Hi,
In 2002, I applied as MD of my company for financial assistance from a state financial corporation and subsquently granted Venture Capital Assistance against Equity shares (zero collateral).
Upto 2006 neither did this corporation appoint a "Nominee Director" nor did they do any "hand-holding" for a young entrepreneur as per the agreement signed in 2002.
Due to business problems I could noy pay any dividends and the corporation suddenly invoked the "Compulsory Buy Back of Equity after four years" clause in 2006.
Then my father retired from the same corporation in 2007 and ALL his retirement benefits were denied to him on the grounds that "I am his son" although my father never had any role or involvement in any capacity whatsoever. My father did not take any legal action then but he did send some RTI and a legal notice which was duly replied.
Today, my father and mother are living with me and completely financially dependant on me and I go through immense mental torture every day when I am remined/accused about that I was responsibile for making them dependant on me since according to them I was totally responsible for not paying the dues of the corporation.
My questions are as follows:
1) How can a financial institution first allow a flawed scheme (only 7 companies were given Venture Capital Assistance under the scheme from 2000 to 2004 and all have defaulted - recent RTI reply) to be opened for public in the first place?
2) Isnt "Equity" completely different from a "Loan"? (the corporation withdrew the scheme somewhere in 2006).
3) How can the corporation deny retirement benefits to my father just becuause I am his son and a defaulter according to the corporation when I had invited them to send competent officers to come to my office and help me?
4) I understand that the limitation to do recoveries of 3 years apply, but I want to reopen this case and get my father his benefits, plus I get my equity released from this rogue corporation without paying any money (I have incurred huge losses and still struggling after 14 years from that) and I also want to sue this corporation, so what should/can I legally do?
5) The coprtation has recently replied through RTI that I still owe them a huge amount and also that my father's dues have already been setttled. Can I use RTI replies and make this recent date to reset the limitation period? If not, what else is the remedy?
NOTE: I am not being harassed by the corporation but my I am being mentally tortured by my own parents and I feel bad for them also
