[Resolved] Indiabulls Securities Ltd — Unnecessary Delay for DIS Book in CDSL Format close to 1 Month | |
Sir, Date – 19th May 2008 Sub : Detailed Mail “Unnecessary Delay for DIS Book in CDSL Format close to 1 Month / Poor Customer Service” I am writing this mail to officially lodge a complaint against the leading Brokerage House Indiabulls Securities Ltd and inform you that I have a Trading & Demat Account with them and following are the details – (NSDSL) DP ID : IN302236 Client ID : 11033796 I have been facing a lot of problems at there end and have suffered Financial Losses from them due to the rouge trading in my account done frequently and I would like to specially mention the most recent/current incident of 2nd April 2008. The details of the Transaction are given below Scrip Details: Shoppers Stop Date:[protected] Branch Code – KLKDLH / Kolkata / Hemant Basu Sarani Quantity: 10 shares Bought – Rs 410/- & Sold – Rs 396/- ( Loss Of Rs -144.82/-) The Brokerage had bought stock without my consent and had also sold of which I did not approved. They had forced upon me an ultimatum to book immediate short loss or suffer further financial consequences and also after several requests they have not provided the official contract note yet. This was not the sole event of malpractices and rogue trading as earlier also I had suffered Huge losses of close to Rs 3Lacs due to complete false suggestion, confusion creation, poor guidance and wrong information for just meeting volume generation targets. The company does not follow any regulation towards customer safety at in reality and all the compliance issue comes into picture when there is a sharp correction in the market and all the leveraged position have to be squared up or there are huge defaults ; until then they simply lure the investors for leveraging there portfolio holdings for higher profits in complex financial products they are unaware of. Looking at the mentioned manipulative events and for the safety of my investments holding I wanted to transfer my shareholding from my current deposit with them to another depository which is registered with CDSL India and had made a request for a fresh issue of Delivery Instruction Slip (DIS)Book in a CDSL format as they have never issued me any. It has been more than 4 weeks (Close to a Month) and I have received nothing; either the required or a formal reply to the delay. The Brokerage is making false excuses that of blaming the Courier Company but this is absolutely vague as I have received earlier material from them at the same address and the mentioned Logistics Provider (Blue Dart) or any takes due care and calls the addressed person if they are unable to locate them. I have received letter from Depositories (NSDL) and also received DIS Book in record time from the other Brokerages. This is not the only hurdle as I believe that the transfer of securities to any other depository from Indiabulls Securities Ltd (Kolkata) take another 5 to 6 days even as late to 2 weeks as mentioned by there employee which states that this is because of Indiabulls Securities Ltd regulations where as all over cities in India even in small towns it takes less than 2 days to transfer your security holdings. The Branch Office at Kolkata (Stephen House) does not believe in providing any resolution to the issues we face daily and no investor compliances get addressed. The Local Compliance officer does not register any of our complaints and is absolutely ineffective in providing statutory compliance formats. The egoist attitude is the only compliance they follow. This and a series of earlier events of non-cooperation and total lack of commitment clearly makes a investor scared towards his safety of securities holding and shows the deep incompetence’s of the organization. Concluding the above events I request you to pressurize and direct The Brokerage to First Provide Delivery Instruction Book in a CDSL format immediately within 3 days. Second Direct them not to trade in any of my securities at all without my consent Third The company has not compensated my loss and should pay me my loss amount and penalty for the malpractice & not taking due care by taking investors for granted. Finally I request you to please take some serious action against the Brokerage (Financial Penalties) and specially the mentioned persons who actually are aware to the company and solely responsible for this (The Relationship Manager & some Senior Managers). The Indiabulls Securities Ltd (Kolkata Branch - Stephen House) had also refused to provide receiving to any original letter deposit and since I have given an absolute similar communication through a brief letter by E-mail (Dated - 15th April 2008) to there Indiabulls Grievance Cell and have till date not received a single formal reply or a much awaited apology. I am very sure that the Brokerage will completely deny and provide full cover-up to its mentioned employees as we are aware of the past about how unethical behavior they practice universally and request you that Irrespective of the quantum of claim amount I hope you will direct a through investigation into this matter and work against safeguarding likewise small investor’s interest Thanking You Yours Faithfully Alka Binani Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
 11 Comments | |
Comments
Indiabulls securities ltd — Harresment by the Airtel Salesperson.
I have taken one new connecrion from MR.Prabjendra Singh([protected]) And Miss Mousami([protected]).I was using the Vodafone connection very happily from last three years but when he came to me thrice and told me that sir we will give you better service.Then i have given them all the documents for my new connection with Airtel bec in my family there are 7 airtel connecrion.On the 2nd of the june my connection has been activated but i was not able to do the outgoing calls and SMS from the airtel.Then i have complained the same to to the dealer but from the last 15 days he was telling me that sir give me 15 mins i will start ur outgoing and when today i told him that tell me clearly whether you will able to do this or not . Then the Person Mr.Singh and Miss Mousami abushed me alot of times and told me that do whatever you want to do we ll not do anything. Now what will i do ? Please suggest ? Sud i throw this SIM card and forget the abuses? If this is the type of Services you are providing to the customer then i dont want ur connection.Regards,
Manish
In the year 2004 I opened a Trading Account and DP Account with Indiabulls Securities Limited ( Trading Client Id 39835 and DP A/C No. CDSL [protected]).That immediate after opening of the A/C they stoped supply me DIS Book, easi regn to access to DP A/c and Inter DIS Book.They forcibly illegally and with the help of Central Depository Services India Ltd.(CDSL) authorities transferred my entire shares worth rupees one crore to their account.
