel on the film city land in West Midnapore and are allegedly getting pilfered.

The Bench of Justice Joymalya Bagchi and Justice Gaurang Kanth observed that both the state government and the SEBI were jointly directed to make a joint inventory on the structures on the land developed by Prayag Group and its valuation through valuers appointed by SEBI. While undertaking such an exercise, SEBI sent a letter to Prayag Group and to the state

government to provide various documents and deeds with regard to the film city land, sanctioned building plans, trade licences, comprehensive list of movables etc.

In response to such a notice, Prayag Group responded stating all original deed, sanction plans, list of assets are lying in the offices of the three-star hotel which was standing on the land and the keys to the said hotel are also lying therein.

The counsel for the Group submitted that its clients have learnt there is pilferage of movable assets and documents. Complaints were also lodged in the local police station. Similar submissions were also made by the depositors.

The court directed Prayag Group and the depositors to submit affidavits to the note submitted by SEBI. State was also directed to submit affidavits on the adjourned date.

The depositors who lost money in the ponzi scam had moved court for the return of the deposits.

Earlier, the court referred the matter to a committee formed to manage the immovable and movable assets of Prayag Group and formulate a scheme for return of the depositors’ money.

The film city was part of immovable assets and went under control & management of this committee.

The matter is set to appear next in November.