Stocks
Sensex, Nifty shows great strength: Tuesday closing report

A close below any previous day’s low will signal a reversal. However, the bulls are in the driver’s seat and declines may be shallow

The key benchmarks back home opened in the positive, following a strong rally in the US and Asian markets. Sensex opened at 19,697 while the Nifty opened at 5,983. Asian stocks rose as the Reserve Bank of Australia cut its benchmark interest rate to a record low on Tuesday and signaling it could do more. The indices looked firm and continued to rise through the afternoon, which gained strength post-European market opening. Sensex hit a high of 19,918 while the Nifty hit a high of 6,051. The Sensex closed at 19,889 (215 points up, 1.09%) which is its highest closing after 31 January 2013. The Nifty closed at 6,044 (73 points up, 1.21%) which is its highest closing after 30 January 2013. The NSE saw a volume of 58.71 crore shares

 

The broader indices closed in the positive. The BSE Mid-cap index rose 0.84% and the BSE Small-cap index rose 0.60%.    

 

All the sectoral indices closed in the positive. The top sectoral indices were BSE FMCG (up 2%); BSE Bankex (up 1.8%); BSE Realty (up 1.4%); BSE Auto (up 1.12%) and BSE Capital Goods (up 0.9%).

 

Twenty-five of the 30 stocks on the Sensex closed in the positive. The chief gainers were Hero MotoCorp (up 3.65%); Bharti Airtel (up 3.14%); ITC (up 2.73%); Tata Motors (up 2.58%) and Jindal Steel (up 2.23%). The key losers were Coal India (down 1.73%); Wipro (down 1.50%); Mahindra & Mahindra (down 0.61%); Maruti Suzuki (down 0.07%) and Tata Power (down 0.05%).

 

The top two A Group gainers on the BSE were— Mphasis (up 10.52%) and Mahindra & Mahindra Financial Services (up 10.27%).

 

The top two A Group losers on the BSE were— Allahabad Bank (down 4.78%) and Gitanjali Gems (down 2.65%).

 

The top two B Group gainers on the BSE were—Salora Intl (up 20%) and Surana Telecom (up 20%).

 

The top two B Group losers on the BSE were— Arcuttipore Tea (down 19.40%) and Puneet Resins (down 19.29%).

 

Of the 50 stocks on the Nifty, 42 ended in the green. The key gainers were Hero MotoCorp (up 3.69%); DLF (up 3.35%); Axis Bank (up 3.01%); Lupin (up 2.95%) and IDFC (up 2.83%). The major losers were Coal India (down 1.96%); Ambuja Cements (down 0.62%); HDFC (down 0.57%); Mahindra & Mahindra (down 0.56%) and Ranbaxy (down 0.55%).

 

Except for Seoul Composite (fell 0.36%) and Taiwan Weighted (fell 0.07%), all the Asian indices closed in the positive. The maximum gainer was Nikkei 225 (up 3.55%). The European indices were trading in the green and so were the US Futures

 

The board of directors of APM Industries has recommended, subject to the approval of shareholders, a final dividend @ 50% i.e. Rs1 per equity share of Rs.2/- each for the year ended March 31, 2013. An interim dividend @ 30% i.e. Rs.0.60 per equity share was already paid on November 12, 2012. The total dividend for financial year 2012-13 is 80% i.e. Rs.1.60 per equity share. The stock rose 7.58% to close at Rs22.70 on the BSE

 

With reference to the news item appearing in the newspaper titled "Takeover buzz lifts Karnataka Bank", Karnataka Bank has clarified and has denied the rumour of merger of the bank with any Bank. The stock fell 1.02% to close at Rs154.80 on the NSE

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COMMENTS

Sachin

4 years ago

When global equity markets like Japan,Germany,US etc are hitting new highs, it won't be surprising to see NIFTY hitting new highs above 6350 in coming weeks.

How much longer can the FM, RBI ignore HSBC in India?

While the HSBC Holdings chairman Mr Flint, the board of directors, and CEO Mr Milne of HSBC India are unaffected, will they care about the lives they have ruined in India?
 

