Company dealer issue
rahul
(Querist) 13 October 2014
This query is : Resolved
Sir, I am a dealer in ACC cement. I had deposited Rs 1 Lakh as security deposit in the company. my money was in security deposit for last 5-6 years, so i was getting interest on it. But that security money has now been transferred saying "Right back ". I have called the company in order to inquire about my money, they are saying that money is put in 'right back'. Credit balance is now zero. This was done from 1 Jan 14. How can I recover my money from the company.
ajay sethi
(Expert) 13 October 2014
what do you mean by term right back . what is nature of agreement signed by you with company
rahul
(Querist) 13 October 2014
Right back as far as i understand, means my balance has lapsed with the company to 0. They transferred the amount from security deposit --> credit balcnce---> to finally 0.
Nature of agreement- there is not as such written nature of agreement. We are just dealer of the company and we have said that we will sell ur prooducts like ACC cememt. We have stopped working with the company from past 6-7 years.
Rajendra K Goyal
(Expert) 13 October 2014
Company may not have forfeited your deposit, either it has been adjusted to your billing / purchases or transferred to some other security deposit account (to keep your security and purchase account separate). If forfeited must be under terms of agreement. You can inquire actual position from the company.
rahul
(Querist) 13 October 2014
But the company accountant says that amount will not be refunded as the amount they are showing is 0 in the ledger, credit balance is 0. they are saying, that as you are not working with the comp from 6-7 years..so it is "right back".Now you will not get money. How can I get the money back?
Rajendra K Goyal
(Expert) 14 October 2014
Send legal notice for refund and if not refunded file recovery case provided no such condition of right back exist in the agreement.
However, if there is no transaction with the company from last 6-7 years the claim would be barred by time.
rahul
(Querist) 14 October 2014
Will it be under consumer court or civil lawsuit?
