The Hindu : Karnataka / Bangalore News : City Limouzines slams on the brakes

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Wednesday, Nov 05, 2008
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Karnataka

Karnataka - Bangalore

City Limouzines slams on the brakes

Staff Reporter

BANGALORE: The City Limouzines India Ltd., which claims to be an official sponsor of the Indian Hockey Federation, will not to collect deposits from the public till it gets licence from the Reserve Bank of India to conduct financial activities.

The firm had announced several attractive schemes on its website and invited deposits from the public. But following complaints from the public, City Police Commissioner Shankar M. Bidari wrote to the Corps of Detectives (CoD), Reserve Bank of India, Registrar of Cooperative Societies in Karnataka and the Department of Income Tax and urged them to look into the firm’s financial activities. The Police Commissioner also advised the public, through the media, to be cautious while depositing money.

“In response to our efforts, Chairman of the firm, Mr. S.M. Masood, and (his) advocates met me here on October 30, 2008 and accepted their mistake. They also assured me they would stop accepting deposits from the public,” Mr. Bidari told presspersons here on Tuesday.

“The company has not obtained licences from the regulatory bodies under the Non Banking Finance Company Act. The police department took some initiatives … as this company too should not go the way of Viniv Inc, Darshanika, Quest or similar enterprise where people have lost heavily after investing money,” he said.

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