Some agents and depositors of Green Buds Agro Farms Ltd., have demanded the release and handing over of the company’s arrested MD B.L. Ravindranath to them so as to facilitate refund of their deposits. Over a hundred agents and depositors, who met near the DC’s office yesterday, presented a memorandum to the DC in this regard.
“B.L. Ravindranath, after setting up the company’s head office in Mysore, opened 72 branches across the State, inviting deposits from the public promising huge returns. The company made repayments until Dec. 2012. But, for the past 6 months, the company stopped returning the deposits, upon maturity, for shortage of funds, which caused a lot of concern amongst thousands of investors and agents.
However, the company is said to be owning properties worth crores of rupees and the money that the company owed to the investors can be refunded by selling these properties,” they claimed and insisted that the company MD, who is now in Police custody, be handed over to them as sending him to judicial custody would jeopardise their chances of recovering money from the company.
Courtesy : Star Of Mysore