How to get your money back from Yash Birla group companies

Damyanti Vithalani, a Moneylife reader got her money back from Yash Birla group companies by filing a complaint to MCA portal. Those who invested in the corporate FDs of Zenith Birla (India) and Birla Power Solutions can follow her tactic to get their money back  

Moneylife has received several complaints from agitated readers and senior citizens who have not been able tot get their fixed deposit (FD) maturity amounts from Yash Birla Group companies – Zenith Birla (India) Ltd and Birla Power Solutions. Damyanti Vithalani, who fought for her refund says that a complaint to the Ministry of Company Affairs (MCA) website reached the right ears. Here is what you need to do to get your money back from the Yash Birla group companies.

  1. 1. First, you should file a complaint with the Investor Grievance Cell of the company. Many investors have not got a response to this. It does not matter, follow this step and then escalate the issue if you do not get a response. You can do this by filing an online complaint to MCA.
  2. On MCA website click on the right side menu under ‘Important Links’ click on ‘Lodge Investor Complaints’. It will provide you Investor Complaint Form. Fill in all the necessary information and submit your complaint online.
  3. While filling online complaint form on MCA website you need to enter Corporate identity number (CIN) of company. Zenith Birla India's CIN is L29220MH1960PLC011773 and Birla Power Solutions' CIN is L31101MH1984PLC032773.
  4. You can also file a case against company with the Company Law Board (CLB) under section 58A (9) of Companies Act, 1956 or under section 45QA of the RBI Act, 1934.
  5. You need to fill form no. 4 of Company Law Board Regulations and submit it with a demand draft of Rs50 to nearest CLB Bench.

Ms Vithlani managed to get her money back after filing complaints with the MCA as well as the CLB. She had invested in corporate FD of Zenith Birla India Ltd. On maturity, the company received her FD claim but they did not give any timeline for refunding the money. Later on, she filed complaint on MCA website and wrote emails to the legal team of Yash Birla group as well as the company’s board members, PVR Murthy and Vimal Dubey. She sent a copy of every email to MCA at [email protected] and Ministry of Commerce (MoC). She also filed her complaint with the CLB. After following this process for a month, she received Rs6 lakh from Zenith Birla India.
 

Between March and June 2013, the CLB had received as many as 130 complaints against other Yash Birla group company, Birla Power Solutions.  Applicants have filed complaints under section 58A(9) of the Companies Act, 1956 as the company has failed to repay their deposits-FDs as per the terms and conditions of acceptance of deposits.
 

On 30 August 2013, in view of the genuine claim of the applicants and also in exercise of powers conferred under section 58A (9) of the Companies Act, 1956, CLB Member Vimla Yadav directed Birla Power, as under:

  1. The company shall make the repayment of the Fixed Deposits with up-to date interest by Demand Draft by 05 October 2013 which shall be sent by Registered Post to the said applicant depositors.
  2. The company shall examine the Pre-mature cases of the depositors in the context of hardship cases and arrange to pay those who require the funds immediately.
  3. The company shall file an affidavit of compliance with the CLB by 10 October 2013 to the effect that it has repaid the deposits to the 130 depositors. A copy of the Affidavit to be sent to the Registrar of Companies, Mumbai Maharashtra as well.
  4. Any failure to comply with this order on the part of the R-I Company shall attract the penal provisions contained in sub-section 10 of section 58A of the Companies Act, 1956.
  5. The Bench Officer shall forward a copy of this order to the Registrar of Companies, Maharashtra also.
  6. In the event of non compliance of this order, the Registrar of Companies, Mumbai Maharashtra, 100, Everest Building, Marine Drive, Mumbai-2 shall initiate prosecution proceedings against the company and its every officer including the Mg. Director of the company before 30 November 2013.

As of March 2012, Yash Birla group companies owe Rs97.25 crore to small investors invested as fixed deposit. Birla Power Solutions owes the highest, Rs57.92 crore while Zenith Birla (India) owes Rs33.19 crore to FD holders. Birla Cotsyn (India) and Shloka Infotech have collected FDs worth Rs5.67 crore and Rs52.84 lakh from investors as of March 2012. Yash Birla group companies have not yet published reports for end-March 2013.
 

Are Yash Birla Group companies in deep trouble? Yash Birla Group of companies has been struggling with many issues like liquidity crunch, non-payment of loans, negative cash flows etc. Most of its companies are giving negative returns to the investors and its share prices are not even in double digits.
 

Corporate FD’s are unsecured in nature but many investors including senior citizens like Damyanti Vithalani  invested lakhs of rupees due to the goodwill of the Prestigious Birla Group. However, Yash Birla is more known for its lavish lifestyle on Page3 parties instead of his business moves, which shows the careless attitude of the group. The promoter’s stake in Birla Power Solutions is only 1.08%. It shows that the promoter himself lost faith in his company. For FY2013, Zenith Birla India reported a net loss of Rs44.62 crore while, during the June 2013 quarter it widened to Rs19.52 crore.

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COMMENTS

sweta

3 weeks ago

Did the person receive principal amount only or interest of the tenure mentioned in fd or interest till the date he receive money ?

Ketan Kinariwala

2 years ago

I was going through the letter which yu have written to Mr Jetley Finance Minister as regards to the non repayment of fixed deposit of various companies. Cna you please let me know what action FM has taken over that letter.

shashikala rajpurkar

3 years ago

AS FAR AS BIRLA POWER SOLUTIONS IS CONCERNED WHEN ARE THEY GOING TO GV BACK THE INVESTORS HARD EARNED MONEY. YASH BIRLA IS HELL BENT ON HAVING GULPED DOWN THE MONEY OF SENIOR CITIZENS AND HAVING LAVISH LIFE. ALSO JAIPRAKASH ASSOCIATES BILCARE UNITECH LTD HELIOS MATHESON AND ANKUR DRUGS ARE ALSO NOT BOTHERED TO REPAY . I AS A SENIOR CITIZEN WOULD LIKE TO ASK WHEN IS THE GOVERNMENT GOING OPEN ITS EYES AND MAKE COMPANIES REPAY. THE JUDGES IN VARIOUS COURTS ARE GIVING DATES TO COMPANIES BECAUSE IT DOES NOT MAKE DIFFERENCE AS THEIR POCKETS ARE FULL AND THEY ARE HELL BENT ON MAKING SENIOR CITIZENS DIE .WHEN THEY TOOK MONEY FROM INVESTORS WHAT DID THEY DO WITH INVESTORS MONEY. PLS REPLY 9004192448

Manharlal Patel

3 years ago

So after seeing the situation from these companies i hereby requesting "Monelife" editor or the resposible personnel from Moneylife who can help us that if they can spread the name of these companies so that like us the money of the other who are interested to invest FD in these companies may benefited, otherwise their money also will be blocked like our.

JGC

3 years ago

My self Senior Citizen of 70+ Yr, have to receive Matured FD Amount as under :

1) Bilcare Ltd (Pune) - Rs.50,000/- from OCT 2013. Applied to Hardship committee CLB Mumbai and waiting.
2) Ind Swift Ltd (Chandigarh) - Rs. 92,000 from NOV 2013. I have filed criminal case u/s 138 NIA which is pending.
3) Ind Swift Lab. Ltd (Chandigarh) - Rs.48,000/- from OCT 2014. I have filed criminal case u/s 138 NIA which is pending.
4) Ind Swift Lab. Ltd (Chandigarh) - Rs.58,000/- will be DUE in JAN 2016.

Seems above companies are taking advantage of CLB and other GOVT. agencies for not making Due payment of Rs. 469 crores as per agreed FD terms and conditions.

Bilcare was to pay aprox. Rs. 168 Crores,Indswift was to pay aprox. Rs. 95 Crores & Indswift Lab was to pay aprox. Rs. 206 Crores to FD investors as per CLB.

GOVT claims their business is Non corrupt, transparent and investor / citizen friendly.

Manharlal Patel

3 years ago

i hereby request all of you that please take extreme care as i am not getting matured amount of FD from following companies
Helios & Matheson limited;
Birla Cotsyn limited;
Tricom limited;
Birla Power solutions limited;
Jaypee infratech limited; Jaiprakash Associates limited; Bilcare limited;
Unitech limited;
Ind Swift limited;
Ind Swift Laboratories limited

Manharlal Patel

3 years ago

i am 100% agree with Saluja comment that like Bajaj capital, Karvy Stock Broking has did the same they have collected money from depositors and now if we are writing them that we are not getting our money then they have no courtesy that atleast they should reply our mail but nobody care. so what to do in this that we are not understanding

u k saluja

3 years ago

Looking at the cases where no solutions have been found wherein the companies had raised funds by employing market widzards like Bajaj Capital Ltd. and others and collected huge sums as fixed deposits and earned commissions for themselves and thereafter companies refusing to pay back money when due despite orders issued by CLB/MCA I strongly feel that the negotiable instruments ACT should be amended and FDs issued by companies and banks should be considered as Negotiable Instruments and should be encashable when due and in case of failure to pay back should be considered an offence under the ACT. Moneylife should form a NGO to help sufferers and should not keep on advertising article for Birla company where the money was refunded to a FD holder whereas lakhs are suffering where the money has not paid back. Look at cases of Micro Technologies India Ltd., Avon Corpn.Ltd. and Unitech Ltd., who have found ways and means to dodge their small investors by either going in for winding up or seeking permissions from CLB for restructuring payment of interest and principal amount by delaying refunds by many years. This is mockery of justice and playing with other's money without their consent. Pl put on your thinking caps and suggest and find solutions to help people by forming a NGO to help. I am sure you can do this since you hold the sword of writing in your hands and have the requisite powers. Thanks.

u k saluja

3 years ago

I would like to reiterate that there is no point publishing grievances of people suffering due to non receipt of refund of their money given to corporates as FDs etc. when a solution cannot be found. Co.managements have found ways to dodge small investors by not complying with orders of CLB/MCA, go for winding up of companies, reference to liquidator and other channels which cannot resolve issues of refund of locked money for upteem numbers of years. Sending representations to politicians also do not bring any response. What a mockery really. There is no one to help poor/small/sick/senior citizens who invest their money for security and for their needs at the time of emergency or other medical requirements. Recent cases of Micro Technologies India Ltd. and Avon Corpn.Ltd., Mumbai both have gone into liquidation and cases with liquidator, Mumbai. Claims not acknowledged for over a year now. Article published by Moneylife did not bring in any result. Total waste of efforts and people suffering.