The Hong Kong and Shanghai Banking Corporation Ltd (HSBC) group spends hundreds of crores of advertising around the world on how good the Bank is. Douglas Jardine Flint, the group’s chairman states how important HSBC’s reputation is. Stuart Gulliver, its chief executive, talks about HSBC’s values and staff acting with courageous integrity, empowering staff to do the right thing. As there always two sides to any story, let us see what the rest of the world has to say about the behaviour of the HSBC group around the world.

 

Senate investigation concluded that HSBC provided a, "gateway for terrorists to gain access to US dollars and the US financial system."

 

Senator Levin said HSBC had been ‘pervasively polluted for some time’.

 

Has the behaviour of HSBC been illegal and fraudulent in India?

 

The allegation being made about HSBC in India is that they are demanding money with menace and making threats to register people with credit bureaus (for e.g. CIBIL). Direct sales agents (DSAs) are falsely telling customers the credit card was free for life. Customers are being threatened, intimidated and blackmailed by staff. Some customers are being asked to sign blank letters of instructions (LOIs). In some cases, credit card statements are not appearing for years. Some customers are falsely reported to CIBIL for failing to comply with the rules and regulations. All this is violating people’s rights and violating the Indian Penal Code (IPC).

 

I know these allegations are true as I have been able to help many people in India and Indians around the world against HSBC’s illegal practices. I have been shocked and disgusted by the behaviour of HSBC in India towards their customers in India. Even Mr Flint, the group’s chairman has ignored customers who have contacted him directly concerning their serious problems with HSBC India and referred their complaints back to India.

 

When I have questioned this behaviour with the chairman and the Board of Directors of HSBC Holdings Plc at the 2011 and 2012 annual general meetings (AGMs), the Mr Flint’s response was to provide false and misleading information to the shareholders at the AGM’s.

The following behaviour by the executive management of the HSBC Group and in particular HSBC in India should scare anyone considering becoming a customer of the Bank anywhere in the world.

 

In 2009 Justice Appa Rao, who wrote the judgment, clearly held that there is deficiency in the service rendered by HSBC, which 'had acted against the guidelines issued by the Reserve Bank of India (RBI) and Banking Codes Standards Board of India (BCSBI) in regard to the code of bank's commitment to customers'. The bank did not inform the customer before asking the credit bureaus to blacklist her and brand her as a defaulter and an international economic offender, the judge said.

 

This is despite the petitioner clearing all her outstanding dues and the bank's own staff certifying the same, he said. The bank not only failed to rectify its mistake but also flouted all the rules, regulations and the guidelines issued by RBI and BCSBI, the judge said and awarded the compensation to the petitioner.

 

If people would like to go to http://www.consumercomplaints.in/?search=HSBC-BANK these are very serious complaints being made about HSBC India.

 

There are so many cases we could give as examples we have chosen only one, Sanjeev Kumar. He has been asking questions about his treatment by HSBC since December 2010, which HSBC will not answer.

 

Credit Card- Sanjeev Kumar’s case 

In 2009, my Company had just opened my salary account with HSBC bank two months back and suddenly bank has blocked Rs27,000 in my saving account. When I talked to customer care they said that I have taken a credit card in 2007 and did shopping of Rs8,555 using the card. This amount with interest has now become Rs27000.

 

I have never received any credit card form HSBC bank and never received any statements for due amount or a reminder statement. When I went to the bank and asked them to verify my credentials and provide me the supporting documents, which shows that I received that credit card. However, they refused to give me the information.

 

Next day, on 13 August 2009, the bank deducted Rs39,093.42 from my account and left me and my family with zero rupees. HSBC left no money for food, no money for rent and not a single rupee in my account. HSBC Bank did return Rs11,990.13 subsequently, on 20 August 2009 to my savings account.

 

When I wanted to close my credit card, the bank did not allow me to do so. However, HSBC sent me a mailer that said, “Our records reflect that your card outstanding for the period 15 September 2009 to 14 October 2009 was Rs1,003.61 with the due date 5 November 2009; as we were not in receipt of the outstanding payment hence Rs1,003.61 was debited from your savings account”.

