Elder Pharma: Bombay HC appoints provisional liquidator to settle claims of complainants
The Bombay High Court has appointed the Official Liquidator attached to the Court as Provisional Liquidator of Elder Pharmaceuticals Ltd. 
 
A copy of the letter has been sent to Moneylife Foundation by the Office of the Official Liquidator of High Court, Bombay, since Elder Pharma is one of the many companies that was highlighted by the Foundation in a Memorandum last year to the Ministry of Corporate Affairs (MCA). The MCA had forwarded the Memorandum as complaint to the Official Liquidator's Office.
 
The letter says, "...the Official Liquidator has informed to the complainants that they may file their claim in prescribed form no.66 endorsing copy to them and also informed that their claims will be adjudicated and settled in terms of provisions of section 529, 529(A) and 530 of the Companies Act, subject to the availability of funds in the credit of the Company (in provisional liquidation)".
 
Last year on 19th September, the Bombay HC, while hearing the case filed by Puspasen C Jhaveri, Premier Ferro Alloys & Securities Ltd and Neelam Securities Pvt Ltd, had asked to appoint a provisional liquidator for Elder Pharma.  
 
The Moneylife Foundation's compilation showed that H&M accounts for the largest number of complaints. Besides H&M, companies, which have a large number of complaints are: Elder Pharmaceuticals, Jaypee Group, Unitech, Plethico Pharmaceuticals and Bilcare Ltd. The other companies were: Neesa Leisure, Phadnis Infrastructure, Micro Technologies, Jaypee Infratech, Yash Birla group of companies and Omnitech Infosolutions.
 
 
The survey found that a majority of the aggrieved depositors choose to complain to the company itself, which is pointless. The Company Law Board (CLB), MCA, economic offences wing (EOW) and the Securities & Exchange Board of India (SEBI) are the regulatory agencies with whom they should seek to get their grievance redressed. 
 
In April 2016, the Company Law Board (CLB) had dismissed an application filed by Elder Pharmaceuticals seeking extension of time for repaying the dues to its FD holders. During the same month, the Bombay High Court had granted time till August to Elder Pharma to generate funds for clearing dues of investors. The HC had also warned the Company about appointing a liquidator in case Elder Pharma fails to meet the deadline.
 
While the pharma company makes its corporate fixed deposits (FDs) holders run from pillar to post, in July 2016, the Central Bureau of Investigation (CBI) alleged in a first information report (FIR) that Elder Pharma bribed BK Bansal, the Director General in MCA to prevent a Serious Fraud Investigation on the Company. 
 
What does this mean for the fixed deposit holders for Elder Pharma? Unfortunately, the news is not very encouraging for them. After the liquidation proceedings, the secured creditors of the company and the tax department will have first right to whatever is recovered and the depositors claim would come only later. This is one reason why Moneylife discourages savers from investing in corporate fixed deposits, barring a handful of exceptions.
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    User

    COMMENTS

    Murali Venkatesan

    3 weeks ago

    Can we know the contact details of the liquidator?

    SATISH KUMAR

    1 month ago

    Please let me know if any latest action on payment of FD amount of Elder Pharma. I have 5 Lakhs deposit amount with Elder Pharma. Not received any amount back.

    mehul dadia

    4 months ago

    Call liquidators.. they are supposed to answer ..case is with them

    REPLY

    Murali Venkatesan

    In Reply to mehul dadia 3 weeks ago

    May we know the contact details of the liquidator ?

    Dheeraj R

    In Reply to mehul dadia 4 months ago

    please can you advise who and their email address, thanks in advance

    Dheeraj R

    5 months ago

    What is the latest on retrieving money of Elder pharma FDs ? Anybody has any idea please. Thanks in advance

    Kamal P

    11 months ago

    Investing in an Indian co as FD was the greatest mistake we forgot that this is India and the govt here is least bothered about the middle and lower class who loose fortune like this
    Only giving speeches and making fool of public is there policy and they want to compare this country with developed countries. God help this system

    REPLY

    Dheeraj R

    In Reply to Kamal P 11 months ago

    True

    B Ravi

    1 year ago

    if government can not do any thing in this situation how can any one invest in government scheme too. people lost their respect in FDs of companies and banks

