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Fixed Deposits Problem related Private Ltd Company/associate/etc
23-Aug-2023 (In Property Law)
have kept fixed Deposit of Rs.5.00 lakh with this firm in Pune. The firm has defaulted in payment of interest on the said deposit since January 2017. After contacting the company office, no assurance for payment of interest. It is understood that the DSK Group at Pune has collected large amount of funds in fixed deposits from citizens of Pune alluring them for attractive rate of interest. Now they are unable to service the interest as well as payment of deposits fallen due.what are the remedies available for these conditions.is there any criminal liabilities available for such conditions
Yes there is a provision in Maharashtra Protection of Interest of Depositors Act according to which penal action can be initiated against the Companies who does not pay interest as agreed. You may feel a police complaint.
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Adv. Ujwal Phasate
Nagpur | 100+ Answers
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You will have to send Legal Notice demanding return of fixed deposit and interest.
If they don't return the money then you can file civil suit for recovery of money and interest and legal expenses of court case.
If they don't return the money then you can file civil suit for recovery of money and interest and legal expenses of court case.
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Adv. Namitabh Kothari
Mumbai | 400+ Answers
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Respected Sir,
Hope DSK Group is in real estate business. Any companies, entities, except banks and NBFC duly lucebced from RBI can not take deposits in a promise to return with lucrative interest. Hence it is necessary to understand the exact nature of transaction and verify the documents.
Hope DSK Group is in real estate business. Any companies, entities, except banks and NBFC duly lucebced from RBI can not take deposits in a promise to return with lucrative interest. Hence it is necessary to understand the exact nature of transaction and verify the documents.
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