Green Buds to settle claims

Investors with Green Buds Agro Farms Privated Limited are likely to get back their deposit money within 30 days of release of B L Ravindranath, Managing Director of the company, who is in judicial custody.

At a press meet here, on Thursday, Shivakumar V Koppal, advisor to the company, said, the company owes Rs 18 crore maturity amount to the  investors, which would be paid at the earliest. He said, the MD of the company was in judicial custody and the arrears would be paid within 30 days of his release.

He said, the company has its head office in Mysore since 14 years and 72 branches acrosss the State. It has provided job opportunities to nearly 40,000 youth and has more than two lakh customers. The company also possesses nearly 277 acres of land at Chamarajanagar, Gundlupet, Mudukuthore and other places. It even possesses movable and immovable properties worth Rs 500 crore. “The arrears would be cleared by selling the properties,” he added.

Koppal said, investors are complaining against the MD for the delay in issuing the maturity amount. They should stop lodging complaints and submit information of the arrears to the branch offices immediately. The details will help us to repay the money, he added. He said, the public should cooperate in reopening the branch offices which would facilitate submission of their arrears’ details. The company owes Rs 10 lakh to customers in Mandya, Rs 11 lakh in Channapatna, Rs 3.5 crore in Kolar, Rs four crore in Chamarajanagar, Rs two crore in Kodagu and Rs 3.5 crore in North Karnataka region.

U L Dakshayini, wife of B L Ravindranath, Rajashekar from Mandya, M Manjula and others were present.

CID probe recommended: Saleem

Police Commissioner M A Saleem has recommended for Criminal Investigation Department (CID) probe into the cheating case booked against Green Buds Agro Farms Private Limited in the city. Managing Director of the firm B L Ravindranath was arrested recently on charges of cheating depositors to the tune of several crores of rupees.

The commissioner told media on Thursday, as the firm was operating across the State, through its several branches, he has written a letter to the DG and IG Lal Rokhuma Pachao seeking CID probe into the case.

The police have field an application at the court seeking police custody of Ravindranath for further interrogation, as seven cases have been registered against the firm in city alone.