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All Assets, including the land are in the name of the company
In Wayanad District, two workers of Bizarre misused the money, collected from the public for which the company took legal action against them. The case was registered in the Honorable Judicial First Class Magistrate-1 court at Sulthan Bathery No.ST 3159/2011. The accused purposefully made agitation against the company and spread the false news that the land, purchased by the company is in Binami name. In the event of observing the activities of various MLM companies, doing a business scam in the name of MLM, Bizarre’s office was also inspected.
Unfortunately, some shareholders were so confused and troubled by the news that the properties are in ‘Binami’ name that they complained against the company. It obstructed the temporary activities of the company. We submitted an affidavit to the government, explaining the facts. The Honorable Kerala Government gave us the permission to continue, but we approached the Court for complete freedom for functioning and the Honorable High Court directed in its order in April 2012 to the Government to take a decision in this matter within six months.
Bizarre is a company, registered as per the Indian Companies Act 1956 and started functioning in 2008. Company’s first aim was to start supermarkets with public participation in every constituent assembly. Company bought and registered more than 50 plots, about 10 acres at prominent places in the towns and cities in South India. Within a short period, company could start 15 supermarkets in the retail field and made a step to the whole sale division. The company has obtained import and export license, excise and customs registration, VAT registration, ISO certification and registration of 43 other classifications in the wholesale division. It is very evident that the company’s every transaction was transparent that it has paid 7.5 crores of rupees towards tax and done all cash transactions through the banks SBT,SBI&ICICI.
“All the land that the company purchased is in its own name.” Not even a single property is in Binami name. The assets that the company secured in business and in land are with the company now, worth more than what was collected from the public.
The Company’s plan to enter the field of retail, wholesale, construction and importing could be accomplished to some extent within a short period. Those who have a positive attitude see the crisis of the company a different experience. The different experience will infuse much energy and power in the future performance of the company.
I thank all Bizarre family members who stood with the Company in all circumstances and assure you that the company will function in the future as per the rules and regulations of the Central and State Governments and those who are unwilling to get on with the company will be returned the money they paid after deducting the benefits they enjoyed.
Abdul Arshad
CMD of Biza Group. |