REPLY

Srikanth Shankar Matrubai

In Reply to u k saluja 3 years ago

100% agree with you.
I have filed Criminal Case against 2 companies namely Neesa Leisure and Jindal Cotex.
Lets wait for the result

Shankar Iyer

3 years ago

I suppose Moneylife must get this issue researched further and put up that for information. Various actions like complaint to ROC, filing complaint before CLB is put up here; ML should also discuss winding up petition criminal action, class suits, etc. ML should also examine whether two suits can go together viz, winding up and CLB. Also, ML should get into the transparency required by government in putting up data in the public domain for facilitating a class suit. Also, the implications of extensions under CA 2013 need to be discussed from the standpoint whether a time cap is essential. Moreover, other grievance redressal fora, including that of the PM's portal should also br put up. All this would help.

REPLY

MDT

In Reply to Shankar Iyer 3 years ago

Thanks for your comment.
As you are aware we are a tiny publications without any resources. All things you had mentioned require funding and we doubt if people who had already lost money would be willing to spare some more money either for a class action suit or taking things further up as individual or together with other like minded investors. And it is these individuals that need to join hands and initiate action to get back their hard earned money. No one is stopping them from raising their grievances in alternate forums, filing class action suits or the PMO website you had mentioned. As a tiny organisation with no resources, we can do this much only.

u k saluja

3 years ago

Would you kindly write another article on FD scam of Micro Technologies India Ltd. and Avon Corpn.Ltd., Mumbai wherein no. of orders were issued by the office of the CLB, Mumbai which were not complied with by the respective companies. Thereafter both the companies were referred to the liquidator because of winding up orders issued by the Hon'ble High Court of Mumbai. Claims submitted to liquidator for over one year not yet acknowledged what to settlement of the same. Kindly file a RTI to the liquidator if possible through your legal cell and help the poor/small investors. Thanks.

REPLY

sweta

In Reply to u k saluja 3 weeks ago

I invested in liquidator Micro Technologies India Ltd. during 2011. Can you suggest me what can I do to get money back

JGC

3 years ago

BILCARE LIMITED a Pune based pharma company has also joined in not paying to senior citizen FD holders and others on due date.

Co. had got Company Law Board, Mumbai's order in 2013 to extend the FD's maturity date for 2 years without the knowledge and information to the FD holders(as per old companies act).

NOW these FD's are ready for repayment as per extended terms of 2 years.

Again co. has played dirty tricks/tactics and got the Company Law Board, Delhi's order to extend ALREADY extended FD's maturity date for another 18 Months. Said Order indicates that office had heard only co. advocate and NOT to the FD holders. Many FD holders had opposed co's application in writing to CLB Mumbai which were not considered/Mentioned by CLB Delhi in passing the order.

Why CLB Delhi has to intervene in to the jurisdiction of the CLB Mumbai? The reason shown was that officer at CLB Mumbai was on leave. Why so hurry? Why all objections of FD holders received by CLB Mumbai through emails and RPAD's are not sent to CLB Delhi as part of case documents? Is there any govt. machinery to inquire it to?

CLB Delhi passed this order per New companies act 2013 passed by current central govt.

Did you smell something cooking under the nose of the government in Delhi? Is this govt. and it's machinery if for Investor or for defaulter company?

It seems company can try with other CLB's of the Nation for extension of FD's in series and make F.D Investors to get back their hard earned money for YEARS.

Manharlal Patel

3 years ago

I have also same problem for Birla Power Solutions Limited as per company goes under liquidation and i am not able able to enter complaint to MCA(ministry of company affairs)as company under liquidation. I am not understanding that group like Birla also do like this, now question is that in which company we believe. so i here by request you all please do not keep FD looking to group also

REPLY

Mamta Anand

In Reply to Manharlal Patel 3 years ago

Hi Manharlal,

What is the way forward to receive the money from Birla slokh

Manharlal Patel

In Reply to Mamta Anand 3 years ago

Hi Mamta,

i am not understanding what you are asking, as i am not receiving matured amount from Birla Cotsyn limited and Birla Poer solution limited. please elaborate

MR V RAMANI

In Reply to Mamta Anand 3 years ago

As suggested earlier, I strongly feel we should form a group,viz. "Birla Group Depositors Association" appoint a Lawyer and jointly seek legal remedial measures, which i feel would have a greater impact, than chasing Cos. individually, and share the costs. I still recall, way back in 1980's one Lady Adv Mrs. Baam (if i remember the name right) had fought one case against M/s Devakaran Nanjee & Sons, Mumbai and helped despositors get their money. I am sure Mrs. Sucheta Dalal and her team can help us get a suitable Lawyer who can handle this case and tell us the costs involved, which can be shared by all of us.

Manharlal Patel

In Reply to MR V RAMANI 3 years ago

I am agree with your suggestion and i am ready to join if we can form a group and hire lawyer

Hiten Mehta

In Reply to MR V RAMANI 3 years ago

Dear Sir,

I am ready to Join in to fight against Zenith Birla.
Let me know.

My email = [email protected]
Phone = +91 976 976 0002

Hiten Mehta

In Reply to MR V RAMANI 3 years ago

Dear Sir,

I am ready to Join in to fight against Zenith Birla.
Let me know.

My email = [email protected]
Phone = +91 976 976 0002

Manharlal Patel

In Reply to MR V RAMANI 3 years ago

Dear Sir,

i am also ready to pay what ever cost for hiring lawyer as i have not received FD matured amount from Birla Cotsyn limited and Birla Power solution limited
my mail id - [email protected]

u k saluja

3 years ago

It would be appreciated if the Editor-in-Chief of moneylife could write another article on the fd scam of Micro Technologies India Limited, Mumbai. The company has gone into liquidation for over one year now and matured fd holders having filed their claims to liquidator, Mumbai are still suffering without even an acknowledgement for the claims submitted to the liquidator through FD promoter viz., Bajaj Capital Limited, New Delhi. Earlier article was of immense importance and very timely, few months back, and had brought to the notice of authorities the malafide intentions of the management by not honouring their commitments to the fd holders despite issuance of many orders by the Company Law Board, Mumbai. An early article on the subject would be of great benefit to the sufferers. Thanks.

u k saluja

3 years ago

Re: Micro Technologies India Ltd. and Avon Corpn.Ltd., Mumbai. Complaints made to CLB/MCA/liquidator, Mumbai for the last almost one year for payment against matured FDs. No acknowledgement. Companies gone into liquidation after collecting crores from small investors. Orders issued by CLB not complied with by companies' managements. Liquidator not notifying action taken on claims submitted to him. Complaining to Moneylife for almost one year. Article written by Ms Dalal on Microtech. No follow-up action taken by anyone. Senior citizens and others suffering for more than a year.Neither interest nor principal amounts paid. Bajaj Capital Limited who were collecting deposits also not of any help. They do not even reply to the emails sent to them. MCA/CLB must intervene and help sufferers. Thanks.

Manharlal Patel

3 years ago

please note that i have entered my complaint for non receipt of maturity amount to MCA in december but there is no action against company by MCA also and i have seen on website of MCA it shows my compalaint is closed without any compansation. i am not understanding that now what to do to get my money from Unitech limited, Tricom India ltd., and Birla Citsyn ltd. so it is my request you all please do not keep FD in these company

Manharlal patel

u k saluja

4 years ago

There is no one to help poor FD holders of Micro Technologies India Ltd. and AVON Corpn.Ltd., Mumbai. Bajaj capital ltd. were instrumental in collecting deposits when people were filing claims to CLB and other authorities in Mumbai. CLB/Liquidator of no help. Claims filed many months ago. No progress. Not even an acknowledgement. Lost hope of getting any help from regulators and others. Companies' managements have washed their hands off after winding up ordered by the Hon'ble high court of mumbai. saluja, new delhi.