    Kiran Madaye

    1 year ago

    We have been dealing in their products for the last umpteen years and recently sent our claims of unsetteled claims , credit notes,bank gaurantee revocation claims by customers on us due to non supply on Elders part, to the government appointed liquidator and are yet to recieve any feedback on the status .
    But would like to take this oppurtunity here so that some one can guide on the legality
    That Elder Pharmaceuticals is still very much functional with a few products being manufactured in 2016/2017 and enough shelflife till 2019 which are available in the market .Also unsubstantiated news that many of their licencess of manufacturer are being changed to Elder Projects and new products are being now marketed thru this name .The directors remain the same in both the places.

    Is the government and the their checks so dumb that they allowed the company to cell many of their flagship brands to Torrent Pharmaceuticals without consideration of the liabilities of Elder, money exchanged hands and ownership without due consideration of investors,and liabilities of Elder.
    We are also being updated that Elder Pharmaceuticals has not paid the VAT collected from its trade partners and the liabilities are now being recovered from this unsuspecting
    entities even though they have made the payments to Elder and taken Setoff.This pertains to years well before the official closure .

    I am really eager to partner with likeminded people who wish to recover their hard earned money from such fraudsters by taking the legal course also would like to approach the case with a new way like going thru the various sales deed of the company where they sold various assets and check wether the buyers can be made party to ensure that some respectable recovery is made to ensure justice to scores of small un-unified investors or depositers or people like me.
    Please do get in touch

    REPLY

    Sriram Ranganathan

    In Reply to Kiran Madaye 1 year ago

    Elder Pharma Saxenas have deployed all tricks in the trade to fraudulently deceive investors and others who lent them monies. They even destroyed a family of an MCA official by bribing him and thereafter standing exposed. It is not so easy dealing with folks with such a criminal mindset and having deep pockets. They must be having strong political backing for sure to be in the game. I would therefore not advise anyone to waste their good money in dealing with such folks since the lawyers will make you bankrupt in this process. The rest is your call or with the group that wants to fight these folks. Though I have lost considerable deposit monies due to the frauds committed by this company/group, I would not subscribe to any legal action since that would remain fruitless for sure.

    Adi Panthaky

    2 years ago

    Any update on Elder Pharmacy FD Case ? Please advise

    Dheeraj R

    2 years ago

    Dear other investors, Where can we get an upto-date information on what is the latest happening on the Elder pharma FD case ? The company website is already dead. Please advise

    2 years ago

    those govt white elephants are earning there bread on the goodwill of VIJAY, NIRAV, LALIT ,

    2 years ago

    CBI, MCA, SIFO, EOW, CLB are nothing but a junck yard , or a well reputed graveyard for small investor.

    2 years ago

    all involved entity in this case and similar like once of plethico, soundcraft etc are completely aligned with corruption, where the Court can only BARK like a pet, and these dead white elephant are to enjoy the public money.

    Satyanarayan Prasad

    2 years ago

    MY ONE LAC NOT PAYMENT BY ELDER PH AND PATTIGO. ANY UPTO DATE PL CALL 9819020186. INVESTOR ROO RAHA HAI, SARKAR SOO RAHA HAI.

    B Ravi

    2 years ago

    PM / CM are all least bothered for people money. They are very busy in Their development. Sr. Citizens have been suffering very badly.

    2 years ago

    Liquidation people are fully corrupted, this liability should be allocated to reputed ARC OF BANK

    BSE mandates filing of financial results through XBRL format
    New Delhi, Stock market major BSE on Wednesday said that all listed entities on its platform need to file their financial results in 'XBRL' mode, in addition to 'PDF' format.
     
    XBRL is a data-rich language for transmitting information via the Internet. It was developed specifically to communicate information between businesses and other users of financial information, such as analysts, investors and regulators. 
     
    "It has been decided that with effect from April 01, 2017 onwards, all listed entities with BSE, would be required to make their filings in respect of financial results in XBRL mode within 24 hours of submission of results in PDF mode," the stock exchange major said in a statement.
     
    "BSE became the first stock exchange in India to introduce and implement XBRL based reporting. BSE has provided a tool to all listed companies to convert their data (excel) files into XBRL files, free of cost."
     
