COMPANIES NOT PAYING FD ON MATURITY

Can this forum solve this problem of big companies not paying FD on maturity- especially putting senior citizen into serious trouble. They neither pay interest nor the principal. Writing to Registrar of companies in not helping. These companies have closed, many owners have run away/ absconding. Some have approached courts to enable them to make payment in small installments over as long as 5 to 8 years or longer. Even that commitment is not met. WILLFUL DEFAULTERS is not just those not paying to banks, but this is another category of willful defaulters. UNITECH, JP associates, Elder Health care, Elder Pharma, Micro technologies etc are just a few of them. Mr Vijay Mallya is enjoying in London. How can we- CONSUMERS- be protected? Payment has to be made almost immediately as the FDs matured years back. Senior citizens are alive one day and may not be there next day- everyday is a bonus. Let the owners sell their properties and make repayments on their own!1 Do they have any conscience at all? more

Helpful Connected Consumers Aug 26

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D K Mitra

I am a Sr Ctz and have a major chunk of my retirement money blocked in FDs with Elder Pharma Microtech and Omnitech since 2013. Since past 3 years, I have taken up issues with Co, then MCA, FM, PMO, Maha CM then EOW. Finally all 3 Co matters are in Courts and appears all authorities have been taken care by the respective companies. Elder trying to go under liquidation, Microtech Directors using swindled money in similar named companies having declared co under liquidation and Omnitech trying hard to stay afloat without paying back investors. Have sent our PM Modiji seven letters so far pleading our case of Sr Ctzs but never even got an acknowledgement forget an action. Moneylife Foundation have persuaded our case with MCA but result the same. Almighty only knows how many of us will be able to die with dignity as without this invested fund refunded in old age, we go as paupers. more

Sep 13

Vikas Malaiya (Financial Analyst)

Dear Investors, In you are having concerns like Principal & interest not paid by companies promising the same; you need to put a complaint to MCA ( Ministry of Corporate Affairs) under MCA services --> Create investor compliant . Use this link for same http://www.mca.gov.in/MinistryV2/createinvestorcomplaint.html Also, formally send the Registered Post letter addressing the Company Seceraty of the company with giving proper details of FD number, etc and ask for proper reply via regiastered post for not paying the interest and principal. This reply from CS will be helpful for you to fight your case in law of court and MCA will have to comply by Law. Hope this will be helpful for all. more

Sep 13

Alok Mittal

In my wife's case, Valecha Engineering Ltd default on payment of interest as well as principal amount. I created a User Account on the MCA Website and lodged an Online Complaint under the 'Serious Complaint' tag and also uploaded all evidences such as copy of FD Receipt, letter submitted by us personally to CS of Valecha, etc in PDF Format.
MCA takes no action whatsoever. Many weeks after filing the complaint, the status is shows as 'Under Examination'.
As far as Valecha is concerned, they shamelessly say that they have no money and themselves ask us to approach the ROC for help. They also ask all FD holders to deposit the Original FD Receipt with them !! IF ANYONE IS FOOLISH ENOUGH TO DO SO, THAT PERSON WILL LOSE ALL CHANCES OF RECOVERING HIS MONEY FOR ALL TIME - SO BEWARE OF SUCH DEMANDS !! more

Nov 06

Kamta Jain (Advocate)

write to company Law Board.They will fix ameeting and you go there it may help.It worked for me 20 years back On 8/27/16, Mohan Divekar wrote: > more

Sep 13

Bharathi Kumar

I want to take up another Social Evil in our society.The Government should take immediate steps to curb this terrorist activity by the college dropouts especially the Engineering under graduates. Recently withing a span of two months two murders took place in the broad daylight with full public view. in both incidents the killers are none else the drop out engineering candidates. One is Chennai Nungambakkam Railway Station platform and another is in Karur Engineering College., Tamilnadu. The Government of Tamilnadu should send notices to all private and public Engineering Colleges as well as other Colleges to find out status of the drop out students, as well as other students who are struggling to complete their studies and their economic status. The two day light murders are warning for the Government.Moral education and Yoga must become the part of College curricula em. All schools should teach yoga and game from the primary school lever.The students should be taught to face failure in any form boldly to lead a success in life. Now a days in education,"memorization of poetry and maths, chemistry and physics had gone.in our days there is full marks for memorization of poetry etc. This is the best form of education since memorization consumes a lot of time.It actually prevents the mind to to store unwanted things in the mind. for example at the primary level the students should be taught three languages (in poetry form only) Mother tongue, English and Hindi. and maths. A class V student must be able to recite tables from 1 to 16 thoroughly till 16.This will help him to calculate easily the money transaction during buing goods or hiring services, by him or his near and dear. . On Sat, Aug 27, 2016 at 4:59 AM, K.r.narasimhan -- < support@localcirclesmail.com> wrote: > more

Sep 01

Sankara Narayana Pillai (Former Judge and President, District Consumer Forum)

This Forum has no power to solve any problem but it can expose the problems to public and the authorities concerned so that there will be some action from their end.The proper Forum to solve your grievance is the Consumer Disputes Redressal Forum. more

Aug 30

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