Srikanth Shankar Matrubai

4 years ago

Another big scam has been the Neesa Leisure.
The company has huge tracts of properties across India and all in prime locations which they can easily sell and repay the FD holders......but they are just careless.
NO reply to either email or Registered posts.
No one is taking phone calls too

u k saluja

4 years ago

It would have been a great opportunity to bring to the notice of the Hon'ble Minister for Corporate Affairs to take up the matter of FD scam indulged by companies like to AVON Corpn.Ltd. and Micro Technologies India Limited, Mumbai who have duped hundreds of FD holders of their money by refusing to pay back money on maturity to their FD holders and others and have gone into liquidation thus leaving all such small investors in lurch. Nothing happening at the offices of CLB/MCA/Liquidator, Mumbai since claims/petitions not being considered for settlement. Many orders issued by CLB not complied with by companies'managements. Cases now with liquidator who has yet to look into the cases for settlement and no replies being given for the claims filed. Money life could help such sufferers by taking up the matter and render yeomen help to such people. Alas there is no one to help. Memos submitted time and again to all concerned have fallen on deaf ears. Thanks. U.K.Saluja.

REPLY

Srikanth Shankar Matrubai

In Reply to u k saluja 4 years ago

That's the biggest shocker Mr.Saluja.
Seems that CLB has no power or it seems that CLB is hand in gloves with these companies.
I have given so many complaints against Neesa but things are virtually at standstill.
I wonder this is because Neesa Leisure MD Mr.Sanjay Gupta is a modi man (Mr.Sanjay Gupta was the head of Ahmedabad Metro and was personally hand picked by our beloved PM)

u k saluja

4 years ago

Re: Micro Technologies India Ltd. and Avon Corporation Limited, Mumbai FD scam. It would be in the fitness of things if Moneylife could kindly coordinate with the office of the liquidator for settlement of claims of senior citizens and others for payment against their matured fds by disposing off assets of these two companies who have duped hundreds of small investors by collecting fds through Bajaj Capital limited and thereafter refused to pay back money to their middle class investors and gone into liquidation. Managements of these companies had malafide intentions while extending validities of fds on their own thereby trying to defer settlement of claims made to them on maturity of the fds given to them. MCA/CLB not replying to petitions.Kindly help. Thanks. U.K.Saluja.

u k saluja

4 years ago

Your article on how to get your money from Birla Group companies has been appearing for a very long time. Now please write an article for benefit of your readers how to get money from liquidated companies like Micro Technologies India Ltd. and Avon Corporation Ltd., Mumbai which have duped hundreds of their matured fd holders of their hard-earned money and despite promises had not paid money on maturity of their fds. Kindly help. Thanks.

REPLY

MR V RAMANI

In Reply to u k saluja 4 years ago

Agree with u Saluja, also if ML can guide us how to lodge complaints with mca and others, since we are not able to register online.

natabar306

4 years ago

Dear Sir,
After filling the eForm for lodge-grievance, it gives Your Session has Expired.
I have tried 10times by now on daily basis. How to submit a complain if not through internet?
Is there any way I can directly send registered post with print out of this eForm.

Thanks,
Natabar

natabar306

4 years ago

Dear Sir,
After filling the eForm for lodge-grievance, it gives Your Session has Expired when submited.
I have tried 10 times by now on daily basis. How to submit a complain if not through internet?
Is there any way I can directly send registered post with print out of this eForm.

Thanks,
Natabar

MR V RAMANI

4 years ago

Moneylife, (as many of the sr.citizen members like me who have posted/aired their helplessness and disappointments faced at the failed attemtps in recovering their hard earned moneys on FDS with Cos.) would do a greater service if a special desk is set up to handle these fraudsters, on chargeable basis. Rates could be fixedup on value at stake basis also. Pl discuss/give a serious thought to this issue and let us know. Keenly await your positive response. Thanks n Regards. Ramani - 68 years.

REPLY

u k saluja

In Reply to MR V RAMANI 4 years ago

It is an excellent suggestion by Shri V.Ramani. Moneylife has been instrumental in providing a plateform to people suffering at the hands of management of companies who have been duping senior citizens and others by inviting fixed deposits and thereafter either delaying redemption of funds when due or refusing to pay despite numerous telephone calls/personal follow up/petitions to CLB/MCA who are not at all helpful because of procedural angles and delaying tactics adopted both by the companies'managements and the concerned officials. The other route for non-payment is go for litigation or liquidation of sinking companies and thus leaving poor middle class small investors in lurch. Kindly see cases of Micro Technologies India Ltd. and AVON Corporation Ltd., Mumbai where Bajaj Capital Limited were promoting fds for them even when people from Mumbai were filing petitions to CLB for refund of their matured FDS and orders had been issued by CLB but no complied with by settlement of claims and thereafter the companies had gone into liquidation on account of orders issued by the Hon'ble High Court of Mumbai Judicature. Now no feedback being given either by Companies or office of liquidator/CLB Mumbai where now more than 1100 such cases are pending consideration as on date. Kindly see website of CLB, Mumbai (Pending cases list) for perusal. Thanks. U.K.Saluja, New Delhi.

shashikala rajpurkar

In Reply to u k saluja 3 years ago

IT IS SENSELESS GOING THRU CLB SITE OR PERSONALLY VISITING CLB OR EVEN TRYING TO FILE COMPLAINT AGAINST COMPANIES IN EOW EVEN OR COURT BECAUSE THESE PEOPLE KEEP ON THROWING THE BALL IN OTHERS COURT.

u k saluja

In Reply to u k saluja 3 years ago

Further to the suggestion given by Mr.Ramani five months ago and despite numerous representations by me for the last almost one year, no action taken by any one like Bajaj Capital Limited, New Delhi, MCA/CLB/RD MCA and of course" Moneylife" as well to find out a solution to the problems ofmatured FD holders who have been taken for a ride by managements of companies like Avon Corpn.Ltd. and Micro Technologies India Ltd. which has since gone into liquidation. Even the liquidator to whom claims were submitted almost 10 months has not responded what to talk of settlement thereof. It would be in the fitness of things if all the holders of these companies should join hands and represent to the Minister for Corporate Affairs and the higherups for their intervention in the matter. In case of Micro Tech. even the valuation process has not been done and only God knows when will the settlement be done. All concerned to kindly take up with the concerned people in office of Reg.Director, MCA Mumbai and also with the Central Ministry for expediting the process and pay back the money to senior citizens and others. Thanks. Saluja., New Delhi.

Manharlal Patel

4 years ago

Dear Sir,

It is very sad that after one year also i am not getting my principal amount of fixed deposit, the details are as below.

1)Company Name: Unitech Limited
2) Name of FD holder: MAYABEN MANHARLAL PATEL
3) FD Amount: Rs. 50000=00
4) FD receipt no.: 1011963
5)Period of FD: 3 years
6)Type: cumulative
7)Matured amount: Rs. 71540=00
8)Initial Date: 12.01.2011
9)Date of maturity: 12.01.2014
10) My mail id: [email protected]

With kind regards

Mayaben Patel

REPLY

JGC

In Reply to Manharlal Patel 4 years ago

Manharlal / Mayaben Patel,
This is merely a blog and gives information to people.
For getting your money back you need to take up the matter with respective company and in case of no reply you can approach to the Ministry of Corporate Affairs (MCA),Company Law Board (CLB), Prime Minister Office (PMO). Their email and postal address is available in other post/comments below OR from their websites.

Manharlal Patel

4 years ago

Dear Sir,

kindly note that we are valuable fixed depositors of Tricom India Ltd., Our details of FD are as below. our FD was matured in the month of september - 2014 and we have already submitted original FD receipt through Karvy Broking Ltd. - Bharuch, Gujarat but till date we have not received maturity amount neither any corresponce from company. so i hereby request you to do the needful in this matter

1) Name: Mayaben Manharlal patel
2) FD No. / Receipt No. - 900198
3) Initial Amount Rs. 50000 = 00
4) Maturity Amount Rs. 71288=00
5) Initial Date 09.09.2011
6) Maturity Date 09.09.2014
and
1) Name: Manharlal Thakorlal patel
2) FD No. / Receipt No. - 900197
3) Initial Amount Rs. 50000 = 00
4) Maturity Amount Rs. 71288=00
5) Initial Date 09.09.2011
6) Maturity Date 09.09.2014

we have never thought that group like Tricom will create this type of situation as we are in urgent need of our money

An urgent attention on this matter is highly appreciated

Thanking you

with kind regards

Manharlal Patel

4 years ago

Dear Sir,

kindly note that we are valuable fixed depositors of Birla Cotsyn India Limited, our details of FD are as below. our FD was matured in the month of september - 2014 and we have already submitted original FD receipt through Karvy Broking Ltd. - Bharuch, Gujarat but till date we have not received maturity amount neither any corresponce from you. So i hereby request you to do the needful in this matter



1) Name: Mayaben Manharlal patel

2) FD No. / Receipt No. - FC/3/0911/01177

3) Initial Amount Rs. 50000 = 00

4) Maturity Amount Rs. 69930=00

5) Initial Date 09.09.2011

6) Maturity Date 09.09.2014

and

1) Name: Manharlal Thakorlal patel

2) FD No. / Receipt No. - FC/3/0911/01178

3) Initial Amount Rs. 50000 = 00

4) Maturity Amount Rs. 69930=00

5) Initial Date 09.09.2011

6) Maturity Date 09.09.2014

wer ahve never thought that group like Birla will create this type of situation as we are in urgent need of our money

