Royal Twinkle Star Club & Citrus Check Inns: SEBI Issues Notice to Auction Properties at Alappuzha, Lower Parel, Bengaluru and Lonavala
Moneylife Digital Team 06 January 2020
Market regulator Securities and Exchange Board of India (SEBI) has released notice to auction properties of Royal Twinkle Star Club Ltd and Citrus Check Inns Ltd at Alappuzha, Lower Parel, Bengaluru and Lonavala. Both Royal Twinkle Star Club and Citrus Check Inns are involved in an alleged Ponzi scam worth Rs7,500 crore.
The property owned by the companies, and put up on the block includes 10,500 sq ft premises on the 17th floor of Trade World building in Lower Parel at Mumbai. This property has a reserve price of Rs25.60 crore.
The property in Bengaluru is located at Bellandur village with an area of about 13,941 sq ft and hotel building with a built up area of 55,000 sq ft for which Rs32 crore is the reserve price.
Both Royal Twinkle Star Club and Citrus Check Inns also own land properties, some of which are mentioned in the auction. This includes about 1500 sq meter land in Lonavala with a building consisting 34 rooms, three conference rooms, kitchen, and restaurant standing on about 640.48 sq mt land. Another lands owned by the companies in the auction list include 1257.10 sq meter land with hotel building, land properties of 1195.66 sq meter and 4307.32 sq meter as well in Lonavala. The reserve prices for all these properties is Rs35.25 crore.
There are two plots of 1 Acre and 98 cents and 4.05 ares (one are is 100 sq meter) and 5.50 ares in block no 10 in Paravoor muri in Appappuzha district of Kerala that is being auctioned by SEBI. These plots carries a reserve price tag of Rs15.31 crore.
The Supreme Court is monitoring a phase-wise sale of Royal Twinkle Star Club and Citrus Check Inns to protect the interests of investors. Last year in October, the apex court appointed senior counsel Shyam Divan as Amicus Curiae to assist the Court in this case. Mr Divan, who was counsel for one of the petitioners in the case, agreed to give up his brief (case) and take up the role of Amicus Curiae. An amicus curiae (literally, 'friend of the court') is one who assists a court by offering information, expertise, or insight that has a bearing on the issues in the case.
Both the companies have raised about Rs7,500 crore from over 18 lakh investors through a collective investment scheme (CIS). This scheme was sold to investors by agents appointed by the companies.
Citrus Check Inns is the new avatar of Royal Twinkle Star Club, infamous for selling holiday packages to gullible people on monthly instalment basis and promising high returns on their investment. Several agents of both these entities were found hard selling these as investment plans just to earn more commission and also recruiting new agents for marketing it.
In 2014, SEBI had barred Royal Twinkle Star Club and its directors from collecting money from investors, the company continues to collect money using a new name, Citrus Check Inn. In March that year, Moneylife had informed SEBI about this. (Read: MONEYLIFE IMPACT: SEBI bars Royal Twinkle Star Club from collecting money)
Both RTSC and Citrus Check Inns are owned by Mumbai-based Mirah group, which runs hotels under the name Citrus and retail food chain restaurants such as Rajdhani, Mad Over Donuts and Falafels. Citrus Check Inns website claims that it gives freedom to its members to travel over 30 Indian and 3,000 overseas destinations.
Earlier in August 2015, market regulator Securities and Exchange Board of India (SEBI) has directed Royal Twinkle Star Club Ltd (RTSC) and its four directors to refund within three months, money collected from investors under its holiday package plans. The markets regulator also refused to lift a ban on Citrus Check Inns (new avatar of RTSC) and its directors in a 'collective investment scheme' (CIS) case promising returns on 'holiday plans'. (Read: Royal Twinkle Star Club, directors asked to wind up ‘holiday’ investment schemes)
Comments
sainath.fish
17 hours ago
2011 to 2016 paise bhare hai abhi tak koi result nai Bhai plzzz help me yaar sebi papa tho chale gai yahi umed tha ka ki ye paise double milega lakin ye be froud nikala plzz add me your what's up group my number is 9021387235
meninofernandesmaria
2 months ago
Please my request to SEBI supreme court and who ever is involved in this citrus royal twinkle.
Please do whatever you want i don't care but even you hang or put this twinkle owner in jail or prison.
But please give our money back as soon as possible with all the intrest promised.
meninofernandesmaria
2 months ago
What is the status, and how much time it will take to get our hard earned money.please do reply and let me know I am really struggling a lot.i was not knowing money invested in india i will be cheated.please help me with this citrus royal twinkle..
meninofernandesmaria
2 months ago
Please help me to get my hard earned money as soon as possible,
I am only heard about the property to be sold.
Please my request to hang this people doing this currupt business,
meninofernandesmaria
2 months ago
What is new to know about citrus royal twinkle invested all my money and please like to know when and which year i will get my return.i am retired now from my company and invested all in this shit policy.who knows the government of India is so slow and the courts of India date upon date only but no dession made till today i only need to know please help us
meninofernandesmaria
2 months ago
Sir/madam
Please i like to know when I will receive my hard earned money it's been ages now.i have been called to SEBI so many times but as usual they have no time to answer the phone,
Only i get the message property to be sold it's now ages and the messages property to be sold always the same i have invested all my money in this citrus
socorita26
2 months ago
It's been so many years and still your organization is only doing auctions ,doesn't look like we will be getting our money back .All our details r given atleast start depositing into our accounts the money or close the chapter of ur auction issue because nothing is coming out of it .You have cheated innocent poor hard working class except the fact.
heralgonsalves
Replied to socorita26 comment 2 months ago
Tired of follow up.
When will I get my money.
I m jobless
Pls add my no. 9819348536
devendrajadhav4022
2 months ago
Hi, I am Sujata, plz add me to WhatsApp group too if there's any. I am also a victim. +918652650297
umi85k
2 months ago
Pls add my noumber as well - 9867868897
jacquelineserrao31
2 months ago
how can i get my money back
bavariya59
3 months ago
Sir plz add my no. To WhatsApp group 8866202470
I am also victim of the same
bp1339
3 months ago
For more information check certificate and amount https://citrusroyal.com/
harshitshah02
3 months ago
Sir add my no 9870012457 to whatsapp group, i am also victim of the same.
bp1339
Replied to harshitshah02 comment 3 months ago
Check your certificate at https://citrusroyal.com/
chirag281101
3 months ago
sir plz also add me in this whatapp group ph no- 9909198279 i am also victime of this think
rmn5877
4 months ago
 if you create any group then please add me also my number is 8618965696
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