    According to bourse, listed companies are required to file their financial results in 'PDF' format through the newly launched CAFS system and follow this up with the XBRL filing within a maximum of 24 hours of submission of results through CAFS mode.
     
    Earlier, BSE had asked all listed companies to file their disclosures regarding important listing regulations like shareholding pattern, corporate governance report and voting results using XBRL format.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  • User

    COMMENTS

    p venkateswara

    3 years ago

    BANK PEOPLE ARE VERY BUSY IN SELLING INSURANCE PRODUCTS & MUTUAL FUNDS, THEY ARE GETTING GOOD COMMISSION YEAR BY YEAR. ANY ZONAL MEETINGS OR INERNAL MEETING AGENDA IS GET BUSINESS FOR TEH ABOVE PRODUCTS. THE APRAISAL FOR STAFF IS BASING ONE THIS. IF YOU WANT A LOCKER OR ANY LOAN PAPER IS TO MOVE, YOU GAVE TO BUY A INSURANCE FROM THEM. THE MAIN THEME OF BANKING SYSTEM IS CHANGED.

    p venkateswara

    3 years ago

    BANK PEOPLE ARE VERY BUSY IN SELLING INSURANCE PRODUCTS & MUTUAL FUNDS, THEY ARE GETTING GOOD COMMISSION YEAR BY YEAR. ANY ZONAL MEETINGS OR INERNAL MEETING AGENDA IS GET BUSINESS FOR TEH ABOVE PRODUCTS. THE APRAISAL FOR STAFF IS BASING ONE THIS. IF YOU WANT A LOCKER OR ANY LOAN PAPER IS TO MOVE, YOU GAVE TO BUY A INSURANCE FROM THEM. THE MAIN THEME OF BANKING SYSTEM IS CHANGED.

    p venkateswara

    3 years ago

    BANK PEOPLE ARE VERY BUSY IN SELLING INSURANCE PRODUCTS & MUTUAL FUNDS, THEY ARE GETTING GOOD COMMISSION YEAR BY YEAR. ANY ZONAL MEETINGS OR INERNAL MEETING AGENDA IS GET BUSINESS FOR TEH ABOVE PRODUCTS. THE APRAISAL FOR STAFF IS BASING ONE THIS. IF YOU WANT A LOCKER OR ANY LOAN PAPER IS TO MOVE, YOU GAVE TO BUY A INSURANCE FROM THEM. THE MAIN THEME OF BANKING SYSTEM IS CHANGED.

    p venkateswara

    3 years ago

    BANK PEOPLE ARE VERY BUSY IN SELLING INSURANCE PRODUCTS & MUTUAL FUNDS, THEY ARE GETTING GOOD COMMISSION YEAR BY YEAR. ANY ZONAL MEETINGS OR INERNAL MEETING AGENDA IS GET BUSINESS FOR TEH ABOVE PRODUCTS. THE APRAISAL FOR STAFF IS BASING ONE THIS. IF YOU WANT A LOCKER OR ANY LOAN PAPER IS TO MOVE, YOU GAVE TO BUY A INSURANCE FROM THEM. THE MAIN THEME OF BANKING SYSTEM IS CHANGED.

    p venkateswara

    3 years ago

    BANK PEOPLE ARE VERY BUSY IN SELLING INSURANCE PRODUCTS & MUTUAL FUNDS, THEY ARE GETTING GOOD COMMISSION YEAR BY YEAR. ANY ZONAL MEETINGS OR INERNAL MEETING AGENDA IS GET BUSINESS FOR TEH ABOVE PRODUCTS. THE APRAISAL FOR STAFF IS BASING ONE THIS. IF YOU WANT A LOCKER OR ANY LOAN PAPER IS TO MOVE, YOU GAVE TO BUY A INSURANCE FROM THEM. THE MAIN THEME OF BANKING SYSTEM IS CHANGED.

    p venkateswara

    3 years ago

    BANK PEOPLE ARE VERY BUSY IN SELLING INSURANCE PRODUCTS & MUTUAL FUNDS, THEY ARE GETTING GOOD COMMISSION YEAR BY YEAR. ANY ZONAL MEETINGS OR INERNAL MEETING AGENDA IS GET BUSINESS FOR TEH ABOVE PRODUCTS. THE APRAISAL FOR STAFF IS BASING ONE THIS. IF YOU WANT A LOCKER OR ANY LOAN PAPER IS TO MOVE, YOU GAVE TO BUY A INSURANCE FROM THEM. THE MAIN THEME OF BANKING SYSTEM IS CHANGED.

