Tuesday, August 28, 2007

Case yet to be booked against Namchi finance firm


NAMCHI, August 27: After the much heated discussions held today here at the BISCO Bhawan, here, the burning issue of Tina Finlease Pvt. Ltd. has finally been stalled, at least for a time being.
The Managing Director of the company, Bishnu Rai, who was present in the meeting today requested all the depositors to give him some more time with a promise to release the entire due amount soon.
The committee members at first turned down the request and in turn asked the MD to show them all the documents of the BISCO Bhawan as well as the documents of the vehicles of the company as security before they gave surety time to him.
Later, they demanded for the release of their money at least before the Dusherra festival.
Following the demand, the MD called an emergency meeting with the directors where in they decided to provide the committee members with the documents of the BISCO Bhawan Namchi.
But the depositors became angrier when the documents provided to them were unofficial. According to the committee members, there were no official documents proving that the land was of the company and that the land where the BISCO Bhawan has been erected was taken on lease.
The management promised to register the land in the name of the company in front of Chopel Bhutia, Sub Divisional Magistrate, Sonam Detchu, Police Inspector, Namchi and Kinga Tshering Bhutia, Sub Inspector.
However, with the help of legal advisors, the committee members finally made an agreement with the MD and the directors giving them 45 days time for the release of their due amount and also on the condition of providing the documents of the BISCO Bhawan Namchi as security to the committee.
Talking to the scribes, Mr. Rai said: “Since Tina Finlease was a local company, 100 per cent investment of the collected money was invested.” “The company has a number of assets in the state and if the company fails to pay the amount of the depositors then they can be paid through the sale of such assets,” he said.
He further informed that, the problem was between the Management and the depositors of the company and was settled today after the discussion and also promised to pay the due amounts.
The MD also said that the company at present has to pay Rs 61 Lakhs as the due payments up to September 2007 which the company will start to pay from September 21 and will be cleared by October 12, later this year.
Condemning the rumours that the company will be shut down soon, Mr. Rai said that the company will be regaining its prestige after paying the due amounts to the depositors. He also said that new directors will be appointed to look after the finance of the company.