For chemist-investors of the Maharashtra Safe Chemist and Druggist Alliance Limited (MSCDAL), it has been close to a decade of no dividends on their money
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For chemist-investors of the Maharashtra Safe Chemist and Druggist Alliance Limited (MSCDAL), it has been close to a decade of no dividends on their money.
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In 2007, under alleged pressure by the Maharashtra Chemist and Druggist Association (MCDA), thousands of chemists across the state invested a total of Rs 55 crore into MSCDAL.
But, they received dividends on their investment only till 2008, after which the money stopped entirely. The impending sum has crossed crores of rupees in the years since, and the chemists are still waiting for returns on their investment.
After many chemists from the association complaint to the FDA, on July 17, FDA minister Girish Bapat wrote to the CM about the issue, following which the Law and Justice Ministry instructed the city charity commissioner to do a legislative inquiry of Shivniketan Trust, Thane (NGO started allegedly with the investors' money) and MSCDAL.
Bapat has also requested registering a criminal case. On August 16, the charity commission informed the Law and Justice ministry in a letter that they are starting an inquiry into the finances of the two bodies.
The charity commission's letter says, "Shivniketan Trust and MSCDAL have been established from the economic sources of MCDA. At the same time, lakhs of rupees have been collected from member chemists. Neither the principal amount nor the interest has been refunded to the chemist members yet."
MSCDAL was formed in 2007.
MCDA claims innocence
Jagannath Shinde, MCDA president didn't respond to mid-day's calls, Ravi Goyal, an MCDA member said, "We know about the inquiry that has been initiated. The dividend was provided in the first year, after which, the private limited went into losses. Once a person invests in shares, the principle amount cannot be given back," he said.
Voices
Dhiren Shah, chemist
'I paid Rs 5,000 to buy a share of the association, as we were asked. I received some amount of money as dividend only in the first year and then it stopped.'
Ravindra Joshi, chemist
(He had invested Rs 4 lakh) 'Many chemists invested above Rs 10,000. In nine years, the money would have turned into lakhs'
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