HC orders deposit firm refund

Calcutta: A special bench of Calcutta High Court dealing with closed fund mobilising companies on Tuesday ordered that Rs 1.37 crore collected from Tower Infotech Private Limited be handed over to a court-appointed committee for disbursement among the firm's investors.

The bench asked the committee to deposit the money in a nationalised bank and publish advertisements in three local dailies asking the Tower investors to claim their amounts.

The management of Tower Group had approached the court to allow the refund of the money, collected from selling three of its assets, to the investors.

The division bench also asked the Pincon Group, another fund-mobilising company, to file an affidavit specifying the value of liquor stored with the firm.

The order followed claims by the lawyer appearing for the company's investors that liquor (manufactured by the company) worth Rs 33 crore had been stored. Pincon used to manufacture and sell liquor with money collected from the investors.

Pincon's owners are now in jail.


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