what to do if a company is not refunding security deposit

It all depends when the notice was issued when the final settlement was done, what was the response of such principal, as there is a limitation period for every legal action.  Contact a local advocate with entire correspondence on the issue on refund of such deposit and perhaps he may find a way, as principal never refuses to repay security deposit in response to notice and limitation period commences from the date of his refusal to refund such deposit and final settlement statement.  You can plead for compound interest and it is the court that has to decide basing on the terms of such payment of interest stated in agreement.  If the annual interest is refundable, and not refunded then a court may take into account compound interest.

You mean to say you will raise the calim after 25 years ; just you woke up like Rip Van Winkle....

First, conclude that you may not get the amount, and now as you have nothing to lose by spending few hundred,  issue a demand notice as per directions of the local advocate.   Depending on the facts of the case, there must be a way out..  If the security deposit account is showing your name in books and in the balance sheet as a liability, I think there may be a chance as showing such liability may amount as debt acknowledgment.  Also, make some efforts by searching in google with keywords "Company not refunding the security deposit after the termination of dealership".  

You have been making too many a posting. What is the real issue?

unless your agency is terminated you are not entitled to seek your security deposit

issue first a legal notice to them and seek the refund of that security deposit

is not responded file a suit in the court to recover that amount with interest

Adv A.P.Loganathan, Madras High Court  

A security deposit can also be adjusted towards existing dues at the termination of agency, and as per stipulations in agreement, the agent is not entitled for refund of the security deposit if his dealership is terminated for breach of contractual terms and fraudulent activities.   There is something that is not being stated by the member for his long silence for 25 years after termination.

termination doesnot occured 

business closed long ago

Few people in forum talking as Kumbhkarn  seems to be childish in nature  any way

since agency business was closed and security deposit was with co ,which was not adjusted against any thing  and not refunded by the co with or without any reason.

they did not refunded and we had came to know that security deposit was not given by them ...yes after so many years...

now only point is to ask to refund  that moeny as it was taken as security deposit with simple interest or comp interest.

It is not handloan or gift....

Please demand a copy of the agreement between the company and agency, and find out the exact clause.  I am also facing such an issue as the dealership was terminated in 1964 voluntarily after the death of the Managing partner, and when the wife of a dealer is seeking the repayment details from PSU, they have been stating that they do not have any record. (Security deposit  Register is a permanent record and production of such record for demanding refund is a clause in the agreement. PSU has not disclosed as to whether SD was outstanding or paid and simple response is NO SUCH RECORD AVAILABLE).  The members who replied to the query are expert and there is a comment in limitation act that states that law can not support lazy and indolent and this may be a reason for such replies.  But, you must try as no one can derive undue benefit at some one's cost.  I know many companies and they serve a notice to agents to surrender original deposit and take the refund, and that interest can not be paid from the date of cancellation/termination/resignation date.

there is no termiation notice given by either parties but business was closed by the dealer with diversified interest in other busines

Renewal of stockistship agreements year basis was also stoped by the co. but they did not refund that security deposit and sending interest cheques was also stopped by the co 

company should refund the deposit if not renewal occured and cement co sold entire cement units to another co ....

we also stopped cement business but just thought the company selling cement units doesnot mean our money is vanished or forfieted

there is no termiation notice given by either parties but business was closed by the dealer with diversified interest in other busines

Renewal of stockistship agreements year basis was also stoped by the co. but they did not refund that security deposit and sending interest cheques was also stopped by the co 

company should refund the deposit if not renewal occured and cement co sold entire cement units to another co ....

we also stopped cement business but just thought the company selling cement units doesnot mean our money is vanished or forfieted

there is no termiation notice given by either parties but business was closed by the dealer with diversified interest in other busines

Renewal of stockistship agreements year basis was also stoped by the co. but they did not refund that security deposit and sending interest cheques was also stopped by the co 

company should refund the deposit if not renewal occured and cement co sold entire cement units to another co ....

we also stopped cement business but just thought the company selling cement units doesnot mean our money is vanished or forfieted