An urgent attention on this matter is highly appreciated

Thanking you

with kind regards

Manharlal Patel

4 years ago

Dear Sir,

kindly note that we are valuable fixed depositors of your company, our details of FD are as below. our FD was matured in the month of september - 2014 and we have already submitted original FD receipt through Karvy Broking Ltd. - Bharuch, Gujarat but till date we have not received maturity amount neither any corresponce from you. So i hereby request you to do the needful in this matter



1) Name: Mayaben Manharlal patel

2) FD No. / Receipt No. - FC/3/0911/01177

3) Initial Amount Rs. 50000 = 00

4) Maturity Amount Rs. 69930=00

5) Initial Date 09.09.2011

6) Maturity Date 09.09.2014

and

1) Name: Manharlal Thakorlal patel

2) FD No. / Receipt No. - FC/3/0911/01178

3) Initial Amount Rs. 50000 = 00

4) Maturity Amount Rs. 69930=00

5) Initial Date 09.09.2011

6) Maturity Date 09.09.2014

wer ahve never thought that group like Birla will create this type of situation as we are in urgent need of our money



An urgent attention on this matter is highly appreciated



Thanking you



with kind regards

u k saluja

4 years ago

Despite orders issued by the CLB, Mumbai for payment to small FD holders, managements of AVON Corpn.Ltd., and Micro Technologies India Ltd., Mumbai did not bother to pay to their matured FD holders either principal or interest and now having gone into liquidation cases being handled by the liquidator, Mumbai for the last couple of months. No one has taken note of other companies being managed by such promoters and small fd holders are suffering due to no fault of theirs. Bajaj Capital Limited, who were promoting FDs for such companies also of no help to suffers. Ministry of Corporate Affairs should step in and help poor small investors and expedite payments to sick and old either by the liquidator's office or through managements of such companies who are scot free and managing their other profit-making companies. Thorough investigation of working of such companies is the need of the hour. Thanks.

Raj K Swamy

4 years ago

I too have FDs with Elder Pharma and Birla Power Solutions unpaid after maturity. Have filed complaint with MCA after reading this useful article by Money Life. why CLB is not accepting investor complaints- We should all write to Minister for Corporate Afairs Mr.Arun Jaitely.

REPLY

shashikala rajpurkar

In Reply to Raj K Swamy 3 years ago

IT IS SENSELESS WRITING TO MINISTRY OF CORPORATE AFFAIRS I HAVE ALREADY DONE BUT TO NO AVAIL IT DOES NOT MAKE ANY DIFFERENCE TO THESE POLITICIANS AS THEIR POCKETS ARE FILLED AND FOR THEM IT DOES NOT MAKE ANY DIFFERENCE WHETHER SENIOR CITIZENS ARE DYING

Syed Khan

4 years ago

Do we know why CLB stepped out here?

u k saluja

4 years ago

It would be highly appreciated if your article on Micro Technologies India Limited, Mumbai is shown under this caption in addition to showing it under the caption "Moneylife Personal Finance" for the information of the small investors who have been crying hoarse for the last over 5 months for non-receipt of their money against matured FDs (Neither principal nor interest) having been paid by the company despite hundreds of emails/telephone calls and now orders having been issued by the Hon'ble High Court for its winding up and matter having been referred to liquidator, Mumbai. Affidavit of debt submitted to liquidator's office also still not acknowledged for the last 5/6 months, complaints made to MCA/CLB also brought no feedback and online information given is that matter stands "closed". All must get together and complain to all concerned and try and get back their money. Moneylife has been helpful so far and should now go out of their way to render their full support in getting back money to all small investors. Bajaj Capital Limited who were promoting FDs for Microtech should either get back the money from promoters of the company or themselves compensate the small investors of having deposits upto Rs.50000/-each within the next 2 months. Thanks.

Rakesh Aggarwal

4 years ago

Hi All,
The above procedure was applicable till June, 2014. Since June 2014 CLB is no longer accepting form 4 in duplicate. All that is required to be done is to file online complaint on MCA website. The concerned Registrar of Companies is directed by MCA to write to the company to pay up the defaulted amount within a stipulated time say 20 days or so. After that in case the money is not received which is very likely, the complainant is required to write to the concerned ROC to file case against the defaulting company. ROC now has file report and take permission through their concerned Regional Director for prosecution action against the defaulting company. The RD also does not take any decision. The matter is referred to the Ministry of Corporate Affairs New Delhi. I have two similar cases concerning Neesa Leisure Ltd. and Plethico Pharma where the issue is pending with the Ministry. This is nothing but red tape which gives time to the defaulting company to manipulate further.
I think the investors of these defaulting companies should get together and file criminal complaints against such defaulting companies. Though it costs money but will be lesson for others. Corruption in this country which is so rampant will not be rooted out easily. The defaulting companies managements may have made inroads in the Ministry in last several years which is why such decisions are delayed beyond limits.
Once the companies have defaulted chances are very poor that you will get your money with this kind of laxity by the controlling agencies. Several companies have already vanished and several liquidated in which case secured loans get preference over non-secured ones.
Besides, if possible the suffering investors not only should write to the government agencies but also send the letters by email also and also send copies to the CBI, ACB, CVC etc. Let these agencies also investigate and get after the wrong doers.

Thank you,
Rakesh Aggarwal

REPLY

ijsa

In Reply to Rakesh Aggarwal 4 years ago

Dear Sir,

We also have several FD's with Plethico, all have matured for more than 9 months and sent to Plethico through our agent Bajaj Capital.

After filing Complaint at MCA by you, have you received the maturity amount.

Please do update your status for the benefit of fellow members.

Our Bajaj Capital agent has been telling that the Company has sold its assets in US and with this liquidity they are going to pay back to all the investors...... but this they have been saying since Diwali and each time I ask they say.... just wait for 15 more days...

Thanks
Inderjit Singh

JGC

In Reply to Rakesh Aggarwal 4 years ago

s

JGC

In Reply to JGC 4 years ago

I am also facing problem with Ind Swift Ltd. & Ind Swift Lab. Ltd (Chandighar based pharma co.)for Rs. 2L. CLB has allowed 8%interest, the entire order is one sided available on CLB website. I wonder is CLB Delhi authorised to reduced agreed rate of interest from 11.5 to 8%? How? I thought Interest Rates is decided by RBI. CLB Mumbai has passed order to extend FDR for 2 years AT SAME REATE OF INTEREST in order against BilCare Limited.

In case of your co.if cheques are bounced you may file case u/s 138 against company and it's CEO's/ CFO's/Director's/ Chairman.

See there is a problem with all political parties and Not a single party is talking about many scams took place in last 2 years. I had written to Dr. Kirit Somaiya of Mumbai BJP about scam by IND SWIFT LIMITED and it's Director but no reply. Only Apex Court is working in our country.

You are right. But Company Law Board & MCA is safeguarding COMPANY's as per their name. Only way's are file Police/Civil & Cases as per section 138 (if cheques are bounced)needs to be filed against Company, Directors, Chair mans & CEO's of the company who have duped your money. Seems there is no one out there to listen to Senior and good citizens who have lost Crores of rupees to these white colour chits under the shelter of appropriate authority.

Many FD Investors from Ahmedabad are writing complaints to Mrs. Nirmala Sitaramn (Minister)for
help. Other investors also should request in writing to Prime Minister & other related Minister, since they have promised to work for better governance/against Black money / against corruption / help Senior citizen's of country.

Rakesh Aggarwal

In Reply to JGC 4 years ago

The Order passed by CLB is one sided and favours Ind Swift Lab only. On 28 October 2914 We have written to The Chairman, Principal Bench,Company Law Board and sent copies to the bench officer, CLB [email protected], Registrar of companies chandigarh [email protected], Director, Investor Grievances Cell, MCA New Delhi, [email protected], CVC, New Delhi, [email protected] and [email protected], Anti Corruption Bureau, Chandigarh, [email protected], [email protected], the Special Director, CBI New Delhi, [email protected] [email protected], Minister for Corporate Affairs [email protected] and [email protected] and the Prime Minister (I did not get his email address). Most of these addressees have been sent letters and emails. Fortunately, CVC has lodged a complaint.
I would advise all those affected persons to please write to all these agencies and until such time there are a spate of complaints no one will take action. Do not forget most of the the officers in the Ministry are from the previous regime and are used to taking no action. Things will change very slowly but please keep writing to all such agencies.
Further, do not fall prey to attractive rates of interest advertised by companies or their agents. They collect their commission and leave the investors in a lurch like this one and several other companies. It is safe to earn a little less and put your money in FD in govt. banks only.
Thank you,
Rakesh Aggarwal

B P BANERJEE

In Reply to Rakesh Aggarwal 4 years ago

Mr Rakesh agrawal is right every one should follow

B P BANERJEE

In Reply to Rakesh Aggarwal 4 years ago

Mr Rakesh agrawal is right every one should follow

u k saluja

4 years ago

Despite writing number of msgs for the last couple of months, no article/editorial written by Moneylife on Micro Technologies India Limited Mumbai which has committed a fraud on its lenders/fixed deposit holders by not refunding money to its FD holders and other lenders. Mumbai High Court has ordered winding up of company. Liquidator appointed. Affidavit of debt submitted to liquidator's office at Mumbai. MCA complained. No feedback from anywhere. "Moneylife" should come tothe rescue of the small investors by writing an article and bringing the matter to the attention of top MCA officials and Ministry of Corporate Affairs and others in the concerned Ministries. Thanks. u.k.saluja.

u k saluja

4 years ago

I have been writing continuously about AVON Corporation Ltd., Micro Technologies India Ltd. and Plethico Pharmaceuticals Ltd., for the last six months after having complained to Company Law Board, MCA, Mumbai, submitting affidavit of debts for payment against matured fds. No feedback from anywhere. Bajaj capital ltd. also of no help.They only collected fds and sitting quiet. Microtech and Avon corpn.ltd.gone into liquidation. Matters with liquidators. Made numerous calls to all concerned sent hundreds of emails. Moneylife legal centre also complained. No feedback from anywhere. Now at the mercy of Almighty. All avenues exhausted. No point complaining or writing articles anywhere. Thoroughly disappointed with all. u.k.saluja, new delhi.