    p venkateswara

    3 years ago

    BANK PEOPLE ARE VERY BUSY IN SELLING INSURANCE PRODUCTS & MUTUAL FUNDS, THEY ARE GETTING GOOD COMMISSION YEAR BY YEAR. ANY ZONAL MEETINGS OR INERNAL MEETING AGENDA IS GET BUSINESS FOR TEH ABOVE PRODUCTS. THE APRAISAL FOR STAFF IS BASING ONE THIS. IF YOU WANT A LOCKER OR ANY LOAN PAPER IS TO MOVE, YOU GAVE TO BUY A INSURANCE FROM THEM. THE MAIN THEME OF BANKING SYSTEM IS CHANGED.

    p venkateswara

    3 years ago

    BANK PEOPLE ARE VERY BUSY IN SELLING INSURANCE PRODUCTS & MUTUAL FUNDS, THEY ARE GETTING GOOD COMMISSION YEAR BY YEAR. ANY ZONAL MEETINGS OR INERNAL MEETING AGENDA IS GET BUSINESS FOR TEH ABOVE PRODUCTS. THE APRAISAL FOR STAFF IS BASING ONE THIS. IF YOU WANT A LOCKER OR ANY LOAN PAPER IS TO MOVE, YOU GAVE TO BUY A INSURANCE FROM THEM. THE MAIN THEME OF BANKING SYSTEM IS CHANGED.

    p venkateswara

    3 years ago

    BANK PEOPLE ARE VERY BUSY IN SELLING INSURANCE PRODUCTS & MUTUAL FUNDS, THEY ARE GETTING GOOD COMMISSION YEAR BY YEAR. ANY ZONAL MEETINGS OR INERNAL MEETING AGENDA IS GET BUSINESS FOR TEH ABOVE PRODUCTS. THE APRAISAL FOR STAFF IS BASING ONE THIS. IF YOU WANT A LOCKER OR ANY LOAN PAPER IS TO MOVE, YOU GAVE TO BUY A INSURANCE FROM THEM. THE MAIN THEME OF BANKING SYSTEM IS CHANGED.

    p venkateswara

    3 years ago

    BANK PEOPLE ARE VERY BUSY IN SELLING INSURANCE PRODUCTS & MUTUAL FUNDS, THEY ARE GETTING GOOD COMMISSION YEAR BY YEAR. ANY ZONAL MEETINGS OR INERNAL MEETING AGENDA IS GET BUSINESS FOR TEH ABOVE PRODUCTS. THE APRAISAL FOR STAFF IS BASING ONE THIS. IF YOU WANT A LOCKER OR ANY LOAN PAPER IS TO MOVE, YOU GAVE TO BUY A INSURANCE FROM THEM. THE MAIN THEME OF BANKING SYSTEM IS CHANGED.

    p venkateswara

    3 years ago

    BANK PEOPLE ARE VERY BUSY IN SELLING INSURANCE PRODUCTS & MUTUAL FUNDS, THEY ARE GETTING GOOD COMMISSION YEAR BY YEAR. ANY ZONAL MEETINGS OR INERNAL MEETING AGENDA IS GET BUSINESS FOR TEH ABOVE PRODUCTS. THE APRAISAL FOR STAFF IS BASING ONE THIS. IF YOU WANT A LOCKER OR ANY LOAN PAPER IS TO MOVE, YOU GAVE TO BUY A INSURANCE FROM THEM. THE MAIN THEME OF BANKING SYSTEM IS CHANGED.

    p venkateswara

    3 years ago

    BANK PEOPLE ARE VERY BUSY IN SELLING INSURANCE PRODUCTS & MUTUAL FUNDS, THEY ARE GETTING GOOD COMMISSION YEAR BY YEAR. ANY ZONAL MEETINGS OR INERNAL MEETING AGENDA IS GET BUSINESS FOR TEH ABOVE PRODUCTS. THE APRAISAL FOR STAFF IS BASING ONE THIS. IF YOU WANT A LOCKER OR ANY LOAN PAPER IS TO MOVE, YOU GAVE TO BUY A INSURANCE FROM THEM. THE MAIN THEME OF BANKING SYSTEM IS CHANGED.