 

In December 2010, HSBC entered into Mr Kumar’s account and made a credit of Rs29,780.38, without his authorisation or agreement. When Mr Kumar refused this settlement, HSBC refused to answer him. Since December 2010, Mr Kumar has contacted Stuart Davis, the erstwhile CEO, and Mr Milne, the current CEO of HSBC India, in addition to Mr Flint Group Chairman. They have all refused to answer the simple question: What legal right did HSBC have to enter into his account and deposit money without his authorisation or agreement?

 

The reason we write this is because there are thousands of others who are similarly suffering due to wrong reporting by banks to CIBIL.

 

There have been so many problems with HSBC’s behaviour and this behaviour is continuing even today as the writing of this article. These abuses by HSBC concerning is concerning illegal practices?

 

Many credit card holders have stated they have not received statements for up to six years. When they have contacted, HSBC has demanded that they should pay first else there would be penalty charges, or the customers would find themselves their names as defaulter in credit bureau list.

 

This raises some questions like…

1) Are these charges legal when the bank has failed to follow the rules and regulation in contacting the customer?

2) Have HSBC followed the rules and regulation before reporting people to a credit bureau like CIBIL. If not then would these charges be illegal?  

3) How many Indian people were falsely registered owing HSBC MONEY?

4) How many Indians have HSBC falsely registered with credit bureaus?

5) How many Indians have HSBC falsely registered having a credit card?

6) Have HSBC been registering illegal penalty charges against credit card holders in India?

7) Has HSBC been illegally been forcing people to pay money which it was not legally entitled to?

 

HSBC sold off their credit card and personal loan debt to JM Financial in June 2011 for $10 million. JM Financial employed Tata Consultancy Services (TCS) to collect these debts; it is amazing TCS have been able to contact many customers of HSBC for the payments.

 

1) How can Tata Consultancy Services (TCS) find these customers and HSBC could not?

2) I have received complaints from people who have never had a credit card with HSBC and now they have TCS demanding people pay money.

3) JM Financial was informed in 2011 there may be a very serious problem concerning the database with personal details supplied by HSBC.

4) I have also received very serious complaints concerning the behaviour of the collection agents, which I have taken up with JM Financial. I have forward the complaints to JM Financial, which have acted if a good manner but there can never be any excuses for bad practices by collection agents.

5) I have also informed Tata Consultancy Services about what was going on, I will not comment on their response.

6) People are impersonating the Police Officer’s and the Court Officer’s to threaten people that they will be arrested if they do not pay. Then, any company doing this has a very serious problem, as this behaviour is illegal.

 

Just because a Bank says you owe them money, it is not always true. Yes, there are rules and regulations framed by the regulators. The Bank must be willing to comply with rules and regulations and not ignore them.

 

The RBI has made it mandatory for loan-recovery agents to have done a certificate course and 100 hours of training in behavioural skills from the Indian Institute of Banking and Finance (IIBF). Else, from 1st January, banks and their outsourced agencies cannot employ them. ''Every agent will have to pass the examination conducted by IIBF all over India,'' RBI said in its circular. Some of the recovery agents of the banks have already undergone training in behaviour and banking.

 

Here are some more questions for HSBC…

1) The question about these so call debts and the penalty charges HSBC have registered against individuals, are they legal?

2) Has HSBC written off these illegal debts against their tax liabilities?

3) If HSBC has written off these illegal debts against their tax liabilities, would this not be tax fraud and fraud against the Government of India?

 

Blank letters of instructions (LOIs)

At the 2012 AGM, Mr Flint was questioned by a shareholder about customers being asked to sign blank LoIs. He assured that there was no question and the bank would never knowingly ask customers to sign blank LoIs.

 

Six months after the AGM HSBC issues this SMS…

“Dear customer, secure your personal information. You could be putting yourself to risk by signing blank/ incomplete documents such as account opening forms, Letter of Instructions for Mutual Fund purchase/switch/redemptions, Standing Instructions, Fund Transfers, Service requests etc. We urge you not to sign or hand-over any blank or incomplete document/s to any HSBC Staff to help us protect your interests.”

