FAQs
- What is the current status of G.F.I.L?
- Who is in the committee? How can we contact them?
- When will the investors get their money back?
- Where and how should I submit my claim/receipt/documents? What all documents should I send?
- I have deposited all my documents with the committee office in Chandigarh. When should I come to collect my money?
- Who is the committee answerable to? How many claims have they received?
- How much money have they collected? How much have they spent?
- If the committee has collected Rs.300 crores, why hasn’t the payment to any investor started?
- The committee has been appointed for more than 8 years. Why is it taking so long in getting the money returned? How can this process be made faster?
- What is the management doing to make the payment to all the investors start soon?
topIn the year 2004 The Hon’ble Supreme Court of India had appointed a committee to make a list of all the investors of G.F.I.L and to take over the assets of G.F.I.L. The Hon’ble Supreme Court of India had in 2010 transferred the case of G.F.I.L to the Hon’ble Delhi High Court. Thus the case of G.F.I.L is now pending in the Hon’ble Delhi High Court.
2. Who is in the committee? How can we contact them?
The committee is headed by Sh. R N Aggarwal ( retired chief Justice Delhi High court) and two other junior judges recommended by Sh. Aggarwal. The committee’s address is #60, sector 4, Chandigarh. Phone number-01722740134. The management of G.F.I.L, the investors, R.B.I and S.E.B.I have no representation in the committee.
3. When will the investors get their money back?
The Hon’ble Supreme Court of India has appointed a committee for auctioning the assets of G.F.I.L. Only the committee is authorised to sell the properties of the company therefore only the committee can give a time frame regarding the return of money to the investors.
4. Where and how should I submit my claim/receipt/documents? What all documents should I send?
The investors of G.F.I.L should send 1 notarised photocopy of all their investment documents to the committee G.F.I.L. You should keep the original documents with you.
5. I have deposited all my documents with the committee office in Chandigarh. When should I come to collect my money?
As per the orders of The Hon’ble Supreme Court of India the management/directors of G.F.I.L have no role in making the list of investors or in auction of the assets of G.F.I.L. Only the committee is responsible for auctioning the assets and returning the money to investors.
6. Who is the committee answerable to? How many claims have they received?
The committee is answerable to The Hon’ble Supreme Court of India & to the Hon’ble High Court of Delhi. The committee has not given any accurate information about number of claims collected by them.
7. How much money have they collected? How much have they spent?
As per our information the committee has collected approximately Rs.300 crores by auctioning several properties of the company. As per our information the committee has spent over Rs.10 crores from the funds of GF.I.L.
8. If the committee has collected Rs.300 crores, why hasn’t the payment to any investor started?
The committee only wants to start the refund once they have collected the total amount. Their view is not only bizarre but also disappointing. Only the committee can give an answer as to when do they wish to start the payment. The committee has not given us any information regarding this.
9. The committee has been appointed for more than 8 years. Why is it taking so long in getting the money returned? How can this process be made faster?
Sadly the process of auctioning of properties is so slow and secretive that the properties of GF.I.L are being auctioned at throw away prices. The committee fixes the reserve prices without checking the market rates or asking any expert. Some of our prime properties have been auctioned @ 25%-30% of their market value. If the properties are auctioned in this way it won’t be a surprise that the investors might not get even their invested amount back. The management must be involved in this auctioning process to ensure that the properties are sold at fair market value as soon as possible.
10. What is the management doing to make the payment to all the investors start soon?
We are filing an application in The Hon’ble Supreme Court of India to involve the management in the auction process. We believe that if the management is involved in the auctioning of the properties of G.F.I.L, the properties will get auctioned quickly @ fair market rate and the money would be returned to all the investors very soon. We are also submitting an application in the court to start the payment to the small investors (up to Rs.5000) using the funds which are already available with the committee.
