IndSwift FD - Repayment

I had invested in a 3 year FD with IndSwift Labs in 2012. in 2013, they sent a letter stating that because of financial problems they would repay the interest and principal in installments. The Notice mentioned the revised scheme for repayment of deposits over the next 7 years starting after a moratorium of 2 years from date of maturity of deposit. Until last year (2018), the repayment was paid promptly. However, this year, despite repeated requests, reminders, there is no response from them.
Would appreciate is there are others in the same boat? If you have received the payment? If not, any thoughts on what could be done?
Thanks in advance for the advise. more

Helpful Connected Consumers Oct 29

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Padmanabhan G

Got the check last week and was cleared. more

Nov 28

Dharm Gupta

Dear Last week I recd a mail stating that all due payment will be paid before 31st of dec 2019 Thanks ________________________________ From: Padmanabhan G Sent: Tuesday, October 29, 2019 1:33 PM To: dvgupta1941@hotmail.com Subject: "IndSwift FD - Repayment" more

Oct 30

Padmanabhan G

Thanks Mr. Gupta for the information. I will wait. more

Nov 06

Puthucode Sundaram

It is unfortunate that some people get into the trap of such companies, i remember one Morepen Labs who had issued FD to public and failed to return there deposits quoting bankruptcy, subsequently after a long legal battle by a few stake holders on the orders of the court they issued some shares, the company is doing fairly ok now, so suggest likeminded people approach the court, you will get some relief after some years. more

Oct 30

Gopabandhu Mohapatra

Who is IndSwift - a company or a NBFC or a society etc. more

Oct 30

Padmanabhan G

Indswift labs is A leading manufacturer and exporter of Active Pharmaceutical Ingredients. more

Nov 06

Ranjit Biswas

What had prompted to invest in a private company when we had so many options of 1st class banks? Difference of interest must not be 1 or 2%. If the offer was for much more, immediately you should have become alerted because no entity can bear the burden of unusual higher rates of interest when the rate in the money market is much less. You are now to encounter unending process including legal actions spending lots of money and exhausting energy to get your hard earned money back with no guarantee of getting success. There is no option left now but to act as per the guidelines of other members. more

Oct 29

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