Surat: A financial dispute between local traders and the renowned KP Sanghvi Diamond Company in Varachha has taken a dramatic turn, as traders and their families staged a protest outside the company's main gate on Saturday, demanding justice on humanitarian grounds.
The controversy stems from bounced security cheques that were previously given by the traders to the company. According to diamond industry member Dineshbhai Navdiya, the cheques were submitted as part of earlier financial agreements, but were recently deposited by the company, resulting in them bouncing. Following this, legal action was initiated by the company against several traders and their wives, sparking anger and frustration among the affected families.
Trader Alpeshbhai stated that they had already paid as much as possible under the supervision of their trade association and believed all transactions had been settled. He expressed concern that despite this, the company proceeded with legal cases based on the security cheques, which has added to the financial and mental stress they are already facing.
The protest caught the attention of Varachha Road MLA Kumar Kanani, who arrived at the scene to offer support. He remarked that traders had already surrendered assets and paid up to 50% of dues following significant losses incurred six years ago. He added that such partial settlements are a common practice in Surat’s diamond industry, where feasible payments are considered final in mutual understanding. The decision by the company to now file legal cases against 12 traders and their spouses, he said, was unfortunate.
Kanani emphasized that the presence of families at the protest reflects the deep emotional turmoil they are enduring. He urged the company to show compassion and resolve the matter through mutual agreement, noting that no one can repay debts at the cost of their life.
As per agency report, the dispute has now become a hot topic within Surat’s diamond industry, with many watching closely to see what course of action the company and authorities will take in the coming days.
