Rose Valley Depositors in Tripura Still Await Refund, Calcutta High Court Sets Six-Month Timeline, BJP’s 2018 Promise Returns to Focus
By Our Correspondent
Agartala, September 18, 2026
A fresh direction from the Calcutta High Court concerning repayment to Rose Valley depositors has once again brought the plight of thousands of investors in Tripura into focus, along with questions over the fate and utilisation of properties of the Rose Valley Group attached in the state.
The Calcutta High Court has directed that the process of returning money to Rose Valley depositors be completed within six months. According to a report published on September 17, the Rose Valley Assets Disposal Committee informed the court that the process for returning around Rs.500 crore to depositors would begin before Durga Puja. The Assets Disposal Committee was originally constituted by the Calcutta High Court in 2015 to facilitate refunds to investors and is empowered, with the court's permission, to sell Rose Valley Group assets for that purpose.
The development has particular significance for Tripura, where a large number of people had invested in Rose Valley schemes before the company's operations collapsed. While refunds have been processed in phases through the court-supervised mechanism, many Tripura depositors have continued to wait for recovery of their investments.
At the same time, questions remain over attached Rose Valley properties located in Tripura and whether monetisation of those properties could contribute to repayment of depositors.
Court records establish that the Tripura government attached several movable and immovable properties of Rose Valley Hotels and Entertainment Ltd through a notification dated January 19, 2017 under the Tripura Protection of Interests of Depositors (in Financial Establishments) Act, 2000. Under the law, attached properties vest in the competent authority pending further orders of the Designated Court.
Significantly, a June 19, 2019 order of the High Court of Tripura permitted the State authorities to use one attached Rose Valley property in the state capital itself, free of cost, subject to the eventual decision of the Designated Court in TPID Case No. 03 of 2017. The court directed the SDM, Sadar, who was then custodian of the property, to hand over its possession to the Director of the Urban Development Department.
However, publicly available records claimed that many Rose Valley assets in Tripura are currently being used by the State Government or that none has ever been disposed of. State Government never makes the list of the Rose Valley Property's comprehensive list, or updated any inventory of the attached properties, their present use, valuation and disposal status.
The latest Calcutta High Court development has nevertheless revived a larger question among affected depositors: if substantial Rose Valley assets remain attached in Tripura, what steps have been taken over the years to value, preserve and, wherever legally permissible, monetise those properties so that the proceeds can ultimately benefit investors?
The issue also has a political history.
Before coming to power in Tripura in 2018, the BJP's election Vision Document specifically promised an investigation into the Rose Valley chit-fund case and punishment for those found guilty. Contemporary reports on the manifesto confirm that investigation of the Rose Valley scam was one of the commitments contained in the party's 30-page Vision Document.
More than eight years after the BJP formed the government in Tripura, the status of refunds to affected depositors and the utilisation or disposal of attached Rose Valley properties remain matters of public interest.
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