Manoharan -
17 July 2023 at 09:33
We have purchased a flat in an apartment complex, in which Promoter has sold some flats to a Bank. The bank is utilizing them as quarters for their staff. One of the bank staff residing there is selected by a few residents as President of Flat Owners Association, who has to go on transfer anywhere. Only one fourth of the flat owners are residing and other flats are on rent. The owners there are telling that there is nobody else is willing to become President. As a President he has got cheque signing powers for the Flat Owners Fund. Is it permissible to elect a non owner as President of Flat Owner Association?
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Bank fixed deposit.
I have put an FD in a Scheduled bank on quarterly interest and after 3 months I have got interest. Due to some personal reason, after 4 months from the date of deposit, I have asked the bank staff to convert the deposit as cumulative. Instead of product change, they have reduced interest by 1.5% from the original interest and paid the interest in the method of preclosure of deposit they have calculated and I have put to a loss.
Some expertvmay kindly offer their opinion on this.