Shriram Chit Fund Pvt Ltd — Balance 13 installments gross amount deducted from prized money and now asking to pay every month future installments

Address:

Hyderabad, Andhra Pradesh

Lr No 2/Shriram /2013 Date:[protected]

To
The Manager,
Shriram Chits (P) Ltd
Branch: Dilsuknagar (3304)
Hyderabad

Sub: Chit No. 8005/23-Request to deduct balance of monthly subscriptions on the last day of every month from the principal + interest at credit in my FD A/C No.50014565 in Shriram City union Finance Ltd till the end of FD term of one year-regarding

Ref: (i) My letter dt[protected]
(ii)My legal notice dated[protected]
(iii) Your reply dt[protected]
(iv) Debit of Rs 26000 from my prized chit No 8005/23 towards fixed deposit Receipt No. 50014565 in Shriram City Union Ltd

Dear Sir,

1 With reference to the above, I recall your kind attention to my letter Ref. (i) above, in which I sought some information. As you have not furnished the same, I had issued legal notice seeking the same referred at (ii) above. But the same was denied vide your letter ref at (iii) above.

2 In this connection, I would like to state that I am your valued Chit Fund subscriber with ticket No. 23 in Chit Group 8005 and on hearing allegations of money laundering by Shriram Group of Companies from a reputed news TV Channel, I sought some information vide (i) & (ii). As service provider you are liable to provide the information sought by me as your consumer. But I am denied the information with misconception that it is sought under RTI Act 2005 vide your reply at (iii) above.

3 As a valued consumer, personally I requested you to provide the information I sought and waiting to get the information till date. In the meanwhile I thought of not taking any risk and I had bid the chit on 24th August and I was asked to provide three/four sureties of Government officials of high salary to get the bid amount. Since I am an Advocate without government salary, I was asked to provide 4 sureties. Under the circumstances the Manager have suggested alternative, to deposit the amount of Rs 26, 000 towards 13 months gross chit amount at the rate of Rs 20, 000 per month in your own bank Shriram City Union Finance Ltd and the balance amount was paid to me on[protected] after deducting some charges. I had no other option but to opt out for the alternative and I gave consent

4 To my surprise the FD Receipt was not given for about one month and only on[protected] on my personal visit, a Xerox copy of the FD was given to me and I am asked to pay monthly subscriptions regularly.

5 I state that I have deposited entire balance installments amount for the future 13 months, I need not pay any money. On the other hand I am to be paid interest on monthly dividend+balance of FD amount after debiting monthly subscription at the end of every month till maturity period of one year.

6 Therefore In the light of the above, I state that
(i) your not giving information as sought in my above letters (i) & (ii) is deficiency of service
(ii) Your not informing me at the time of joining Chit as subscriber that a Lawyer’s monthly income can not be taken as surety, amounts to deficiency of service and unfair trade practice
(iii) Your deducting balance of subscription amounts for the remaining 13 months from my chit prized money towards fixed deposit with your own bank and again asking me to pay monthly subscriptions every month, amounts not only deficiency of service, but also unfair trade practice.
6 Therefore I call upon you
(i) to supply the information as sought under my letters (i) & (ii)
(ii) and debit monthy future installments of chit subscriptions from my FD amount on every last day of the month after crediting monthly interest to the balance of FD amount and pay the interest on the balance amount at the assured interest rate of 9.5% till the FD term and pay the balance amount at credit in my FD account on maturity
or
Refund my FD amount with interest up-to-date accepting my personal bond with or without security of my residential house at Flat No. 502, Kubera Towers, DD Colony towards balance of installments & I will pay monthly future installments regularly.
Please debit this month’s subscription of chit amount from the balance of my FD amount i.e. interest + principle of 26, 000 as on 31st of October, 2013. Please note that every month I used to pay my installments on the last day of every month in the past.
Date:[protected]
Place: Hyderabad (A. Sudhakar)
Subscriber