Company fd issue
Sharada A
(Querist) 13 July 2017
This query is : Resolved
One of listed company has collected the FD's and they have paid the interest till the maturity date and the principal amount paid 2 years after the maturity date,
they have shown reason as government had changed some of the company law therefore they are not able to pay the principal amount at the time of maturity date therefore they have paid the principal amount after two years.
are the responsible to pay the interest for this delayed two years.
pls advs
Kumar Doab
(Expert) 13 July 2017
Generically speaking;Yes.
Kumar Doab
(Expert) 13 July 2017
It is felt that all transactions are verbal.
Have they quoted the company law and change in it!
Relate with T&c of the deposit.
P. Venu
(Expert) 14 July 2017
Yes, is the answer. Also, serve a Notice on the Company to provide the information as to change in policy and follow it up with the Company Law Board.
Sharada A
(Querist) 14 July 2017
Dear Venu sir.
thanks for your response and since your mail id is given in your profile, I had sent a separate mail showing company's claim stating CLB and NCLT has given them extensions , but they are quite on my interest part for this delayed 2 years. since its big and listed company not sure as an individual I can take legal action on company as they will have their own company legal team.
Kumar Doab
(Expert) 14 July 2017
You can benefit from the counsel of Mr.P.Venu.
Kumar Doab
(Expert) 14 July 2017
The silence may not mean denial of interest.
Rajendra K Goyal
(Expert) 15 July 2017
Interest for the delayed payment need to be paid, claim the same.
T. Kalaiselvan, Advocate
(Expert) 17 July 2017
You are entitled for the interest towards delay in payment of maturity amount.
You can send a legal demand notice demanding the interest for the delayed period and after that you can initiate money recovery action by due process of law.