REPLY

Rakesh Aggarwal

In Reply to u k saluja 4 years ago

Hi Mr. Saluja,
Avon Corporation is under liquidation now.
Such cases take a long time as the liquidators have to collect claims from lenders including general public which is a time consuming process.
Similarly, Raj Oil too is under liquidation.
About Plethico Pharma I had spoken to ROC Gwalior. They informed that they have sent their report to MCA through the Regional Director, MCA based at Ahmedabad. RD's office at Ahmedabad informed that they have sent for permission from the MCA for filing prosecution case against Plethico. MCA has not replied as yet. Why this lengthy process?
So we have written to the RD Ahmedabad to take immediate action. Copies sent to all the agencies named herein above. It is not understood as to why MCA has to grant approval for filing prosecution cases against defaulting companies. This practice was followed only to delay the process and in the bargain buy time so that the defaulting companies can manipulate funds. The case in point is of Ankur Drugs that is under liquidation and as per newspaper reports a few days back recently one of its top official was caught with more than Rs.30 crores.
All this needs to stop. But it is possible only if the general public gets after the government agencies to take action. To sum up please start writing to government agencies including Hon. Minister MCA and the PM and CBI, ACB AND CVC.
It is time to take the corrupt to task.
Thank you,
Rakesh Aggarwal

B P BANERJEE

In Reply to u k saluja 4 years ago

I appreciate ur effort i ma providing u in mails finace ministet and pmo e mail address and eow amd other police mumbai e mail id today i will send u.

B P BANERJEE

In Reply to u k saluja 4 years ago

I appreciate ur effort i ma providing u in mails finace ministet and pmo e mail address and eow amd other police mumbai e mail id today i will send u.

Veeresh Babu

In Reply to u k saluja 4 years ago

Dear Mr. Saluja - I too have fallen prey to such companies. Micro Tech, Omnitech Infosolutions, Ansal Properties, Birla Shloka are not paying interest payment / maturity payment. I too have complained online to MCA / CLB.

V. SWAMINATHAN

4 years ago

DEAR SIR

I HAVE NOT RECEIVED INTEREST ON FIXED DEPOST FOR THE LAST ONE YEAR FROM M/S.MICRO TECHNOLOGY (INDIA) LTD., OMNITECH TECH INFO SOLUTION AND PLETHICO PHARMACEUTICALS LTD. PLEASE LET ME KNOW HOW TO GET THE MONEY BACK FROM THOSE COMPANIES WITH PRINCIPAL AND INTEREST.

REGARDS
V. SWAMINATHAN,email id:[email protected] and mobil number 919444123868

REPLY

B P BANERJEE

In Reply to V. SWAMINATHAN 4 years ago

plethico is a fraud company we have to send mangesh joshi/nisha kulal/shasi kant to jail like subrat roy they wull not return until unless they will in jial mail me [email protected]

B P BANERJEE

In Reply to V. SWAMINATHAN 4 years ago

plethico is a fraud company we have to send mangesh joshi/nisha kulal/shasi kant to jail like subrat roy they wull not return until unless they will in jial mail me [email protected]

Syed Khan

4 years ago

Looks like CLB Mumbai has stopped taking FD default cases? does anyone else has the same update.

REPLY

B P BANERJEE

In Reply to Syed Khan 4 years ago

yes u are true pl move to roc mumbai

Husain

4 years ago

Plethico Pharmaceuticals is a total fraud company. I have an FD for Rs. 35,000/- and they have not repaid at maturity. I spoke to someone in the company and they said we will pay you "as soon as possible". In case anyone wants to take some joint action on this company kndly mail me at [email protected]

REPLY

B P BANERJEE

In Reply to Husain 4 years ago

i am agree with you i approach to police EOW mangesh joshi is a frud guy until and unless shasi kant and mangesgh will keep in jail they will not give us .in my group 50 pepoles are there pl mail be :
[email protected]
Nagpur

Atul

In Reply to Husain 4 years ago

I have FD in pletico which has matured and money not yet returned

Atul

In Reply to Husain 4 years ago

I have FD in pletico which has matured and money not yet returned

Atul

In Reply to Husain 4 years ago

Hi,

Even my FD is stuck with plethico. My email id is [email protected]

B P BANERJEE

In Reply to Atul 4 years ago

they are so fraud they have given me a fake URL no and Told via Rtgs it has deposited last friday Nishal kula and mangesh joshi I am making FIR this week until and unless shasahi kant patel/mangesh joshi/nisha kulaal/kushboro kotri will be in jail they will not give money and i will do as a single man army wait for some time my e mail [email protected]

ROC Gwalior is unless govt organization

u k saluja

4 years ago

Re: Micro Technologies India Limited. Had taken up with Moneylife Legal Resource Centre almost four weeks back to apprise matured FD holders about status of refund of their money by the company through the prov.liquidator or chances of revival of the company. No update provided either by the Moneylife Legal Resource Centre or the company management. Petitions submitted to MCA/CLB/liquidators are also pending consideration. Kindly help. Thanks.

REPLY

Ram Kutwal

In Reply to u k saluja 4 years ago

Sir,

This company is also wound up.Submit your claim with OL.
Link - http://bombayhighcourt.nic.in/generatene...

Ram Kutwal

In Reply to u k saluja 4 years ago

Sir,

This company is also wound up.Submit your claim with OL.
Link - http://bombayhighcourt.nic.in/generatene...

B P BANERJEE

4 years ago

I am surprising no body is providing e mails victim of FDs how we make a team to case a file in Indore SP collector IG for plethico and EOW Pl every body provide e mails my e mail is [email protected]

time is very short we have to make team immedaitely for criminal action against them also to give in TV and media too

B P BANERJEE

4 years ago

I am surprising no body is providing e mails victim of FDs how we make a team to case a file in Indore SP collector IG for plethico and EOW Pl every body provide e mails my e mail is [email protected]

time is very short we have to make team immedaitely for criminal action against them also to give in TV and media too

B P BANERJEE

4 years ago

Same thing going with FD Scam in Elder pharmaceutical Any body can provide me Sanjeev bhalekar Mumbai mobile no Land line not responding....
ROC/CLB juridiction in Mumbai of above.
Can we go to EOW or PIL Public intrest litigation for all above fraud companies.
My mail is : [email protected]
pl make a group all FD victims ASAP

REPLY

u k saluja

In Reply to B P BANERJEE 4 years ago

Attn: Mr.Banerjee: Order No.992 of 11/7/14 issued by Mr.Ashok Kumar Tripathi, Member, CLB, Mumbai to payback to senior citizens against their matured FD within 30 days and others within 60 days from the date of the order otherwise prosecution to commence if not paid by 29/9/2014. Pl website of CLB and see orders of 12 of 29/3/14 and 992 and others of 11/7/2014. For information of all concerned. Thanks.

B P BANERJEE

In Reply to u k saluja 4 years ago

thanx but my broker bajaj mumbai is telling CLB is not taking any new is it true or false?

vishwanat raut mob no 09967137490
broker fd head bajaj invesment mumbai
if i directly go to ROC gwalior have u gone to ROC gwalior in plethico case can u give me ur e mail sir

B P BANERJEE

4 years ago

I have invested 2 Fixed deposit in Plethico pharam ceutical Ltd after sending for maturity payments to Linked in I am not geeting money I am getting false commitment by Mangesh Joshi a fraud guy send a mail that I am giving your money as soon as possible ,My broker bajaj in vestments is also not helping they told CLB is not taking any action Make ROC complain can any body told how I can refister on line in ROC for Plethoico what is CIN no of this company my e mails id is [email protected] mob no 9371163636 9424192776
pl make a group and flight with this fraud company .Mr uk saluja is thanks for ur valuable posting pl guide me give me your mob no and e mail too. Shall we write letter to narendra modi,kejriwal and media high light in crime ajj tak ?

REPLY

u k saluja

In Reply to B P BANERJEE 4 years ago

Kind attn: Mr.B P Banerjee: Thanks for your comments. Plethico Pharma CIN is L 24232 MP 1991 PL C006801 and it would be desirable to send msg. to company secy., K.Kothari who gives replies at times. Though payments are delayed considerability and they pay interest for 12 months and use money for 17/18 months. Many orders passed by CLB Mumbai. See Judicial orders passed on website of CLB Mumbai. No one protecting interest of matured FD Holders. Articles/complaints appear on many websites but no action by anyone. Thanks.

