Non payment of fixed deposit amount deposited
Sushil Verma
(Querist) 10 January 2018
This query is : Resolved
Sir, I deposited two amounts of Rs.2 lac (under one cumulative and one non-cumulative scheme) with SRS Limited, a big corporate in Oct, 2014 for 3 years. On one Non-cumulative Fixed Deposit, they have paid quarterly interest upto 31.3.2017 only and not paid any amount after that and on another cumulative FD they have not repaid the maturity amount which comes to Rs.2.96 lacs. I have sent number of mails to them and also personally visited their office and made a request to repay my due amounts. In 2016, they got an order from the National Company Law Board that due to financial difficulties they are not abale to make payments as per due dates and got an order for release of payment in two and a half years after date of maturity with initial payment of 10% of principal amount on maturity date and balance in installements and also sent a letter to me that they are committed to make payment but there may be delay and at the same time mentioned that you may take another course of action if you wish. Kindly advice what should I do in this matter. Regards, Sushil Verma
Isaac Gabriel
(Expert) 11 January 2018
You have fallen as a prey in the hands of wicked wolf. You have to resort to legal action, or prepared to accept their paltry payment then and there.
P. Venu
(Expert) 12 January 2018
The company id in financial crisis. Individual action may not be of much avail. Make use of social media and other means for a collective action.
Ms.Usha Kapoor
(Expert) 08 July 2018
Agree with Venu and Issac Gabriel.