 

Why it took six months to send out this SMS and how many people received this message? Did HSBC send this message to any NRI’s and if the Bank did how many NRI’s received this message? Can any decent society afford the behaviour of the HSBC Group?

 

Is there sufficient evidence for P Chidambaram, the Finance Minister of India to announce a criminal investigation into the behaviour of HSBC India?

 

Other pieces of information

It is mandatory for a bank refusing you a loan to give the reason for rejecting your loan application in writing. You can ask the bank that is rejecting your loan application to provide you with the credit report that they have taken from a credit bureau. They are bound by law to give you a copy.

 

Please be advised…

1. You are citizens governed by laws of India.

2. Any recovery process has to be done as per laws of India.

3. Recovery cannot be done without a court order, which means that a case has to be filed against you, summons issued, your side of the story heard by the court and orders passed.

4. Police cannot arrest you based on a complaint of non-payment. Police can only act on court orders.

5. In case of any harassment, you should lodge a complaint of criminal intimidation and extortion with your local police station.

6. Please DO NOT pay cash to any person who promises to settle your account. Pay by account payee crossed cheque only and only in the name of your account with the bank.

7. Please insist on a settlement letter from the bank for accepting the money you are offering and closure of your account.

 

HSBC has a history of abusing customers, not complying with the rules and regulations of regulators around the world. So be careful while dealing with it in India.

 

(UK-based Michael Mason-Mahon is small private shareholder of HSBC and is known for keeping the ‘shareholder spring’ alive.)

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COMMENTS

CA PRADEEP AGARWAL

4 years ago

Sorry for being late,

Penalty imposed by RBI is very meagre, feel will not discourage banks to do wrong Acts, further if RBI wants then it can change the management and shunting out the management involved in wrongful acts.

Michael Mason-Mahon

4 years ago

Open letter to the major shareholders and the Board of Directors of HSBC Holdings Plc


Should the major shareholders of HSBC Holdings Plc pick up the bill for restoring the reputation of the HSBC Group?

Why have the Major shareholders not forced any changes to the Board of Directors of HSBC Holdings Plc?

If the world is to believe the statements of Mr Flint, Chairman, Mr Gulliver, CEO, that they are truly sorry for the illegal and criminal behaviour of HSBC Group, let the Board of Directors show the world how really sorry the HSBC Group is.

Is the HSBC Group willing to make an act of Attrition for their illegal and criminal behaviour around the world?

Is the HSBC Group truly sorry and wanting to atone for their illegal and criminal behaviour around the world? Are they willing to pay the Price?

Is Mr Flint, Chairman, Mr Gulliver, CEO and the Board of Directors of HSBC Holdings Plc very serious about restoring the reputation of HSBC around the world?

A good start would be to show society that the HSBC Group is not only willing to atone for the past and that the HSBC Group is willing to be a great Corporate Citizen of the world.

The cost is to help the world, the hungry, the poor, the uneducated, the homeless and the sick children of the world.

The HSBC Group is willing to announce in the next 30 days that the HSBC Group will donate £3 billion to help the world and for the next ten years donate £5 hundred million every year. The £3 billion donation will be made within six months of the announcement.

Some ideas for HSBC Group.

India £ 762 Million, then for the next tens years £51 Million.

Africa £ 823 Million, then for the next tens years £56 Million.

South America £ 514 Million then for the next tens years £43 Million.

Middle East, Syria and the Lebanon 370 Million then for the next tens years £46 Million

China £ 236 Million, then for the next tens years £79 Million

The rest of the world £ 210 Million, then for the next tens years £205 Million.

Costs £ 20 Million per year.

Have the HSBC Group paid over $2 billion in fines and settlements in the USA in the last four months?

This may be too high a price for the HSBC Group to pay to restore their reputation?

By helping the world maybe, just maybe, the citizens of the world, may be able to start to forgive the shameful behaviour of the HSBC Group and the behaviour of Board of Directors of HSBC Holdings Plc that were Board members while this illegal and criminal behaviour was going on.

