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    The AN Buildwell Mess and the Subsequent Saga

    April 18, 2018

April 18, 2018

The AN Buildwell Mess and the Subsequent Saga

Dear Fellow 1791 Customers of AN Buildwell,

It is now 3 years since the Promoters of AN Buildwell landed all of us in this mess and the subsequent saga and story is known to all of you.

We had hoped that they would honour the recommendations reached jointly at the OL’s office in September, but Alas!! This was not to be. The supposed combined scheme was nothing but the same scheme rehashed:

  1. BBA’s are not being honored as had been agreed.
  2. The required funds, i.e. 24 Cr. + 20 Cr. have yet to be deposited.
  3. There is no progress for almost 9 months despite the Promoters being given a full chance.

In fact Hon’ble Justice Jayant Nath has even commented… ‘You are the promoters and do not need a Revival Scheme, just show the money and take the company…’

However, this isn’t what the Promoters want, and vested interests installed by the Promoters at various associations continue to shield them to ensure that they get away with their loot and plunder by continuing to create a divide between Woods and Edge, and attack all the independent support that FOSECA + SWBA had managed to raise.

Keeping in view the interests of all 1791 customers, especially those who’s blocks are yet to be completed, ie Woods and EF, we would like to apprise all of you of the approach being adopted by FOSECA + SWBA, ie:

  1. Leave the Promoters and Cronies with no excuse for not reviving projects, even in their own manipulative and cunning manner.
  2. Ensure that FOSECA + SWBA are there to protect our rights as well as to allow all of us a fall-back in the event the Promoters and cronies falter.

Towards this, the following steps have been taken.

  1. Independent office bearers of SWBA have taken over with no links to any one, so that the needless blame and conspiracy can stop.
  2. FOSECA continues to monitor proceedings and ensuring that the interests of all Edge customers and associations is maintained.
  3. SELFC has moved a bifurcation application, seeking the removal of Block BCD from the winding up / revival, ensuring that there are no further excuses with the Promoters.

A lot of you had reached out and can understand why we had kept communication to a lower keel… only to ensure that we gave no vested interests the ability to create a disturbance and keep protecting the Promoters!

Day after, ie the 18th April.. What do the Promoters have to do?

Deposit 24 Cr with the Hon’ble High Court… vide Bank Drafts / Bank Guarantees

Will they? Will cronies make up another story and again mis-inform you?

Team FOSECA + SWBA

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