Kalpataru Marketing Company’s properties to be auctioned

Housing Board land can be allotted only through auctions High Court

By Accommodation Times Bureau


Thane, March 1st, 2017: The Kalpataru Marketing Company, who owns  11 properties in Thane worth Rs 20 crore to be auctioned, decision announced by the Thane Court. The defunct property will be auctioned by the district collector to repay the money to the investors, which the company owes.

The additional district and sessions judge P. P. Jadhav, pronounced after consideration of the application and report of the government regarding the issue.  Pravin Tembekar, the representative of the investors stated that the investors were tricked by the company in 2004. The company had investors base in Maharashtra, Karnataka, Goa and Gujarat with almost 13 lakh investors and 3 lakh agents. In the closure amount the company owes Rs. 219 crore to the investors. The company also owns property in Pune, Kolhapur and Nasik, which is under authority as well. Other than this, the company is also charged under 29 criminal cases filed in Maharashtra.

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