A clutch of retail investors has alleged that employees of Kerala-based Muthoot Group mis-sold them non-convertible debentures (NCDs) of Srei Equipment Finance Ltd, passing them off as bonds from a sister company. Srei Equipment is now under insolvency resolution, and the investors’ funds are stuck.
About 49 people, several of them retirees who have transacted with Muthoot for a decade, have come forward so far, some of them approaching local police. Mint spoke to four such investors and a lawyer they have appointed to pursue their case legally. They said the 49 people together invested ₹10.2 crore in Srei Equipment bonds over 2017 and 2018.
Muthoot’s employees claimed that Srei was a sister concern of Muthoot and effectively part of the Muthoot group while selling the NCDs, the investors said. They said they found out their money was in a Kolkata-based company only after the principal and interest were not paid after maturity, some as late as the end of end-2022, a year after Srei was admitted to insolvency.
هذه القصة مأخوذة من طبعة May 11, 2023 من Mint Mumbai.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة May 11, 2023 من Mint Mumbai.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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