Concerned shareholder

Regards
Michael Mason-Mahon
Mobile: 0044 7834763544
Mobile: 0044 7448770801
E-mail: [email protected]

"First they ignore you, then they ridicule you, then they fight you, and then you win."

Michael Mason-Mahon

4 years ago

Open letter to the major shareholders and the Board of Directors of HSBC Holdings Plc


Should the major shareholders of HSBC Holdings Plc pick up the bill for restoring the reputation of the HSBC Group?

Why have the Major shareholders not forced any changes to the Board of Directors of HSBC Holdings Plc?

If the world is to believe the statements of Mr Flint, Chairman, Mr Gulliver, CEO, that they are truly sorry for the illegal and criminal behaviour of HSBC Group, let the Board of Directors show the world how really sorry the HSBC Group is.

Is the HSBC Group willing to make an act of Attrition for their illegal and criminal behaviour around the world?

Is the HSBC Group truly sorry and wanting to atone for their illegal and criminal behaviour around the world? Are they willing to pay the Price?

Is Mr Flint, Chairman, Mr Gulliver, CEO and the Board of Directors of HSBC Holdings Plc very serious about restoring the reputation of HSBC around the world?

A good start would be to show society that the HSBC Group is not only willing to atone for the past and that the HSBC Group is willing to be a great Corporate Citizen of the world.

The cost is to help the world, the hungry, the poor, the uneducated, the homeless and the sick children of the world.

The HSBC Group is willing to announce in the next 30 days that the HSBC Group will donate £3 billion to help the world and for the next ten years donate £5 hundred million every year. The £3 billion donation will be made within six months of the announcement.

Some ideas for HSBC Group.

India £ 762 Million, then for the next tens years £51 Million.

Africa £ 823 Million, then for the next tens years £56 Million.

South America £ 514 Million then for the next tens years £43 Million.

Middle East, Syria and the Lebanon 370 Million then for the next tens years £46 Million

China £ 236 Million, then for the next tens years £79 Million

The rest of the world £ 210 Million, then for the next tens years £205 Million.

Costs £ 20 Million per year.

Have the HSBC Group paid over $2 billion in fines and settlements in the USA in the last four months?

This may be too high a price for the HSBC Group to pay to restore their reputation?

By helping the world maybe, just maybe, the citizens of the world, may be able to start to forgive the shameful behaviour of the HSBC Group and the behaviour of Board of Directors of HSBC Holdings Plc that were Board members while this illegal and criminal behaviour was going on.

Concerned shareholder

Regards
Michael Mason-Mahon
Mobile: 0044 7834763544
Mobile: 0044 7448770801
E-mail: [email protected]

"First they ignore you, then they ridicule you, then they fight you, and then you win."

Dekho ji.com

4 years ago

In USA, HSBC was fined heavily for money laundering but here in India, its all business as usual.

REPLY

CA PRADEEP AGARWAL

In Reply to Dekho ji.com 4 years ago

Sorry for being late:

Just had discussions with RBI officials, they are contemplating on imposing heavy penalty.

Michael Mason-Mahon

In Reply to CA PRADEEP AGARWAL 4 years ago

Good morning Pradeep
I woould really like to talk to you, may I ask you contact me via my personal e-mail. Please send me a contact number and I will phone you.

Kind regards
Michael Mason-Mahon
Mobile: 0044 7834763544
Mobile: 0044 7448770801
E-mail: [email protected]

"First they ignore you, then they ridicule you, then they fight you, and then you win."

CA PRADEEP AGARWAL

In Reply to Michael Mason-Mahon 4 years ago

Dear Mr Michael,

Sent you my email Id as well as mobile no. on your email.

Regards,

CA PRADEEP AGARWAL

Michael Mason-Mahon

In Reply to CA PRADEEP AGARWAL 4 years ago

Good morning Pradeep
I woould really like to talk to you, may I ask you contact me via my personal e-mail. Please send me a contact number and I will phone you.

Kind regards
Michael Mason-Mahon
Mobile: 0044 7834763544
Mobile: 0044 7448770801
E-mail: [email protected]

"First they ignore you, then they ridicule you, then they fight you, and then you win."

