Charging interest on interest by cooperative hsg. society

Querist : Anonymous (Querist) 23 December 2011 This query is : Resolved
Dear Sir,

Kindly confirm can I take criminal action when a cooperatve so is charging interest upon interest o/s? Can it do so??

If yes under which section of IPC can I take action??

Can I go any any other rdressal Agency for faster remedy?? e.g.any dept of Municipal Corporation who haldles such small but significant queries?
or any injunction order from district court for not sending the maintenance bill as it contains an amount which is wrong since it includes interest charged orver interest.
or any other redressal agency like consumer forum or any such. Pls inform on priority as this website is indeed great from which I have always got timely replies. Pls do the needful thank you.

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ajay sethi (Expert) 23 December 2011

you can move cooperative court against the society

V R SHROFF (Expert) 23 December 2011
You are not liable to pay compound interest.
As per Co-op h soc act & rules & bye-laws, Only Simple interest can be charges to its members.
I know you understand it well

NOW YOU ARE CONFUSED ABOUT WHAT SHALL YOU DO:

YOU FOLLOW THIS
1] Complain to sub registrar [where is the society situated? Mumbai / thane ? elsewhere]
That the Managing Committee are acting ultra vires, against the bye-Laws of the Society, and their act of charging Compound interest be investigate, and MC be ordered them to stop levy Compound interest, now and in future, and refund it with interest to the concerned members

You cannot go for police complain or Municipal corporation, etc.
To approach Registrar is shortest, sweetest and most effective way to solve your problem.
Adv Shroff
23-12-2011

prabhakar singh (Expert) 24 December 2011
agree with Mr. V R SHROFF

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