In August 2009, all our checks were bounced in banks due to insufficient funds. We came to know that FEMA and FERRA are conducting an investigation in their office due to violation of laws. The City office informed us not to drop the check till 5th September 2009.
After that we received SMS from City Group that we restructuring the office, so please wait till 15th September 2009.
Meanwhile we heard, city group case was going on Mumbai court, result will be declared on 9th September 2009. The result had come positive. But another case result will be declared on 15th September 2009.
After that we heard, the court has declared to company, consult with investors at Wankhane Stadium on 7th October 2009. After that it had postponed to 14 & 15 October 2009 at Wilson School which had declared by City group their own website also informed EID wishes and investors be patient and support to company.
After that we have been receiving the proxy form from VN Associates and we have to fillup our suggestion in that. Meanwhile Mr.Masood given an interview in DNA paper Mumbai edition on 05 October 2009, that "I can repay investors from next week", but EOW has been giving many problems. We will come out soon from all the problem. Investors be patient and extend their support to company.
Here, we should think, one side proxy form is coming to investors; the other side Masood has given an interview, which one we should follow.
However, we seen in Times of India dated 08/10/2009 Mumbai edition, that City Group did not get permission from Wilson school to conduct the meeting.
This is the situation. But I don’t know what is the next.