Shri R.P.GOENKA
Chairman
RPG GROUP,
KOLKKATTA.


Sir.

I had the misfortune of purchasing 500 shares (Rs. 50,000) under private placement of 13% cumulative Redeemable Preference shares on 20th January 1998 in CHEAT FINANCIAL SERVICES, KOLKATTA. The redeemable date was getting extending every time for five years. This was due for redemption on 20th January 2008. Now I have been informed that the term for redemption has been extended by FIVE MORE YEARS. This means that these preference shares are due for redemption only on 19th January 2013. The company states in writing that the share holders have approved through postal ballot such extension of the term.

Till now more than 12 years have passed and I have not got any return from this investment. Now the company has got the audacity to inform that as per provisions of the Company Law all steps have been taken and got the term for redemption extended for a period of five years for third time ending in 2013. This is atrocious. It is nothing but a day light robbery by the sophisticated segment of merchant community. I have now completed 78 years (8th July 1932) and I should necessarily be alive for THREE MORE YEARS to know the outcome of their final decision to be taken at that time. I am sure again they will follow the ingenious method of getting the approval of share holders through postal ballot the redemption date to be extended by five more years i.e., up to 2018. Your company will is extending the redemption dates extended indefinitely for a long period so as to ensure that all those who have invested in these preference shares should leave this world leading to no claim from the investors. This is the best way of swallowing the investments made by the senior citizens belonging to the middle income group. I need funds very urgently to undergo cataract operation but I have to wait for five more years to know the final (or interim) verdict of CFL Capita Financial Services Ltd.

I had been knocking at the doors SEBI, RBI, Ministry of Finance, Company Law Board etc and all of them have expressed their inability to interfere in this matter. This means your company can go on looting the public in this way.

Today I have seen a report in Times of India (Delhi edition) that RPG Chief to step down and passes baton to sons. Shri R.P.Goenka Sahib, is it possible for you to look into this matter personally and bring about redressal to the aggrieved investors in CFL Capital Financial Services Ltd. In case you do not secure any solution for this long pending financial muddle your sons and much more so your grand sons will never resolve this.

You are senior to me by one or two years and you can understand the mental agony of senior citizen who is in the twilight period. I retired as Deputy Secretary, Ministry Health & Family Welfare in July 1990 i.e. two decades back. Pl help me to get me back my invested funds.

With regards,

R SETHURAMAN
21.8.2010

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