They visited the Singhs at their Kanpur Nagar home to request them to deposit money in the company. The Singhs were assured that they would receive interest and would be allowed to withdraw their deposit along with interest whenever they wished to do so. The Singhs deposited ₹25,000 on May 15, 1974.
When the Singhs needed funds in 1981, the company paid ₹10,000 as interest but failed to pay the remaining amount, which continued as a deposit. According to the Singhs, the amount due to them up to 1993 amounted to ₹4,73,074.74. However, the company sent a reply on December 1, 1993, in which it claimed that it did not have the relevant documents.
After follow-up, on October 10, 1995, the company assured them that it would resolve the grievance within a month. Since the company failed to make any payment, the Singhs filed a complaint before the Kanpur Nagar District Forum in Ghaziabad. The company did not bother to contest the case, so the Forum allowed the complaint.
This story is from the September 30, 2024 edition of Business Standard.
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This story is from the September 30, 2024 edition of Business Standard.
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