As per the information recevied by mr.kaleemulla khan all india city groups investors forum conviner , It is learnt that shorlty before the cheques started bouncing in the city limouzines ind ltd one of the regional director mr.nayer iqbal razaqi rtd.
Air vice marshal and his wife mrs.nigar razaqi who had played vitol role in maximum bookings in delhi, jaipur, luckhnow, karnataka and hydrabad suddenlly resigned and left for switzerland with crores of rupees of their share and other directors such as omer razaqi, geetha razaqi, seema razaqi and shayla razaqi to keep in swiss bank mr.kaleemulla khan is investigating the matter before coming to any conclution as there are indications to partially believe the information may even be true....
1>since what was the reason to resign shortly before the cheque started bouncing...
2>decideing in 3rd august board of directors meeting that the company is facing financial crunch and under loss but continuing the bookings upto 19 august 2009 with all discounts and insentives when the company should not have done this even for a day when it is under financial crunch as per 3rd aug meeting....
3>mr.nayer razaqi who was the authorised signitory for important deccisions and appointments having suddenly resigned....4>circular of M.D mrs.geetha razaqi dated 17-aug-2009 with heading, "WITHOUT PREGUDICE"-informing all the clients of city groups that due to search by central govrnment agencies on 11 aug 2009 the inconvenience caused to the clients in bouncing of cheques is regreted all the clients are requested by her to hold their cheques till 5th sep 2009 and co-operate to run the normal b’ss....KALEEMULLA KHAN(conviner)