Tidco faces probe in Agra

Agra divisional commissioner Ashok Kumar has ordered an inquiry against Triveni Infrastructure Development Co (Tidco)""a subsidiary of the Rs 3,000 crore Triveni Group.

Talking to Business Standard, Kumar said a large group of investors in this project had met him on Monday, complaining that they had invested several crores in the "Rangoli" project, launched by Tidco in 2004.

A contract was signed by the company promosing them to deliver the completed houses in 18 months but the company had failed to deliver the housing units in time, completely shutting down the construction of the project in June last year.

Now, when the investors were demanding back their money, they were being threatened that their allotments shall be cancelled if they took any legal steps.

According to Kumar, it had been brought to his notice that a number of developers including the Sahara group, which had launched construction projects in the town were delaying the projects after making advance bookings.

A three- member committee had been set up that shall listen to all investor complaints against private builders.

In the case of Tidco's Rangoli project, he said the Chief Development Officer of Agra would hold an inquiry and deliver a report shortly after which, the course of action would be decided.