tag:blogger.com,1999:blog-2344491369527257676.post6532179811081143459..comments2023-11-02T04:53:34.081-07:00Comments on Money Rumors: What is Company DepositsUnknownnoreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2344491369527257676.post-23023004115442231152017-03-16T08:09:04.004-07:002017-03-16T08:09:04.004-07:00Hi Author,
Thank you for such a valuable input. I ...Hi Author,<br />Thank you for such a valuable input. I invested in one company fixed deposit 3 years ago (March 2014) as our first expereince with the company in 2010-2013 was good(D. S. Kulkarni Developers Ltd Fixed Deposit). They gave us post dated cheque for Principle amount and I choose ECS payment for interest component. Lately, in March 2017 the FD's got matured. However, company position is not so good and they requested us to renew it for another year OR at least 6 months due to liquidity issue(They sent letter for that). It's Public company (D.S.K. Developers). They have many more companies in different sectors. <br /><br />What are our options ? I learn that company fixed deposit are not secured and are not backed by RBI. However, in this case we have post dated cheques from the company. Does that gives us some power to fight the case. If the cheques are dishonored by the company can we go to court. In our case "The cheque is issued towards discharge of a debt or legal liability."<br /><br />According to Section 138 of the Act, the dishonour of cheque is a criminal offence and is punishable by imprisonment up to two years or with monetary penalty or with both. <br /><br />If payee decides to proceed legally, then the drawer should be given a chance of repaying the cheque amount immediately. Such a chance has to be given only in the form of notice in writing. <br /><br />The payee has to sent the notice to the drawer with 30 days from the date of receiving “Cheque Return Memo” from the bank. The notice should mention that the cheque amount has to be paid to the payee within 15 days from the date of receipt of the notice by the drawer. If the cheque issuer fails to make a fresh payment within 30 days of receiving the notice, the payee has the right to file a criminal complaint under Section 138 of the Negotiable Instruments Act. <br /><br />Will really appreciate your guidanceAmolwhttps://www.blogger.com/profile/11161943149781053368noreply@blogger.com