B P BANERJEE

In Reply to u k saluja 4 years ago

Mr U K Saluja Sir

Thanx sir for your vast knowldege
Sir I have submiitted my Fd to Link in for final maturity.
Mangesh Joshi send a mail that he is sending my Money ASAP on 13.9.14 since I am in abroad I called so many times just telling giving ASAP.
Can you provide me your E mail
and khusboo kotari e mail and cell no ?
Elder money is also struck pl adavice in deatils?How we make ROC Compalin on line sir ROC Gwalior Mr Tikku is also a fraud guy?Pl reply soon
I am coming India next sunday

u k saluja

In Reply to B P BANERJEE 4 years ago

Kind Attn: Mr.B.P.Banjerjee: K.Kothari is available on mobile no. 07312422881. She is not available on mobile. Her email id is [email protected]. Pl send copies of your msgs. to [email protected] or [email protected]
Regional Director, Ministry of C A., Everest 5th floor, 100 Marine Drive, Mumbai 400002. Phone no. 022-2812389. I am a senior citizen and now learning as to how difficult it is to get back your own money from such unprincipled and unethical managements. My money is struck with Micro Technologies and AVON who have now gone into liquidation since MICROtech did not payback to their foreign lenders and they filed winding up petitions and got the orders from the Mumbai High Court. Both companies now with liquidators and we are struck at this age after having been duped by these smart operators. Petitions filed with all concerned authorities but no action seems to have been taken anywhere. Judicial orders passed by CLB not complied with these managements since winding up orders came from higher authorities. Just for information of all concerned please. Thanks.

u k saluja

4 years ago

It would be appreciated if you could kindly invite Top management people of companies like Micro Technologies, AVON Corporation Limited, Mumbai and people from the office of the liquidator, MCA for a chat/discussion in one of the conferences/seminars being organised by you to explain reasons as to whey they have allowed their companies to go for winding up thus taking their fd holders and share holders for a ride and when are they going to settle their dues through the offices of MCA/CLB or revive their companies to honour their committments made time and again in their communications to the stakeholders. The shareholders and other stakeholders should also be invited for such meetings. It would be a great favour to the sufferers and bring a great name and fame to your organisation for doing an excellent work for the community. Thanks and regards, uk saluja, senior citizen, new delhi and a suffer.

REPLY

ss makhni

In Reply to u k saluja 4 years ago

sir
Iam afellow senior citizen and sufferer of FD of Microtechnologies
pl. bin touch
ss makhni

u k saluja

In Reply to ss makhni 4 years ago

Pl write to the Director, SFIO, Paryavaran Bhawan, CGO Complex, Lodhi Road, New Delhi-110003 and give all details.

B P BANERJEE

In Reply to ss makhni 4 years ago

pl make a group and write a letter this ROC/CLB/EOW are all fake agancy appointed by GOVT of indaia they all are corrupt send me ue cell no my e mail is [email protected]

u k saluja

In Reply to ss makhni 4 years ago

Thanks for your reply. I have been exchanging msgs with M/s Aditya Sekhar, Ganapathy and Shanbhag CMD, CEO and CFO respectively of Microtech for the last 4/5 months. Absolutely no success in getting back money from them. Now matter with liquidator. Conflicting news from different sources. Affidavit of debt submitted to liquidator. Bajaj Capital of no help. Group companies like Micro Retail and Micro Secure Solutions Ltd. functioning and Shanbhag now CFO of MSSL, Mumbai. Suggest Mumbai based people to personally meet company officials and liquidator to know about the functioning/revival/liquidation of the company and inform sufferers of this company. Thanks.

laxminarayanbansal

4 years ago

sir,
our caseis same. our invest in neesa leisure ltd,company FDR rs.28 lakhs. we complaint to CLB mumbai. and hearing on our cases on 23/07/2014 and order passed from CLB to repayment in one month on date 23/08/2014 till. but not paying to company our deposit returen till today. plz suggest to we are doing? plz help us.laxminarayan bansal

REPLY

Ram Kutwal

In Reply to laxminarayanbansal 4 years ago

Mr. Bansal,
I advise you to file complaint under MPID Act and also winding up petition.

laxminarayanbansal

In Reply to Ram Kutwal 4 years ago

sir,we liveing in rajasthan.& the company of gandhinagar,gujrat based.what the filling our cases in MPID? & plz get MPID processing. contact detial of MPID.
laxminarayan bansal

Ram Kutwal

In Reply to laxminarayanbansal 4 years ago

Bansalji,
Since company is situated at GUJRAT you can't file MPID case. I advise you to issue winding up notice and then file winding up petition. Also urge other investors to come forward.
Regards, Adv. Ram Kutwal
Mob 9022701818

u k saluja

In Reply to Ram Kutwal 4 years ago

Mr.Ram Kutwal: Kindly advise what to do in cases where the companies have gone into liquidation like Avon Corporation Ltd., and Micro Technologies India Limited. Both now with liquidators. Affidavits of debts filed, petitions submitted. No action as yet. Understand case filed by MCA/
ROC in case of Avon Corpn.Ltd., what to do for Microtech. Kindly comment and help matured FD holders. Thanks.

Ram Kutwal

In Reply to u k saluja 4 years ago

Mr. Saluja,

For you in Avon, i already submitted complaints with the collector. However, yet no action. I continously doing follow ups with the Collector. With regard to Microtech, i am not aware.

With regard to Liquidation proceedings, my services are hired limited to MPID and therefore i cant comment on it.
The liquidation procedure is lengthy. As per my knowledge provisional liquidator is appointed and he has already filed his report.

u k saluja

4 years ago

It is a sheet waste of time offering comments on the working of companies like Micro Technologies India Limited and AVON Corporation Limited not paying back money to their matured FD holders. Companies gone into liquidation and Prov.liquidators appointed. Top management people behaving like spectators after having duped old and sick of their hard-earned money. Bajaj Capital limited who were promoting such companies for fixed deposits doing some work which is only an eye-wash by submitting affidavits of debt to CLB/MCA etc. Petitions submitted to CLB/MCA not heard and routine replies given are either cases closed or work in progress. Poor investors at the mercy of unethical and unprincipled managements of such companies who are hands in glove and cheating old and sick and making their lives miserable. No one there to help. Articles written for just time-pass and no action taken by anyone.

REPLY

u k saluja

In Reply to u k saluja 4 years ago

Kindly correct the word "sheet" to read as "sheer". Thanks.

Sucheta Dalal

In Reply to u k saluja 4 years ago

Mr Saluja. It is nice that you read Moneylife and make the effort to post.

However, your last line about "articles written for just time pass" is rather strange.
We, through Moneylife Foundation, spend a lot of time education people about the risks of Fixed Deposits. We also tell them not to fall for a slightly high return because the entire capital is at risk.
People like you need to attend these FREE seminars or watch the videos ( foundation.moneylife.in under Events : look for How to be Safe & Smart with your money) rather than expect others to fight YOUR battle after you have lost money.
That cannot happen anywhere in the world.

WE do this FREE financial literacy at a big cost in terms of time and energy ! Make use of it while it exists. Many people already tell us it is a thankless effort …

B P BANERJEE

In Reply to Sucheta Dalal 4 years ago

madam

can we take help of econiomic offence wing mumbai EOW for plethico and elder pharma ceuticals ltd

shashikala rajpurkar

In Reply to B P BANERJEE 3 years ago

it is senseless i have already visited eow for elder pharmaceuticals and they say they pursuing the matter

B P BANERJEE

In Reply to Sucheta Dalal 4 years ago

madam

can we take help of econiomic offence wing mumbai EOW for plethico and elder pharma ceuticals ltd

B P BANERJEE

In Reply to Sucheta Dalal 4 years ago

Madam

My money is stuck in plethico pharamaceutical ltd FD no 8047 mat amount rs 47050/ dom 5.7.14 and fd no 11581 mat amount rs 42773/ mat date 7.9.14 mangesh joshi is a frud guy i called from abroad and india so amny times only false commitment
my e mail is [email protected] and can u provide me mail of ur and cell no

mangesh joshi fd head of plethico send me a mail that he is giving my money as ssoon as possible all lies i am having mangesh no can u help me?

u k saluja

In Reply to Sucheta Dalal 4 years ago

Thanks for your prompt comments. I do appreciate the work being done by you. You have written about the case where the money was paid by the Birla Group Company. It would be for the benefit of the masses if articles are written where the money has not been paid by companies despite best efforts made by all concerned. Why should we allow such unethical and unprincipled managements to go scot free by duping sick and old of their hard-earned money when they need it the most during the last leg of their journey. Thanks.

u k saluja

4 years ago

There is nothing like "Corporate Deposits Streamlined". It is just an eyewash. Companies like Micro Technologies India Limited, AVON Corporation Limited, Plethico Pharmaceuticals Ltd., Mumbai are not paying back money to their matured FD Holders on the committed dates. Micro Tech.& Avon gone into liquidation thus duping their FD holders of their money. Cases gone to MCA/Prov.Liquidators. Petitions being submitted. Only God knows when will be money be refunded or not. Plethico using money for 16 months and paying interest for 12 months. Streamlining is just on paper. Reality is some thing else. Lack of control by concerned. Companies managements taking people, especially senior citizens for a ride. AVON was extending validity of FDRs from 1 to 5 years on their own. There is no control or guidelines for such audicity on the part of such unprincipled managements. Why should action be delayed on such people. They should be blacklisted for managing any other companies and no loans should be given to people at the helm of affairs of such companies. Thanks.

