Seashore bid to win back trust
Jun 28, 2013
Source : The Times of India

 

CUTTACK: While CMD of Seashore group of companies Prasant Dash is cooling his heels in jail after his bail petition was rejected by a court in Koraput, the company is making efforts to win back the trust of investors.

The group on Wednesday announced that it would pay all the dues of the investors. Legal advisor of the company Tushar Dutta, while addressing a media conference here, said the company is unable to pay the dues of the investors as the Crime Branch (CB) has frozen all its 126 bank accounts and seized its various industrial units. "We are trying our best to de-freeze the accounts and make the industrial units functional. Once the industrial units start functioning, we will pay all the dues of the investors and employees, working in the units, would get back their jobs," said Dutta. According to the CB, the company has allegedly embezzled at least Rs 1,500 crore public money.

"The company started its operation in 2005 and till July, 2012, it paid two% dividend to its investors regularly. But after an FIR was lodged against the company on July 18 last year, the company faced problems. So, the investors should not doubt the integrity of the company," said Dutta.

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