How long will the promoters of AN Buildwell fool us?

It has been years since the two projects of Spire Edge and Spire Woods were started, and it is now close to 2 years that the construction of these projects has stopped due to the mismanagement of funds by the developer AN Buildwell. However, with combined efforts from all the customers the associations have been able to bring pressure upon the builders to take action. The shareholders are finally now ready to revive the two projects, thanks to the surmounting pressure from the Haryana Chief Minister Manohar Lal Khattar. This news has finally brought some relief to the 1700 customers of AN Buildwell who have invested their hard earned money in these projects.

However, when a recent meeting was held by the customer associations with the promoters on October 12th, the promoters attacked aggressively over the issues and also tried their best not only to distract the customers but also to break the unity. FOSECA and SWBA had put forth their 6 point agenda which if the promoters agree in writing then the associations would file a modified scheme. Yet, Maj. SK Hooda walked away from the meeting saying that they have put their offer on the table, which the customer associations can either take it or leave it. Notwithstanding the aggressive attitude of the promoters, the associations have left the possibility of discussing the matter at another meeting in future, but this time there will be legal counsel on both sides.

Also, there have been several questions that have been raised by the members in emails which remain unanswered. The Combined Associations have moved an application seeking attachment of the Funds of other assets in India. PL has been instructed to file his report within 14 days before October 26th, following which the Honorable High Court will give its ruling on (a) Ordering an SFIO Enquiry, (b) Passing an injunction against the Fund’s other assets in India.

While there is still the complaint and FIR at EOW Delhi against the promoters, Maj. SK Hooda and Mr. Sunil Gandhi have asked for time to gain access to the records so as to respond to EOW. However, this comes as a surprise to the customers, since if they did not have any records, then how were they able to file a revival scheme? Is it another of their scams or is it a delaying tactic?

While there are words that have given hope, there are actions which say otherwise. The longer it takes for the justice, the easier it will be for the promoters to make a fool out of the customers. But, the unity among the customers and associations is making a lot of difference that perhaps the builder had never anticipated. No matter how hard the promoters try, they cannot fool the customer any longer as everyone is now aware of their wrongdoings.