Background And Object Of The 'The Assets Disposal Committee'

The Assets Disposal Committee has been constituted by an order dated 15th May, 2015, passed by the Hon’ble High Court, Calcutta in WPO No.275 of 2015 for the purpose of refund of to the investors, of the companies of ROSE VALLEY GROUP, who have not been refunded their investment by inviting claim from investors.

Subsequently another writ petition being WPA no.27005 of 2016, was filed and the WPO no.275 of 2015 is now being heard analogously along with WPA No. 7837 of 2022, WPA No.25845 of 2016, WPA 18257 of 2023, WPA 20812 of 2023, WPA 20822 of 2023, WPA 20947 of 2023, WPA 24932 of 2023 before the Hon’ble Division Bench Constituted to hear Ponzi Scheme matters.

The Assets Disposal Committee so appointed on 15th May, 2015 now consists of the Hon’ble Justice D.K. Seth (Retired Judge of the Hon’ble High Court at Calcutta), a nominated Member of Enforcement Directorate and a nominated Member of the State of West Bengal.

For the purpose to refund the money to the investors, the Assets Disposal Committee is also empowered to sell assets under the Rose Valley Group of Companies upon obtaining leave of the Hon’ble High Court, Calcutta.

The Assets Disposal Committee is acting to discharge the above duties entrusted by the Hon’ble High Court at Calcutta in terms of the orders passed by the Hon’ble High Court at Calcutta.