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Why did Shah Rukh Khan endorse Rose Valley?

Dailybhaskar.com   |  Apr 26, 2013, 16:45PM IST
Kolkata: Bollywood actor and co-owner of Kolkata Knight Riders (KKR) Shah Rukh Khan endorses West Bengal-based multi-business conglomerate Rose Valley, which has made an appeal to its investors not to worry in the wake of Saradha group’s chit fund scam.

The actor along with KKR captain Gautam Gambhir and players Brendon McCullum and Manoj Tiwari has recently shot an ad film for the company.

It is to note that Saradha group chit fund has duped the savings of lakhs people in the state.
 
According to report, Rose Valley has raised over Rs 4000 crore. Another collapse may trigger a bigger crisis in West Bengal than the Saradha group bust.

Close on heels of the Reserve Bank of India's (RBI) instructions to the state government about acting against the mushrooming chit-funds, the Ministry of Corporate Affairs has started inspections of the Rose Valley Group of companies. 
 
The inspection has been initiated on the basis of the recommendation of a sub-committee set up by the RBI to look into the irregular ways of the group. 
The inspections on the Rose Valley Group have commenced consequent to the January meeting. 
 
Marker regulator SEBI had banned Rose Valley Real Estate Construction Limited from collecting money and deposits from the public or to launch any scheme. It has asked the company not to dispose any of its properties or delineate assets of the scheme and not to divert any fund raised from the public at large kept in the bank account or in the custody of the company.
 
If proved guilty after the inspection, Rose Valley could be subjected to a plethora of punitive measures like huge penalty and prosecution. 
 
The group is into hospitality, films, amusement parks and finance and is said to have mobilised Rs 1,271.98 crore till March 2010 from the eastern region, especially Bengal.
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