The Hindu : Kerala / Kochi News : Chamber of commerce panel to study Apple a Day issue

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Thursday, Jun 23, 2011
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Kerala

Kerala - Kochi

Chamber of commerce panel to study Apple a Day issue

Special Correspondent

KOCHI: The Kerala Chamber of Commerce and Industry will set up a panel to examine the grievances of people who had invested in the Apple a Day Properties Private Limited, a real estate company, which has allegedly failed to honour contracts.

This was decided at a meeting organised by the chamber in association with Kerala State Legal Services Authority and the police here on Wednesday.

The KCCI panel will have experts such as advocates, engineers, architects and chartered accountants. KCCI chairman Deepak L. Aswani and former chairman E.S. Jose said the committee would study the issue and try to help the investors by interacting with the various agencies involved.

The meeting, in which various investors expressed agony over the scenario, provided an opportunity for the investors, the legal services personnel as well as the police to get more insight into the vexed issue.

The legal authority representatives C.N. Ramachandran and Pious Kuriakose made it clear that though efforts would be taken to extend legal assistance to the needy, arriving at a quick solution could not be expected, under the existing legal framework.

Police Commissioner M.R. Ajit Kumar said investigations were under way to find out whether the real estate group had stashed away wealth.

The chamber representatives said the initiative for forming a panel was being launched as the issue might adversely affect the construction industry and generate a cascading effect on the economy of the State.

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