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Interest through ECS - not credited in account.
23-Jul-2023 (In Cheque Bounce Law)
Have invested Rupees one lac with a company for which the interest is payable monthly through Electronic clearing scheme directly to our home saving account registered with them. Initially interest was credited. Now since December 2014, they have stopped paying /crediting our account. What should we do? We do not have bounced cheque as proof that they have not paid. What legal action we can take? Please advice.
As the investment is for profit making, it is not a fit case for consumer forum, which provides speedy recovery. You can issue demand notice calling the company to refund invested sum with interest till date. Also you can file a civil suit for recovery after service of notice.
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You will need to send legal notice demanding the return of the actual amount as well as the unpaid interest and also the loss suffered by you due to non-payment by them.
You will have to file case for recovery of money if after the Demand Notice, the company fails to repay the above demanded amounts to you.
You will have to file case for recovery of money if after the Demand Notice, the company fails to repay the above demanded amounts to you.
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Adv. Namitabh Kothari
Mumbai | 400+ Answers
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