CA PRADEEP AGARWAL

4 years ago

Take up any Ministry you will find rats everywhere, yes they are waiting for exposure

Aashu Khattar

4 years ago

I was also cheated by some official and i have to pay 30000/- against an insurance policy. But after support of Mr. Michael Mason-Mahon, I am able to get the money back. Thanks for helping me sir...

REPLY

Michael Mason-Mahon

In Reply to Aashu Khattar 4 years ago

Dear Aashu
May I thank you for your comment, it is only by exposing the illegal behaviour of HSBC someone in the Indian Government might take notice.

This Bank did allow drug cartels to launder money for over ten years.

Regards
Michael

CA PRADEEP AGARWAL

In Reply to Michael Mason-Mahon 4 years ago

Actually if it is the Govt belongs to drug cartels and all sort of mafia's not one name one you will find their agents there only, so forget it, if want governance then overthrow this govt. which is the only alternative and then proper enquiries conducted, no witch hunting.

Michael Mason-Mahon

4 years ago

How HSBC staff enjoy the party, if these staff only knew what HSBC is doing to the people in India.

http://www.youtube.com/watch?v=3DXyvq5am...

http://www.youtube.com/watch?v=jhov2RZMC...

http://www.youtube.com/watch?v=7Nqe4jL2V...

How many of these staff have been made redundant.

Michael Mason-Mahon

4 years ago

If the Chief Executive Officer of The Hongkong and Shanghai Banking Corporation Limited in India was to be arrested concerning the illegal behaviour of The Hongkong and Shanghai Banking Corporation Limited in India, would this be a wake up call for every Financial Institution in India.

Has The Hongkong and Shanghai Banking Corporation Limited in India been violating Sections 43, 44 and 52 of the Indian Penal Code? If there is proof of HSBC India breaking th e IPC, then arrest the CEO and bring him before the courts.

Not only will you get the attention of Mr Flint the Chairman and the Board of Directors of HSBC Holdings Plc, India would get the attention of the whole world.

India Protecting Indian citizens against illegal behaviour.

REPLY

CA PRADEEP AGARWAL

In Reply to Michael Mason-Mahon 4 years ago

Yeah, that is the best way, but, our politicos will make hay and do bargaining behind the curtains and janta Chup, Shant.

Michael Mason-Mahon

In Reply to CA PRADEEP AGARWAL 4 years ago

With the evidence I have given to the RBI and theMr Flint the Chairman & Board of Diectors of HSBC Holdings Plc, the fine should start at 300 Crore.

I would like to see a fine of 4000 Crore,for there illegal behaviour in India.

With that fine India could educate many of the children who cannot get an education.

CA PRADEEP AGARWAL

In Reply to Michael Mason-Mahon 4 years ago

I feel before Subba Rao retires otherwise these politicians have lost all respect, further, pay up the fine and go to courts afterwards.You know what happened in Bhopal and how Mr Andersen was allowed to leave the country.

CA PRADEEP AGARWAL

4 years ago

If you look at it they hide under the guise of computer error or concerned officer has left, so who is to dispose off the querry is not clear in their hierarchy or want to put off the querrist, so should be heavily penalised and court should entertain their application after they pay up.

CA PRADEEP AGARWAL

4 years ago

All having complaint with HSBC should file a joint application with BANKING OMUDSMAN at RBI Mumbai with a copy to all its branches, regarding the complaint.

CA PRADEEP AGARWAL

4 years ago

RBI should investigate all MNC banks and MNC Companies and their royalty payments and bring it thread bare to the knowledge of general public Even Indian companies are not far behind and their way of extracting money in the guise of royalty payments is superb.

CA PRADEEP AGARWAL

4 years ago

When I was had gone to Jaipur, HSBC did not pay approx. Rs 10,00,000.00 One officer asking to talk to another and the process was repeated and after a considerable time they paid up, but during that time gobbled interest for 24 months approx.

CA PRADEEP AGARWAL

4 years ago

MLF should look into ROYALTY charges being paid to foreign companies inspite of them holding substantial shareholding, Is it that CLB is also involved plus our Minister's. We want a complete article on the same. Plus I will give another clue for a good article(another).

sanjeev

4 years ago

In my opening RBI must investigate HSBC bank and must ask to leave India.

