Rose Valley assures investors with ads

Last Updated: Thu, Apr 25, 2013 05:41 hrs

Amid controversies over the collapse of chit fund firm Saradha Group and accusatory fingers at the ruling Trinamool Congress in West Bengal, another similar company from eastern region, Rose Valley, has urged people to keep faith in them through newspaper advertisements.

The ad placed in one Bengali daily said that Rose Valley is an asset based company and is capable enough to take care of peoples´ money.

The ad has also criticised the alleged attack and ransacking of the company´s office in Tomluk.

The company claimed to have remained clean for the past 17 years and declared to do so in future.

Rose Valley managing director Shibamoy Dutta, in whose name the ad was issued, also thanked the customers and their employees for their support in the hard times.

Thus, the ad urged "all sensible people to remain calm and restrain themselves from spreading rumours and terror regarding the company."

It has also requested the state government, political parties and media to extend their support to the company.

Rose Valley is one of at least five companies that market regulator Securities and Exchange Board of India or SEBI is investigating for alleged fraud in West Bengal.

Rose Valley has a media division and owns four television channels.According to SEBI, Rose Valley´s two companies raised more than Rs 4000 crores.

"The market regulator had issued a restraining order against Rose Valley in 2011, but says the group has used delay tactics and court battles to stall action against it while it continues to raise money from depositors," NDTV reported.

On its corporate website, the company mentions itself as a "fast emerging multi-business conglomerate with pan India presence."

"Beginning with a modest growth, the company now boasts of a wide diversification in areas of residential townships, commercial complexes, shopping malls, hotels & resorts, amusement parks, garments, IT, Media & Entertainment, Healthcare, Education, Social Welfare, Housing finance, Travels, Films & Fashions," it says.

Bollywood star Shahrukh Khan appears on the ads by Rose Valley. Rose Valley is also a sponsor of the Kolkata Knight Riders team of SRK.

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