Orange, Granity to refund in four instalments

Realtors Orange Properties and Granity Property Private Limited will refund the amount collected from its customers in four instalments starting September 1, the firms said in a common affidavit submitted to the High Court on Tuesday.

Orange Properties’ proprietor Vijay Tataa Ravipati and the managing director of Granity, Ashfak Ahmed, filed the affidavit before a bench headed by Justice Adi Subhash Bashetti.

Accepting the affidavit, the court quashed a first information report filed against Orange and directed the police to allow the firm to reopen its offices.

Orange had collected money from investors, promising them properties near the international airport at Devanahalli.

The court directed Orange to refund customers through demand draft, which should be distributed by an investigating officer. The High Court bench also made it clear that the customers can approach the court if they were not refunded.

The realtor collected around Rs11 crore from investors under its Orange Properties Premium Scheme, but failed to allot properties or refund them. Following this failure, close to 300 police complaints were filed against the realtor.

Orange was facing 70 cases, most of them filed by the Ashoknagar police. The case was later investigated by the crime branch.