Publication: Times of India Mumbai; Date:2009 Dec 04; Section: Times City; Page Number 3
PROMISE TO REPAY
City Limo chief gets interim relief
C Unnikrishnan I TNN
Mumbai: S M Masood, chief of investment company City Groups, has been granted interim protection from arrest till December 11 after his lawyer assured the Bombay high court to repay the investors.
Masood’s lawyer gave a two-page brief on the details of the money that the companies owed investors. The City Limouzines and City Realcom would liquidate their assets and repay the investors in three months, he said.
According to the scheme,
for City Limouzines, Rs 20 crore has to be paid to 20, 000 investors. Rs 200 crore was invested of which, the company had already repaid Rs 180 crore, he claimed. The company had assets of Rs 58 crore, he added.
In the case of City Realcom, it still has to pay Rs 160 crore and the total number of investors is 1 lakh. The company claims to have assets of Rs 180 crore.
Granting him the interim protection, Justice V M Kanade said Masood should report to EOW office for three days next week.
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