Here is my little but heart touching and depressing story with HSBC bank,

My company opens my salary account with HSBC, after few month I receive a notice saying that I have some amount (aprox 27000) due against HSBC credit card (Which I have never received).

After receiving such notice I start calling to HSBC call center but it was one of the dirtiest experience to talk with HSBC customer executive e.g.

First you wait for 10 to 15 minute to connect with executive, then you explain your problem, then you provide your details, the HSBC executive put you on hold and then phone get disconnected.

You try again to connect to HSBC executive and same practice followed again and this time HSBC executive transfer your call to some senior executive/manager and you repeat all the things again.

After keep doing above practice more than 3 days I finally get to know that a credit card was issued to me on which I have a number or purchase, OK, now I ask to executive please provide me all the details e.g. what kind of shopping I made by CC, when did I receive it?, when did the HSBC bank inform me that I have such dues? Etc…. NONE OF THE QUESTION WAS ANSER BY HSBC EXECUTIVE.

Now very next day I found that bank has deducted apx 39000 from my account without informing me and left my account at ZERO balance. THAT TIME WAS ONE OF THE MOST DIPRESSING TIME IN MY LIFE AS ALMOST COMPLETE MONTH WAS REMAINING AND A/C BALANCE WAS ZERO, WAS WORRIED HOW TO RUN MY FAMILY AND DAILY NEED EXPENSIVE.

Now very next day I went to Bank, when I reach there I explain everything bank executive (that was a girl). She said that they will forward my complain to some one senior and HSBC will get back to me in next 48 t0 72 hr. No call or any response came back from HSBC even after 4 to 5 days. I went again and this time that girl was not able to recognize me, so I explain her again all the issue, this time she repeat again that they will forward my issue to senior officer. Since I already went through with such response so This time I ask here to give me some document which can Indicate that I have register a complain to HSBC bank branch and she refuse to do so which I don’t understand why?

I keep visiting multiple HSBC branch but no success…. At the end I was completely hopeless and we all know how our RBI and other financial intuitions works for us, they response nothing except long waiting.

I also send a legal notice to HSBC through a lawyer but no success

After few months I found Mr. Michael Mason-Mahon reference, he asks me to give my issue and experience with HSBC bank so I explain him all in details.

Now when Mr. Michael came into the picture then first time HSBC respond me and call me and big thanks to Mr. Michael but it makes me feel bad as being an Indian and HSBC customer, HSBC never respond me but HSBC start responding when Mr. Michael came in.



1) Why did the HSBC Bank remove Rs 39,000 from my account when you were not legally entitled to.

2) Why HSBC charged interest amount again after few months saying that a/c has not been closed even after deducting Rs 39000?

3) Why after more than 100 phone calls and visiting 4 of your HSBC Branches that you failed to answer my complaint, also it was very bad experience to talk to customer executive and visiting HSBC branch.

4) When HSBC returned the money in August 2009 (which is after more than a year) and I asked for the account to be closed HSBC was failed to do so.

5) Notwithstanding the above, having reviewed the case facts and based on your representation, we have arranged to refund an amount of INR 29,780.38 to you. Why did you illegally invade my account without my agreement?

6) There were lots of conversation via mail and phone but each time HSBC refused to answer my letter/questions concerning the Bank breaching the Code of Banks Commitment to Customers.

7) I have been demand that the Bank do a full investigation and then give me a full written explanation, and provide all details.) If the Bank has done a full investigation then please answer why you have failed to provide full written explanation, and provide all details.

CA PRADEEP AGARWAL

4 years ago

Once I was having discussions with a top RBI official and he said MNC Banks and MNC Co's operating in India are comfortable in paying fines as compared to following the rules.

