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Rose Valleys across India sealed in 2011, except Manik Sarkar's Valley : Chit Fund's trade licenses were renewing till 2014, properties weren't sealed till 2017
TIWN Oct 24, 2017
Rose Valleys across India sealed in 2011, except Manik Sarkar's Valley : Chit Fund's trade licenses were renewing till 2014, properties weren't sealed till 2017
PHOTO : Chief Minister Manik Sarkar addressing at Rose Valley Park's inauguration. (File Photo)

AGARTALA, Oct 24 (TIWN): Since 'Securities and Exchange Board of India' (SEBI) had called for sealing of Rose Valley properties in 2011, a confusion was created among the depositors fueled insecurity among Rose Valley agents whether they should further continue their savings in Rose Valley or not. But on that time Rose Valley's brand ambassador Minister Bijita Nath took the responsibility to sustain the trust of the poor people to continue their savings in that chit fund company even though other states had started to seal Rose Valley properties already. But in case of Tripura, the state which is the main root of Rose Valley company till 2017 had given free license to Rose Valley Entertainment Park and the CPi-M Govt didn't seize other properties of the company.

Rose Valley’s owner Gautam Kundu’s contributions to party funds allowed Chit Fund company’s mass lootings across Tripura. Whereas after Securities and Exchange Board of India (SEBI) had prohibited the sale of real estates by Rose Valley in January 2011 and all the State governments had to followed the suit, but Tripura’s Rose Valley park and acquiring real estatesran without any hurdles due to CPI-M’s blessings. Rose Valley’s illegally constructed Agartala building escaped Manik Sarkar Govt’s scrutiny as AMC never attempted to demolish the building. As per the Agartala Municipality Council the license was given to Rose Valley Finance Corporation Limited with the license number 12622 which was renewed in 2011 by increasing the validity till 2014.

First time AMC took Rs. 2420  for the license and next in 2011 it took Rs. 6897. What surprises is that in 2012 from the office of the Nagar Panchayat ot Municipality at Dharmanagar with Rs. 3000/- license was given to Rose Valley Marketing India Lmt. with the validity upto 2013. 

In addition, all the 2,600 bank accounts of the company, which together held cash balances of Rs 900-1,000 crores, had been frozen by the Central authorities. However, among the 3 hit listed states along with Orissa and Assam, Tripura’s name was also declared by Supreme Court in 2013, but no action was taken against Rose Valley in Tripura.

However, CPI-M Party and Rose Valley’sa nexus was going on across every subdivisions of Tripura, evenafter SEBI ordered the state govtsto  seal the property of Rose Valley, but citing example Tripura Govt didn’t seal any of the Rose Valley buildings.

In the year 1999, when Congress was leading as the strongest opposition of Tripura heavy pressure mounted upon the Tripura Govt for enacting “The Tripura Protection of Interest of Depositor”.

However, in the year 2000 when CM Manik Sarkar was also the Law Minister of the state, was adapted, although the rules were made in the year 2007.

In the gap of year 2000 to 2007 the State Govt has distributed the trade license to the Chit fund groups as per its wish. In the mean time, Chit-fund spread like spider-web.

However, Tripura’s another Minister Badal Chowdhury in a mass-gathering told people, not to invest their hard-earned money without judging the Company, but Chief Minister surprisingly didn’t feel anything like Minister Badal Choudhury, resulting crores of deprivations to Tripura people. 

But, record says ManikSarkar had attended seven programmes of NBFCs. Apart from him Pabitra Kar, Jiten Chowdhury, Bijita Nath all were very intimate with Rose valley authorities. 

 

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