Sterling Tree magnum and investors!
I have purchased teak woods from Sterling way back in 1994.
Today in 2008 I get an offer
1. get the same amount, no interest , no dividend nothing
2. Give your consent to wait for another 15 years so that the teak trees will grow and I will get my money.
In 1994 it was large amount of money. Not only me, I convinced my wife to invest.
What a fanfare then- full page advertisements came in all national newspapers- it was a dream investment- teakquity- you retire in peace, you get so and so and so.
You get interim dividends as well. Well dressed sales boys came to convince us-we are fools we don't know what we are missing. Its an one time opportunity. Buy teak. Buy buy buy.
Then years passed....
No news, nothing happened.
The same company flourishing its business in other fields , selling time share - no body complained. No regulatory body came in rescue of hapless investors.
I lost all hope. Even now.
Just today received a letter to give options. I mentioned the options on top of this post.
I decided to reject.
Why after 15 long years I get only my money back?
What value this money has today? Why they can not sell their lands, business everything and repay us our money with full interest. Why why why?
I feel pity for those gullible investors who have invested lakhs of Rupees.
How come this company is getting away by paying peanuts? How ? Who will answer that?
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May 7, 2008 at 10:45 AM
Same case Mr.Ostom. The money I invested way back in 1994 had so much value then. Refunding the same amount now without any interest is really ridiculous. I feel thoroughly duped. Yes, the promoters should just liquidate all their holds and repay investors of their share of assets.
May 8, 2008 at 7:27 PM
MINE ALSO THE SAME.THE HARD EARNED MONEY WHICH WAS INVESTED IN 1994 WAS DUPED BY STERLING TREE MAGNUM.WHY SHOULD WE SETTLE FOR PEANUTS? I AM GOING TO REJECT THE COMPROMISE AGREEMENT.
May 14, 2008 at 12:18 PM
Well...atlease in option one we are getting something.
The problem is if u reject the offer further this dispute will continue and i dont think they gonna pay back you with interest.
as you know many of the investor not gonna replay as the letter not gonna reach them as they r sending letter in orignail address.... so majority will be option 1.
May 30, 2008 at 10:54 AM
You got it wrong , Company will pay you the amount you invested in next six years. and immediately.
However We have few Investors who are willinf to buy out the existing customers having 11 Tree or more at discounted price. Provided the seller have paid full amount and is having all the required documents in possssion.
Interested persons may mail @ utpaljalan@yahoo.com
June 6, 2008 at 11:51 AM
I have been an investor with STM from 1992 as i believed in the concept and had faith and confidence in the company.
I have been one of the fortunate investors to visit the plantaions in Tirunelveli, Madurai and Orissa and have seen the tremendous work that the company has put in to cultivate our Taek trees.The entire operation was very scientific with best management practices.
Now that after SEBI had put a ban on them and they have been fighting out this case and come up with a definite solution only proves their credibility and that their intentions were never to take anyone investor for a ride.We need to appreciate them at this juncture and support their efforts in settling the investors' dues.
June 23, 2008 at 2:41 PM
Dear friends,
My father had invested for us in sterling teak trees way back in 1990 and now realised that his investment has never going tocome. He is now 80 and has not much money left to lead a dignified life. He is not prepared to ask for money from any of his children. He's saying, he had given the certificate to a person to be deposited to the high court. But that guy did not give any copy of the document not the receipt of the papers submitted in the court. Can any one help us or guide us so that my father could get his money and remain happy in his rest of his life. Pls contact me at kr.iyer@yahoo.com or ramanaathan@indiatimes.com
June 23, 2008 at 2:41 PM
Dear friends,
My father had invested for us way back in 1990 and now realised that his investment has never going tocome. He is now 80 and has not much money left to lead a dignified life. He is not prepared to ask for money from any of his children. He's saying, he had given the certificate to a person to be deposited to the high court. But that guy did not give any copy of the document not the receipt of the papers submitted in the court. Can any one help us or guide us so that my father could get his money and remain happy in his rest of his life. Pls contact me at kr.iyer@yahoo.com or ramanaathan@indiatimes.com
July 10, 2008 at 6:24 PM
The amount invested should be returned with the end prize promised.It is absolutely necessary to deliver if the intentions are honest,It is safe to assume that the group is genuine and the case keeps dragging .Can somebody update as to the progress of the court procedures on a regular basis on this site so that every body can keep track.Let us hope that one day the money will be delivered
July 31, 2008 at 3:27 PM
I had invested in 11 trees and submitted my certificate for refund with a consent for disposal of the land in 1998. Nothing came out of it despite regular folow up. A couple of months ago, I refused their 'compromise formula' and asked for a full refund. Could anyone update me please on the final decision of the Company? Thanks. My ID is p_k_narayan@hotmail.com