How to deal with company not giving refund for payment

830 votes

Dear sir,
In case money is not refunded by the company you can send a legal notice demanding payment of full dues. In case it is not done then file a complaint in consumer forum for deficiency in service. Also you can register criminal complaint of cheating against the defaultors.

Advocate Himanshu Srivastava LawRato

938 votes

Today driven by the lack of legitimate savings scheme for the rural poor, inadequate regulations and political patronage, hundreds of illegal ponzi-schemes masquerading as collective investment schemes or chit funds have sprung up across India. Many companies are engaged in a dangerous “money chain” where one investor’s principal and interest is paid off with money from new investors. Such schemes collapse when no new investors come in or when suspicious investors demand their money back in one go. These companies take money from investors in the name of tour packages, investment in agriculture, solar farm or purchase of plots or homes in prime locations over a specified period of time, with a money back option added at the end of the maturity period. Investors are encouraged to cancel their bookings and re-invest the money in new projects, since in most cases, there are hardly any projects on the ground, or they fall way below the value of the investment garnered. The money thus raised goes into the pockets of the promoters of such groups.
Prior to moving ahead you should understand Collective Investment Scheme- An investment scheme wherein several individuals come together to pool their money for investing in a particular asset(s) and for sharing the returns arising from that investment as per the agreement reached between them prior to pooling in the money and as per Collective Investment Scheme Regulations, any company involved in CIS has to register with SEBI .
Today, many companies especially in semi-urban and rural areas are accepting deposits in their company’s name and also promising two to three times returns in two to four years without taking any legal permission. However, In light of a lot of news relating to sham entities garnering funds through fraudulent investment schemes with promise of huge returns mainly in the name of property development and agriculture, SEBI has in the last few years, intensified its scrutiny of investment structures that raise domestic capital on an unregulated basis. In past, SEBI (Securities Exchange Board of India) had taken action against such fraudulent companies including Kalptaru, Alchemist, Sahara & PACL.
Therefore, it is advisable that you should file a complaint in SEBI, as the nature of activities of Parwat Helpy Real Estate Limited is similar to activities of PACL and such other companies.

Advocate Aashish Srivastava LawRato

688 votes

You should file a police complaint against all the Directors and key person involved in day to day business of the company

And parlally you should file a petition for Winding Up of the company for the recovery of your money as invested...

Advocate Anurag Garg LawRato

884 votes

You can proceed legally against the company, however you being unsecured creditor , your claim will be subordinate to the secured creditor. If company is listed one then you can also complaint with SEBI.
Rajiv Jindal
Advocate

Advocate Rajiv Jindal LawRato