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Senior citizen yet to receive deposit receipt from Jaiprakash Associates

A senior citizen and investor is running from pillar to post to receive a deposit receipt from a company, which is busy ‘thanking’ investors through massive advertising

‘THANK YOU DEPOSITORS’ proclaims a recent, huge advertisement brought out by Jaiprakash Associates Ltd, a Jaypee group company. But the same ad does not mention whether it has issued receipts for depositors.

One such investor, Vidyadhar Radhakrishna Lad, a senior citizen and shareholder of the company, had subscribed for the fixed deposit scheme of Jaiprakash Associates by investing Rs1 lakh. Despite writing to the company and running from pillar to post for two months, Mr Lad has still not received his fixed deposit receipt (FDR).

Mr Lad invested in the fixed deposit scheme of Jaiprakash Associates on 6 October 2009 through a sub-broker, who then submitted the same to the company’s authorised broker RR Investors Capital Services Pvt Ltd. Mr Lad made the payment of Rs1 lakh via cheque number 223232 drawn on HDFC Bank, Ahura Centre branch, Andheri (E), Mumbai 400 093. The broker, RR Investors, has also not responded to Mr Lad’s two emails on this subject.

Mr Lad in his mail to Manoj Gaur, executive chairman, Jaiprakash Associates, wrote, “It would have been better had you added one simple statement ‘FDRs BEING DESPATCHED’ in your advertisement. This would have not only made deposit-holders happy, but (it would have) also impressed the common public who have nothing to do with the company (at present) and who may invest their hard-earned money sometime in (the) future whenever the company needs funds.”

However, the company, in a response to a Moneylife email, said that it received the payment from Mr Lad on 10th October and issued an FDR (number 166884) on the same date. As per the terms and conditions of the scheme, Jaiprakash Associates said it had dispatched the FDR on 7th December through registered post.

Surprisingly, the company said it has not received any mail from neither Mr Lad nor Moneylife on its e-mail id [email protected]. The question is, why did the company give the same email ID to investors for correspondence?

Several senior citizens like Mr Lad survive on the interest income that they earn from fixed deposits. Companies like Jaiprakash Associates should keep this in mind and at least make sure that they communicate properly with their investors.
 
Separately, when we tried to reach the company’s website www.jilindia.com through Google, we were warned that this site may harm our computer!
 

User

COMMENTS

N KAPOOR

1 year ago

MY PROBLEM IS NOT DIFFERENT FORM MR. LAL‘S, I AM STILL WAITING FOR MY AMOUNT. I DO NOT KNOW WHETHER I AM COMPETENT ENOUGH TO ADVICE A COMPANY LIKE JP ASSOCIATES TO MENTION THAT THEY SHOULD ADD A STATEMENT MENTIONED BY MR. LAL. DEFINATELY, I WOULD ADVICE ALL THE DEPOSITORS TO ATLEAST OPEN THE COMPANY WEBSITE ONCE BEFORE THEY DECIDE TO INVEST,LEAVE ASIDE HARMING YOUR COMPUTER, SAVE YOUR SAVINGS
N. KAPOOR

annapoorani

2 years ago

I have been literally begging J.P.Associates to return back my funds for the past 4 months which i had invested with them in the year 2011 and also placed the redemption request in the month of december 2014. I am a senior citizen can some one help me out.

Name of the Depositer: Annapoorani Rajamanickam
FD Reciept No. 00306963
Investor code. 1185595
Value : 100000( one lakh)
Date of Deposit: 03.11.2011
date of Maturity:02.11.2014

Venkatesh Kaushik

2 years ago

My parents had invested a sum in Jaiprakash Associates FD and it has matured on 28th Jan 2015. The amount of cRs45000 is due but so far no response. Whilst this may be a small amount for many, for my parents (who are sr citizens - retired) it is significant.

They seem to be still clearing the FDs matured in Nov/Dec 2014.

Vk Bang

2 years ago

Worst level company. Though they claim that they are building express way etc with crores of money, they are not returning FD principal amount itself. FD got matured in Nov 14 itself. Till now have not got. Everytime they say that it will be issued next month. This is not my case. There are many other investors like this. Who can teach these companies?

A Sudershana Chary

2 years ago

My fixed deposit details are as below...
My Name Sudershana Chary Ananthoju
FDR number - 00435394
DUE - 07/12/2014
Investor Code 1261003
Scheme Cumulative
FD Amount Rs 50000
Maturity Amount Rs 56065.00
JAIPRAKASH ASSOCIATES LTD.
I wrote many mails but no one is responding.When I consulted on phone they are not lifting phone for long times When lifted they are simply saying refund will be given in March 2015. Iam a Sr citizen pl help me in resolving my problem
Thanking you
A Sudershana Chary

Satish Chebbi

2 years ago

My fixed deposit details are as below...

FDR number - 00311418.
DUE - 08/11/02014
JAIPRAKASH ASSOCIATES LTD.