REPLY

NSriramamurty

In Reply to CA PRADEEP AGARWAL 4 years ago

FINES in India are very Meagure / Peanuts Compared to Millions of Dollars,if not Billions, IMposed Abroad.SEBI also Imposes Fines and Companies Pay happily, as it is Very Small compared to wealth amassed/created by them with those Malpractices.As our Laws are Prepared based on British Laws, who kept Penalties very Low to save their Skin while Ruling India and others, We Copied Same ,ofcourse they suit Erring Politicians and Corporates.They never check American Laws as they are highly Demanding.One in a Lakh/Million has got Time,Mney,Patiens,Knoweldge of Rights/Laws,etc. to fight till Their Logical Conclusions, These Miseries are suffered by Indians. Even one Fights, it is very difficult to get Proper Investgion done, as those Agencies Favour Mighy and Power due to Indians Mentality of Slavery followed for many Generations due to Others Rule for Centuries and ofcourse on their Personal Gains by helping Mighty Powers.Educated Youth must change.Unfortunately our Euducation System also does not create Self Confidence, Motivation for fighting For Rights.

CA PRADEEP AGARWAL

In Reply to NSriramamurty 4 years ago

If the fines are high then every one will feel the pinch and then follow the rules.PLUS NO DISCRETIONARY POWERS TO ANYBODY AND AT LEAST POLITICAL CLASS AND BABUS.

NSriramamurty

In Reply to CA PRADEEP AGARWAL 4 years ago

Indian Rules are Framed giving Unquestionable Powers to Buereucrates at Each Level, Which is the for everybody's Daring Corruption.Rules give only Appealing Powers to Indians and Unable to Bear Wastage of Time and Harrasement at Each Level, We are Left with No Option, except to Pay them Money/ Favours.When I was Finance Cheif ,One Excise Inspector asked me to get a Job for his Man in Factory,For which I expressed Inability.He Grudged and Challed to show his Powers to Top Management.I got Shocked, when He stopped and Seized Rly.Wagon carrying Factory's Material in Entire rack.Obviouly Our C&MD talked to Commissioner and got it Released .obviously Inspector's case For Seizure was Struckoff later.Everone Can understand How much one Inspector can Harass everybody.FMPM's assurances that Inspector Raj is removed Is Falsely misleading. He Continues to Enjoy Bribes on Trasfer to SEZs.Hence all Rules sholud be Changed Restricting Each Level Buereucrat to Issue Show-Cause Notice only after approval of his Officer.( 2 ) No time Limit for taking action on our Letter/Petion-helping Each Level Buereucrat to Delay and Collect Bribe . Hence Time Limits for Every Buereucrat to Act- must be Fixed. These require simple Amendments to Rules, But will never be Done, as the Presant Rules help Buereucrats. Sorry if we are Deviating from main Subject.

RIL KG-D6: Government seek for clarification on revised plan

In the RFDP for MA field, RIL has scaled down the investment by $276 million to $1.96 billion

The Indian government has asked for certain clarifications on revised investment plan submitted by Reliance Industries Ltd (RIL) for its main gas producing fields in the eastern offshore KG-D6 block.

 

In a written reply to a question in Rajya Sabha, Panabaaka Lakshmi, minister of state for Petroleum & Natural Gas, said, "RIL and its partners BP plc of UK and Niko Resources in August 2012 had submitted revised field development plan (RFDP) for D1 & D3 fields with downward revision in reserves."

 

RIL had filed revised field development plans for the Dhirubhai-1 and 3 (D1 and D3) gas fields as well as D-26 MA oil and gas field -- the only producing areas among a total of 19 oil and gas discoveries made in KG-DWN-98/3 or KG-D6 block. 

 

In the RFDP for MA field, RIL has scaled down the investment by $276 million to $1.96 billion. The RFDP for MA field has been approved.  

 

Lakshmi said as per the 2006 development plan, D1 and D3 fields were to produce 61.88 million standard cubic metres per day (mmscmd) from 22 wells in 2011-12 and 80 mmscmd from 31 wells in the year thereafter.

 

"The average gas production from D1 and D3 gas fields of KG-D6 block during 2012-13 was about 20.88 mmscmd against the production target of 80 mmscmd," she said. Gas production in April was about 15.89 mmscmd.

 

The decline in gas output was due to half of the 18 wells put on production ceasing due to water loading/sand ingress.

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