Parag Shah

4 years ago

Hello, for Fix Deposit it is ok. But what about share holders? Who put trust on company's management and bought shares on higher price and now it's running in Paise from Rupee? Kindly guide if something can happen for shareholders.

u k saluja

4 years ago

You have done very well by highlighting case of Yash Birla paying money to Mrs. D.Vithalani. Now please highlight cases of companies like Micro Technologies India Limited and AVON Corporation Limited and Plethico Pharmaceuticals show are not paying back either the principal or interest to their matured FD Holders. It will be a great service to senior citizens and others who are suffering because of high-handedness of such companies. Thanks. uk saluja New Delhi.

u k saluja

4 years ago

It was very informative and heartening to read article about Mrs D.Vithalani getting her money against fds given to Yash Birla Company. Despite following up the identical procedure it has not been possible to get my money from companies like Micro Technologies India Limited and Avon Corporation Limited, Mumbai for which fds were promoted by Bajaj Capital Limited, New Delhi. MCA Status reports are either case "closed" or "work in progress". Companies still not paying either the principal or interest amount despite emails/telephone calls to them against matured fds for the last over four months. Plethico not paying interest amount for almost four months. Now Micro Technologies and Avon Corporation Ltd. are informing appointment of Prov.Liquidators in their cases. FD Holders suffering in the hands of managements of such unpricipled companies. Ministry of Corporate Affairs/Press/TV Channels must come to the rescue of senior citizens and others suffering because of such companies.

u k saluja

4 years ago

i would like to suggest that cases of senior citizens should be taken up by fast track courts to be set up in the offices of Ministry of Corporate Affairs/Company Law Board where the companies have not paid back money against the fixed deposits given to them for a specified period. Money must be returned to the senior citizens after the maturity of the agreed period of FD and must not be delayed under any circumstances by the concerned companies on flimsy grounds like non receipt of funds against their exports etc. as being given by companies like Plethico Pharmaceuticals Limited, Indore/Bombay. Other companies like Micro Technologies India Limited and AVON Corporation Limited, Mumbai have failed to return money against matured FDs to their investors. Despite CLB orders money has not been paid back to its investors. Managements or the FD Promoters like Bajaj Capital Limited are non-committal about the dates by which the money would be paid back to their small-time investors. uks

REPLY

JGC

In Reply to u k saluja 4 years ago

Dear U K Salujaji, You are 110% right. But Company Law Board is safeguarding COMPANY's as per their name. I already had mentioned only way's are file Police/Civil & Cases as per section 138 (if cheques are bounced)needs to be filed against Company, Directors, Chair mans & CEO's of the company who have duped your money. Seems there is no one out there to listen to Senior and good citizens who have lost Crores of rupees to these white colour chits under the shelter of appropriate authority.

u k saluja

4 years ago

MCA site for lodging investor complaint is not functional at all.Many attempts made to lodge a complaint failed. What is the use of providing such a facility when the same cannot be utilised by the sufferers. It is suggested that some attention should be given to this area so that the people suffering at the hands of manipulating managements of companies could lodge their complaints for non-refunding of money against their matured fds and pay interest when due. Thanks.

u k saluja

4 years ago

Sub: Corporate Deposits.

After my retirement, I and my wife have gone for company deposits for the first time in my life after lot of canvassing by reps. of Bajaj Capital Limited, New Delhi. Deposits given to companies like AVON Corpn. Ltd., Plethico Pharmaceuticals Ltd., and Micro Technologies India Ltd., for one year are struck since companies are not paying back the money after surrendering the original fdrs to them through BCL. Emails/Telephone calls made to them have not brought any results.In Micro Technologies' case Liquidator has been appointed. CMD and other officials were assuring that their money is safe and would returned on time. All committments proved baseless. Others not responding. Petitions filed with CLB. Response still awaited. SEBI/Ministry of Corporate Affairs should intervene and take such companies and their managements to task. FM should look after grievances of senior citizens and sick people on priority.

Syed Khan

4 years ago

sincere advise to all investors, stop putting in money with all non rated company fd's. i have suffered badly.

u k saluja

4 years ago

Moneylife should take up with the managements of the companies like AVON Corporation Limited, Plethico Pharmaceuticals Ltd and Micro Technologies Ltd., Mumbai who are not paying back money to their matured fd holders. Bajaj Capital Ltd. had collected original fds and sent to respective companies for encashment but money still not recd despite hundreds of emails/telephone calls to companies top officials. Moneylife should bring on board CMD or CFO of such companies to redress grievances of old and sick people who had trusted Bajaj Capital Ltd and these companies and put their money and all documents to such organisations who had malafide intentions for dilly-delaying or not paying money on time or extend validity of fds arbitarily from one year to 5 yrs or so. All revenue authorities should be intimated about such dealings and stock exchanges should also be informed about activities of such companies.

REPLY

Sucheta Dalal

In Reply to u k saluja 4 years ago

Dear Mr Saluja

Many thanks for your terrific ideas and comments. There are certainly areas that we can look at. However, we do not have the resources to do any of this at the moment. You may have noticed that this digital news letter is free -- so no revenue. Moneylife Foundation's lectures are free - because we have sponsorship, we do not have funds for these other activities. And Moneylife Magazine, is indeed subscription based -- but when there are more number of paid subscribers, we may have resources for all of this.
Until then, it will be terrific if those who benefit from our grievance redress work. Or get money back from banks, insurance companies because of our effort, would consider donating to Moneylife Foundation ( a not-for-profit, eligible for tax concessions http://foundation.moneylife.in/ ) . That will ensure we not only remain alive to help people, but that we can expand our activities in the direction that you have suggested.

Thank you for your interest.
best regards Sucheta

u k saluja

In Reply to Sucheta Dalal 4 years ago

Thanks for your prompt response. I really appreciate the work being done by your organisation. Your suggestion is worth consideration. I shall be obliged if efforts are made for taking up the respective matters with the concerned companies for redressal of grievances of members of your website. Best wishes and kind regards to you and your team of dedicated people.

Sucheta Dalal

In Reply to u k saluja 4 years ago

I think i explained above, why we do not have the resources to take up individual cases. many thanks

u k saluja

5 years ago

Plethico Pharma, Micro Technologies India Ltd & AVON Corporation Ltd. not paying money against matured fds despite numerous emails, telephone calls to all concerned in respective companies. Despite orders issued by CLB in the past company managements not paying against matured fds. Orders should be passed by Ministry of Corporate Affairs in all such cases to appoint Prov.Liquidators/Independent Directors to protect interest of investors especially senior citizens/ailing members.

REPLY

JGC

In Reply to u k saluja 5 years ago

Sir, for any GOVT. office to pass an Order there should be a Application / Case filled.

We as investor singly OR jointly need to do that in order to press appropriate authority to work in accordance with LAW.

u k saluja

In Reply to JGC 4 years ago

Please see site of MCA Mumbai (Company Law Board) orders passed by CLB are listed for applications submitted by depositors against different companies. Despite orders companies taking their own time in paying or dilly-delaying payment on flimsy grounds. uk saluja

Sandip Patil

5 years ago

Why doesn't CLB or MCA initiate steps towards arrest of Yash Birla like Sebi did for Subrata Roy? Do we wait for Modi to come to power? Even AAP instead of putting their energy in futile electioneering exercise should have helped people who lost all their savings with Private Companies in legal process. It is impossible for individual Senior Citizens to make legal fight. CLB and MCA are also not investor friendly. You can not easily find Form 4 on CLB site. Everyone is also not educated. After loosing hard earned money, people have lost faith in Ministry and Legal system. It is high time that SC should take these arrogant industrialist to task. They eat-up Banks and Investors money to make marry and are protected under the guise of Corporate Law.

REPLY

JGC

In Reply to Sandip Patil 5 years ago

Agree with Sandip. See there is a problem with all political parties and Not a single party is talking about many scams took place in last 2 years. I had written to Dr. Kirit Somaiya of Mumbai BJP about scam by IND SWIFT LIMITED and it's Director but no reply. Only Apex Court is working in our country. I think only way out is Investors to file Police/Court cases against such companies and their directors.

JGC

5 years ago

I am also facing problem with Ind Swift for Rs. 2L. CLB has allowed 8%interest, the entire order is one sided please read carefully. I wonder is CLB Delhi authorised to reduced aggred rate of interest from 11.5 to 8%? How? CLB Mumbai has passed order to extend FDR for 2 years AT SAME REATE OF INTEREST in order against BilCare Limited.

In case of Ind swift if cheques are bounced you may file case u/s 138 against company and it's directors. We are filing the case in a day or two against Ind Swift.