I'm going for legal notice. Please I would request everyone to go for legal notice without which you will not get money...

Muralidhar

2 years ago

Non Payment of Fixed Deposit Maturity Amount
I Muralidhar Lakkanna have already sent my FD through Bajaj Capital Service centre, FD principle amount 2,00,000 (1 lakh x 2 nos.) FD No. 00325458 and 00325459, investor code 1189911 matured on 23 Nov 2014. I request to immediately pay the maturity amount of 290440, as i'm in financial commitment distress now.

Pradeep Tandon

2 years ago

JPASSOCIATES HAVE NOT MADE REPAYMENT OF FDR NO. 00433229 DUE ON 9.11.2014 INSPITE OF REPEATED REMINDERS NOR PAID INTEREST DUE ON I.9.2014 ONWARDS

Kanta bhatia

2 years ago

I have not received maturity deposit of Rs 100000 from jaiprakash associates limited. The FDR duly discharged was sent to company on 17.10.2014. The deposit matured on 09.11.2014. I have sent numerous emails to company. I am a seƱor citizen woman 75 years and need money urgently kindly help. Kanta Bhatia

aniruddha

3 years ago

Ankur drugs & pharma ltd is enjoying depositor's money. I invested 50K in this company. FD is matured but didn't got a single rupee yet. Even there is no positive sign of getting it as nobody seems to be interested in repaying money to small investors who trusted them and invested there hard earn money.

Aniruddha

John

5 years ago

Senior Citizens Savings Scheme introduced by Govt. of India for old
people be secured from attachment by any court of law. May it please be
done by our Honourable Supreme
Court of India or Govt. of India. This
will give life to the dying destitutes.

Wagh

5 years ago

Ankur drugs & Pharma Ltd. is not paying interest or premature payment of Fixed deposits . Mr.Purnandu Jain, Chairman & Managing Director of the Company is requested to look into the
matter personally.

Company complaints

7 years ago

Compnay FDs are very risky. There is no guarantee that money will be paid. Unlike bank deposit there is no minimum Guarantee at all. We have to simply trust companies that they will pay. After maturity, getting payment is also a big pain.

Reshma Ramesh Desai

7 years ago

I have not yet recd my FD receipt since last 4 months neither have I recd any interest on FD from the company. My cheque was cleared on 09.09.09 & today is 21.01.10 but nothing is been recd by me.

V.Bhaskaran

7 years ago

I have also not received the deposit receipt from Jaiprakash Industries for my my Rs. 3 lakh deposit

Trade unions oppose taxing of savings, PF withdrawals

The draft direct tax code, on which the government has invited comments from the public, has argued for bringing the entire range of savings schemes under the EET mode of taxation

Trade unions have asked the Indian government to shelve the proposal in the draft Direct Tax Code (DTC) to tax all savings and provident fund (PF) schemes at the time of withdrawal, saying that the move would hit the salaried class hard, reports PTI.

"This effort of bringing PF withdrawals under income-tax purview shall adversely hit the salaried class as their social security will be seriously hampered. This is just not acceptable," said the Hind Mazdoor Sabha (HMS), in a letter to finance minister Pranab Mukherjee.

Cautioning the government that implementation of the proposal could create a 'serious situation', the HMS appealed to the finance minister “not to open a confrontational front.”

The secretary of the All India Trade Union Congress, DL Sachdev, also raised concerns about the proposal and said that the Union would take up the issue with the government.

The draft DTC, on which the government has invited comments from the public, has argued for bringing all savings schemes under the exempt, exempt, tax (EET) mode of taxation.

At present, no income-tax is levied either at the time of contribution, accrual of interest, or withdrawal of provident funds by subscribers.

The EET mode would cover retirement funds, including General Provident Fund (GPF), Public Provident Fund (PPF), Recognised Provident Fund (RPF) and Employees' Provident Fund (EPF).

"During a meeting of the working committee of the HMS on 31st October, a resolution was passed to oppose the government's move to bring PF under income-tax purview,” said AD Nagpal, secretary, Hind Mazdoor Sabha, in a statement to PTI.

"We oppose this proposal as this would hit the salaried class of the society badly. Subscriptions to PF schemes are mandatory and not voluntary. Thus the government should not charge income-tax on withdrawals of PFs before or after superannuation," he said.

Mr Sachdev, who is also an Employees’ Provident Fund Organisation's (EPFO) trustee, said, "We will raise this issue in the next meeting of EPFO's apex body, Central Board of Trustees, which is headed by the labour minister."

"We will spare no efforts to get this resolution passed in the CBT that trustees don't favour charging of income-tax on PF withdrawals,” Mr Sachdev said, adding that a letter opposing the proposal would be sent to the labour minister as well as the finance minister.

The issue, Mr Sachdev said, is likely to rock pre-budget consultations of the finance minister with the unions.

All central trade unions would stage a dharna in front of Parliament House on 16th December, he added.
 

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