Golden Forest Company bought land in 1997 in violation of SEBI rules
After the Supreme Court order, the Income Tax Department released the tender for the auction, the reserve price of the land above 23 crore
Supreme Court bans all golden forest action of Uttarakhand government, also stops final decisions in all subordinate courts of the state
There is good news for thousands of investors from the state who have invested in the Golden Forest Company in Uttarakhand. After 23 years, the hope of returning its money steeped in the company has been aroused. Following the Supreme Court’s order, the Income Tax Department is going to auction 500 Bigha Golden Forest land in Cliff Estate, Mussoorie. Its notice has been issued.
In 1997, the Golden Forest Company sold the land in violation of SEBI (Securities and Exchange Board of India) rules. In which thousands of investors invested money.
The Golden Forest also purchased land in other districts of the state including Dehradun, Doiwala, Vikasnagar, Mussoorie, and Rishikesh. When SEBI tightened the screws, the company left the business. Due to this, thousands of investors of the state lost their money. SEBI had banned the activities of the company. The company appealed against this in the Bombay High Court. After this the case went to the Supreme Court.
Reserve price is around Rs 23 crore
The company was discharged by the Supreme Court after the hearing. All monopolies associated with the company were handed over to a committee headed by Justice RN Aggarwal. This committee in association with the Income Tax Department has started auctioning the assets of the company.
Notice of auction has been issued by Meena Bisht, Tax Recovery Officer of Income Tax Department. Under this, 500 bigha land of Cliff Estate in Mussoorie is being auctioned. The reserve price of the land has been given at around Rs 23 crore.
The government will not be able to allocate land
On January 14, the Supreme Court has given an important verdict in the case of the Golden Forest lands. Under this, the Uttarakhand government or the subordinate courts of the state will not be able to take any decision in the matter of these lands. Till now, the Uttarakhand government had been allocating the land of the Golden Forest to various departments. At the same time, many cases of these lands are also pending in the subordinate courts.