Rakesh Aggarwal

5 years ago

SOME PEOPLE ARE LUCKY. IN THIS CASE MY ELDER BROTHER INVESTED MONEY IN BIRLA POWER SOLUTIONS, ZENITH BIRLA, AND OTHER COMPANIES LIKE AVON CORPORATION, NESA LEIZURE, IND SWIFT LABS, RAJ OIL MILLS ETC.
RAJ OIL MILLS FD IS YET TO MATURE IN A COUPLE OF MONTHS. ALL OTHER FDS HAVE MATURED AND ALL COMPANIES HAVE DEFAULTED.
ONLINE COMPLAINTS WERE MADE TO MCA, LETTERS FROM ROC ISSUED TO AVON, BIRLA POWER AND NEESA LEIZURE WERE IGNORED BY COMPANIES. IN CASE OF AVON, THIS COMPANY HAS REISSUED FRESH FDRS UNILATERALLY WHEREBY THE MATURITY PERIOD IS EXTENDED BY ANOTHER 4 YEARS. EVEN EOW WING OF POLICE DOES NOT SEEM TO HAVE TAKEN ANY ACTION AGAINST AVON CORPN.
NEESA LEIZURE HAS INDICATED TO ROC THEY HAVE SHORTAGE OF FUNDS HENCE THEY REISSUED FDR FOR AN EXTENDED PERIOD OF 6 MONTHS. ROC HAS CLOSED FILE BY SENDING A COPY OF THIER LETTER TO US TO TAKE FURTHER ACTION IF WE SO DESIRE.
IN CASE OF IND SWIFT LAB ALSO THE FDRS WERE RENEWED AND THE COMPANY WENT BEFORE THE CLB AND GOT THE INTEREST RATES REDUCED TO 8%.
MY BROTHER IS 74 YEARS OF AGE AND UNDERGONE OPEN HEART SURGERY ON 23 NOV. 2013, HIS WIFE IS ALSO IN BAD SHAPE HAVING UNDERGONE CANCER SURGERY AND NOW ADVISED BOTH KNEE REPLACEMENT. ALL THESE FACTS WERE BROUGHT TO THE NOTICE OF THE RESPECTIVE COMPANIES WITH MEDICAL PAPERS BUT IN VAIN.
THIS IS HOW MCA, ROC ARE IN FACT PROTECTING THE DEFAULTING COMPANIES IN THE NAME OF PROTECTION OF INVESTORS. CAN ANYONE SUGGEST WHAT TO DO NOW OR HELP. IS THERE ANY PROVISION UNDER THE LAW TO RECOVER THESE FUNDS IN THIS COMPELLING CASE. MY EMAIL ID IS [email protected]

Jagdish Chopra

5 years ago

Well everyone is not as lucky as Mrs D Vithalani.
J C Chopra
S Chopra

RAVI PRAKASH KESHARI

5 years ago

I had invested in Birla Power solution,rupee 1 lac,
nor i got maturity nor intrest from 2 years.
had made complaints in CLB and MCA,but still pending............

RAVI PRAKASH KESHARI

5 years ago

Dear sir,
i also a person who gets default from Birla Power FD,mine capital 1 lac + interest not recd from 1.5 years.maturity is over

VINOD PRAJAPATI

5 years ago

I GIVE THE COMPLAIN AGASINST BIRL A POWER SOLUTIONS LTD, MUMBAI AT COMPANY LAW BOARD MUMBAI TILL DATE NOT RECEIVED MY PRINCIPAL AMOUNT AND INTEREST CHEQUE. SO WHAT I DO ??? I ALSO COMPLAINT AT ROC , MUMBAI.

PLS. SUGGEST WHAT I DO NEXT ????

ASHOKNGD

5 years ago

I am unable to submit online form on web site of ministry of corporate affairs.
The link to check form or submit does not operares. Pl guide how to do so.
I want to filw complaint against Raj Oil mills which has not paid any divident on FD
Ashok Gupta
[email protected]

neerja

5 years ago

I have taken some companies fd as birla power solutons ltd, birla shloka, bilcare ltd,plethico phamacuticals ltd,ind-swift laboratories ltd.fds are over due Ihave not received the payment of the componies and not responded.Please help.
neerja

REPLY

Syed Khan

In Reply to neerja 5 years ago

the only way out is to apply with company law board.

vivek bajaj

5 years ago

my FD with elder pharmaceuticals matured on 03.01.2014 and company has not sent cheque.

Vivek Bajaj

JAYKRISHNA BIGHARIA

5 years ago

I have not FD maturity payment from UNITECH LIMITED, REGD. OFFICE:6, COMMUNITY CENTRE, SAKET,NEW DELHI - 110017. My FD of Rs.5.0 lacs matured on 10-11-13. As advised above I propose to file a complaint with MCA.
Pl help me with Corporate Identity Number of this company so that I may file a complaint.

I am a senior citizen now.

Kusum Bigharia

REPLY

Rakesh Aggarwal

In Reply to JAYKRISHNA BIGHARIA 5 years ago

UNITECH LIMITED (CIN) is L74899DL1971PLC009720, Registeration Number is 009720.
ALL THE BEST
RAKESH AGGARWAL

Syed Khan

5 years ago

i am in Hyderabad, how do i register a legal case with CLB Mumbai against Birla Power? thanks.

Adheer Ramesh Pai

5 years ago

FIR filed against Yash Birla company on Thapar complaint

It seems the Yash Birla group of companies are nothing but a scam ...

http://www.sunday-guardian.com/investiga...

usha

5 years ago

Plethico Pharma has also defaulted its FD holders. There is no reply from the company or its service provider linkintime.
Can anyone highlight on this company please.
usha

REPLY

u k saluja

In Reply to usha 5 years ago

Pl take up matter with Ms Khushboo Kothari, Company Secretary, Plethico, based at Indore, who atleast attends to msgs and gives replies giving status of refund against fds. Though no payment yet recd by us. uk saluja, New Delhi

Syed Khan

5 years ago

same is the case with Sezal Glass LTD. Company not paying interest already and not processing premature refunds.

JGC

5 years ago

FD holders of Ind Swift is also struggling hard to recover their money. Ind Swift Ltd & Ind Swift laboratory Ltd defaulted on making payments to mature FDR holders. They have Insufficient Fund / Blocked Account / stopped payments to cheques for Principal & Interest amounts already issued. They got the Company Law Board New Delhi’s order dated 11.09.2013 which could be a EYE OPENER to FD investor like us. Highlights are as under,
1) Interest @8% per annum to be paid till date of repayment.
2) Holder’s of FDR for Rs. 25,001/- to Rs.50,000/- . Payment shall be made with in 4.5 years from the date of maturity. 20% 1st year & 2nd year+ 25% 3rd year & 4th year + 10% 4.5 year. Entire Interest will be paid with the last installment.
Interested can download the order from CLB’s website.
Would MoneyLife help to affected investors in above situation?

shanti Patel

5 years ago

Independent Directors are DEPENDENT on Management of the Company which is generally family run company. How can you bite the fingers which feed you?
Actually Minority shareholders should have right to nominate director/s to protect their interest.
Today Independent Directors are burden to the shareholders. They just add to the numbers and not value. The retired government officers and bankers are appointed as Independent Directors for the flavors that they probably given to the companies.
They get Sitting Fees and commission running in to lakhs and crores without any useful contribution to the workings of the companies.
In fact it will not make any difference whether they are there or not.
Satyam case is example to this. Leading people were independent directors getting very good amount in return and doing nothing.
Shanti Patel
Chartered Accountant

hasmukh

5 years ago

It appears that the legal notice issued by CLB and the threat of prosecution proceedings against the Mg. Directors and the Officers of the Co. has worked in this case.
To protect the Investors, Companies borrowing monies on FD should be asked to give personal guarantees of the working Directors and its executives, Officers etc.

REPLY

u k saluja

In Reply to hasmukh 5 years ago

This suggestion of obtaining personal guarantees of the promotors/Directors/Managing Director/CMD/CEO/CFO should be provided and it should be binding on the working executives to ensure that the money against fds should be refunded on the date of maturity should be paid to the stakeholders. uk saluja

Syed Khan

In Reply to hasmukh 5 years ago

no its not working

Reni P George

5 years ago

Dear Moneylife

If the promoter is holding less than 1 % of the company's share,then what right has he to sit on the company's board and enjoy the company benefits.We should also know how come Mr.Birla is maintaining his lavish life style.Actually there should be a retail investors nominee on the board of every companies or the independent directors should be held liable for the wrong doings of the company.I have seen in many companies as soon as some wrong doing is noticed,,the independent directors resign citing poor health.They are not doing an honorary service,the company is paying the sitting fees and other expenses from the company's own pcoket,this money is earned by the shareholders of the company.

Fixed-income: High Returns, Safe Capital

There may be a window of opportunity today to lock in your fixed-income investments at good rates. Moneylife look at different options—from bank fixed deposits to fixed maturity plans of mutual funds to corporate bonds and debentures

On Saturday nights, one may have many things to do or discuss, but investments may not be near the top of the list. And, yet, on an early September...

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Corporate deposits: A better deal?

What does the new Companies Act mean for corporate deposits? Will they become safer?

Corporate deposits have been unsafe investments principally because they are not secured against the assets of the company. Average savers have lost crores of rupees, lured by a higher rate of interest these offered over bank deposits. The new Companies Act 2013 suggests several significant changes...

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