    p venkateswara

    3 years ago

    BANK PEOPLE ARE VERY BUSY IN SELLING INSURANCE PRODUCTS & MUTUAL FUNDS, THEY ARE GETTING GOOD COMMISSION YEAR BY YEAR. ANY ZONAL MEETINGS OR INERNAL MEETING AGENDA IS GET BUSINESS FOR TEH ABOVE PRODUCTS. THE APRAISAL FOR STAFF IS BASING ONE THIS. IF YOU WANT A LOCKER OR ANY LOAN PAPER IS TO MOVE, YOU GAVE TO BUY A INSURANCE FROM THEM. THE MAIN THEME OF BANKING SYSTEM IS CHANGED.

    p venkateswara

    3 years ago

    BANK PEOPLE ARE VERY BUSY IN SELLING INSURANCE PRODUCTS & MUTUAL FUNDS, THEY ARE GETTING GOOD COMMISSION YEAR BY YEAR. ANY ZONAL MEETINGS OR INERNAL MEETING AGENDA IS GET BUSINESS FOR TEH ABOVE PRODUCTS. THE APRAISAL FOR STAFF IS BASING ONE THIS. IF YOU WANT A LOCKER OR ANY LOAN PAPER IS TO MOVE, YOU GAVE TO BUY A INSURANCE FROM THEM. THE MAIN THEME OF BANKING SYSTEM IS CHANGED.

    p venkateswara

    3 years ago

    BANK PEOPLE ARE VERY BUSY IN SELLING INSURANCE PRODUCTS & MUTUAL FUNDS, THEY ARE GETTING GOOD COMMISSION YEAR BY YEAR. ANY ZONAL MEETINGS OR INERNAL MEETING AGENDA IS GET BUSINESS FOR TEH ABOVE PRODUCTS. THE APRAISAL FOR STAFF IS BASING ONE THIS. IF YOU WANT A LOCKER OR ANY LOAN PAPER IS TO MOVE, YOU GAVE TO BUY A INSURANCE FROM THEM. THE MAIN THEME OF BANKING SYSTEM IS CHANGED.

    SpiceJet's Chairman settles case with SEBI
    Mumbai, Securities market regulator SEBI on Monday said it has settled an alleged case of takeover code violation with the budget passenger carrier SpiceJets Chairman Ajay Singh.
     
    SEBI had earlier proposed to carry out adjudication proceedings against Singh for his failure to make disclosure under SEBI's substantial acquisition of shares and takeovers regulations, when he took control of the budget passenger carrier in 2015.
     
    The securities market regulator's order issued on Monday disclosed that Singh paid Rs 2.02 lakh towards the settlement charges.
     
    Accordingly, SEBI said that it will not conduct any adjudication proceedings against Singh for the alleged violation.
     
    In certain cases, the regulations permit settlement prior to proceedings without admission or denial of any wrongdoing. 
     
    In early 2015, Singh had taken control of the airline that he had co-founded by acquiring Kalanithi Maran's controlling stake in SpiceJet. 
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  • User

    COMMENTS

    N.Hanumanta Rao

    2 years ago

    The company Elder Pharma Ltd, Andheri, Mumbai has lot of properties and assets worth more than Rs 2000 crores. Moreover they sold and collected Rs 2000 crores on sale of Neftrol to Torrent Labs. Where does this huge amount go. It is a clear case of Money Laundering. The SIFO must step in and track this 2000 crores has gone. Finally the Old and sick FD holders must be given justice and return their hard earned money with interest ASAP.

    Narayan P.V.

    2 years ago

    Elder pharma was allowed to collect the deposit even financial situation was known to the regulators. But investors were unaware of it and blindly invested in the FD in the lure of higher interest rate. Now the biggest sufferers are senior citizen like me who depend on the interest. It is shame on the part of promoters and regulators who are hand in glove . Now the liquidator. Hope the FD settlement is done in all fairness to retail investors.

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