The Telegraph
Monday , June 2 , 2014
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More trouble for Rose Valley

Agartala, June 1: The Rose Valley deposit collecting company has slipped deeper into trouble with senior judge (civil) Satyabrata Dutta upholding an administrative decision putting a ban on transfer of funds from Agartala to any other place.

The SDM (Sadar) Manik Lal Das had received an information from agents of Rose Valley deposit collecting company that the company’s chairman Gautam Kundu had been trying to secure transfer of more than Rs 4 crore accrued from 124 insurance policies with the LIC. The agents had requested Das not to raise any objection to the funds transfer as it was being done to clear pending dues of Rose Valley customers.

Das sought information from LIC’s two branches in Agartala regarding the accounts in Calcutta to which the transfer had been sought.

“We got information that the bank accounts in Calcutta are Rose Valley chairman’s personal accounts and not that of the company; hence, we had requested the LIC authorities here to keep in hold the transfer until a clearance order from SDM (Sadar) and they complied,” said sources in the SDM (Sadar)’s office.

Reacting to the funds transfer ban Kundu had moved the senior civil judge’s court in Agartala to lift the ban. But senior civil judge Satyabrata Dutta yesterday rejected the plea and validated the SDM (Sadar)’s order saying the accounts to which transfer of more than Rs 4 crore was being sought were Kundu’s personal accounts and not those of the company.

With Enforcement Directorate proceeding against Rose Valley along with Saradha in West Bengal, the funds transfer ban has posed a bigger problem to the deposit collecting company.

The state government had proceeded against Rose Valley and other such deposit collecting companies last year as a result of which more than 25 companies fled Tripura with crores of rupees deposited by common people.

“We had raided Rose Valley’s office at Agartala on June 12 last year and the SDM (Sadar) passed a formal order directing the company not to transfer or sell any assets or funds without approval of the SDM. Rose Valley had responded by stopping all payments on premature withdrawal of deposits. However, with maturity payment liability growing and Enforcement Directorate spreading its dragnet, the company chairman sought to transfer deposits of more than Rs 4 crore against 124 LIC policies to accounts in Calcutta,” said sources in the SDM office.

Sources, however, said Rose Valley has invested in other businesses in the state. The deposit collecting company runs a sprawling well-arranged park in the Amtoli area south of Agartala and there is also a TV channel under the banner of Khabar 365 Din.

These businesses have not come under any ban or adverse administrative order. But Rose Valley’s woes are likely to deepen as the director of small savings and institutional finance department of the state government, L.N. Rukhum, has addressed a letter to the Enforcement Directorate on May 29 requesting them to stop all funds transfer attempts and sale of properties of Rose Valley.