Kolkata Weir industries limited is an unlisted public company incorporated in May 2009. Set up in Parganas South, West Bengal, the company manufactures food products items and is operational in many states in the country. The company was accused of mobilizing about Rs. 48 crores raised from more than one lakh investors between 2009 and 2011 through the issuance of redeemable preference shares. When the matter came to notice, SEBI directs Kolkata Weir, its directors, and promoters to jointly and severally return public money raised by issuing securities. The market regulator added that the company has to refund the money with an interest of 15 percent and it would be effected only in cash through pay order or Demand draft. However, no actions were taken in regard to the directive.
On 5th December 2018, the high court of India ordered the case to refer to the Justice S. P. Talukdar Committee for valuation of movable or immovable properties which have been seized by the market regulator SEBI. After completion of the said matter, the report may be filed before the court. On 9th July 2019, particulars of 131 properties of the company were furnished by the CBI, and communications were made to the Registrar of Assurances.
As per the latest update provided by the Justice S. P. Talukdar committee on 25th Nov 2021, the committee is still waiting for the valuation of the assets and properties from the State agencies. Upon the successful completion of asset valuation, the committee will move ahead with placing the properties in public auction and repayment to investors. Information regarding the auction and refund process will be made available soon. For more information, latest news & notices, investors can visit the official site of Justice S. P. Talukdar Committee.