When I lodged complaint to CDSL and SEBI, their Senior officer Prasunjeet Mukherjee given in writing on 20/10/2005 to settle my claim in consultation with their DIRECTOR, GAGAN BANGA AND SAMEER GEHALAUT.Then after they reamin silent, so far I sent more than thousand letters, lakh of email, fax and telephonic calls with SEBI, CDSL and Indiabulls, but of no use.The CDSL authorities are directly encouraging the DP in this illegal transfer.
One can surprise and astonish to know, Indiabulls put fake signature of my wife and witnesses in the Client-Member Agreement and DP A/C agreement.As per SEBI statement out of 15 complaints SEBI received 12 are against Indiabulls, but even then they are suitably awarded and rewarded by SEBI and CDSL, the Present Chairman Mr. Bhave when he was Chairman NSDL suggested action against Indiabulls to M.Damodaran, but Damodaran remain silent reason best known to Mr. Clean Damodaran, who after retirement joined with a finance company may be helped them in the past in his official capacity, similarly in my case he remain silent even though I spoke to him over telephone for more than twenty time, now Mr. Bhave is the helm of power let us wait and watch what action he will take against Indiabulls.
During 2004 by investing few thousand rupeesIndiabulls grew very very first and today their assets is more than fifteen thousand crores, as per The Hindu Business Line dated Saturday September 13, 2008 at page 20( Sameer Gehlaut Chairman and CEO Indiabulls is billioner as per Forbes WEB).It is because they have looted, cheated and exploited lakhs of innocent investors incuding me in the open broad day light with the help of SEBI, CDSL, NSE and BSE.If it could be in USA, by this time Sameer, Rajeev and Gagan could be hanged, the best exmple is ENRON, but in India they all will get the highest CIVILIAN AWARD BHARATRATNA.
BRAJA BANDHU BEHERA,
ADVOCATE ORISSA HIGH COURT,
Mobile [protected]
When I lodged complaint to CDSL and SEBI, their Senior officer Prasunjeet Mukherjee given in writing on 20/10/2005 to settle my claim in consultation with their DIRECTOR, GAGAN BANGA AND SAMEER GEHALAUT.Then after they reamin silent, so far I sent more than thousand letters, lakh of email, fax and telephonic calls with SEBI, CDSL and Indiabulls, but of no use.The CDSL authorities are directly encouraging the DP in this illegal transfer.
One can surprise and astonish to know, Indiabulls put fake signature of my wife and witnesses in the Client-Member Agreement and DP A/C agreement.As per SEBI statement out of 15 complaints SEBI received 12 are against Indiabulls, but even then they are suitably awarded and rewarded by SEBI and CDSL, the Present Chairman Mr. Bhave when he was Chairman NSDL suggested action against Indiabulls to M.Damodaran, but Damodaran remain silent reason best known to Mr. Clean Damodaran, who after retirement joined with a finance company may be helped them in the past in his official capacity, similarly in my case he remain silent even though I spoke to him over telephone for more than twenty time, now Mr. Bhave is the helm of power let us wait and watch what action he will take against Indiabulls.
During 2004 by investing few thousand rupeesIndiabulls grew very very first and today their assets is more than fifteen thousand crores, as per The Hindu Business Line dated Saturday September 13, 2008 at page 20( Sameer Gehlaut Chairman and CEO Indiabulls is billioner as per Forbes WEB).It is because they have looted, cheated and exploited lakhs of innocent investors incuding me in the open broad day light with the help of SEBI, CDSL, NSE and BSE.If it could be in USA, by this time Sameer, Rajeev and Gagan could be hanged, the best exmple is ENRON, but in India they all will get the highest CIVILIAN AWARD BHARATRATNA.
BRAJA BANDHU BEHERA,
ADVOCATE ORISSA HIGH COURT,
Mobile [protected]
As per the records available and in writing INDIABULLS admitted that by cheating Exploiting and looting lacks of innocent investors of the country Sameer Gehlaut, CHAIRMAN, INDIABULLS IS NOW ONE OF THE BILLIONER IN THE WORLD.IF IT COULD BE IN USA OR ANY EUROPEAN COUNTRY BY THIS TIME SAMEER COULD BE HANGED.LACS OF INNOCENT INVESTORS ARE OF THE OPINION THAT WHO EVER MAY FILED ANY CRIMINAL CASE OR LODGED FIR IN POLICE STATION AGAINST SAMEER AND INDIABULLS IMMEDIATELY THEY ARE GETTING STAY BY ENGAGING VERY SENIOR ADVOCATES BUT THE JUDICIARY OF OUR COUNTRY WITHOUT GOING DEEP IN TO THE OFFENCE IMMEDIATELY GIVING STAY.MY HUMBLE PRAY TO JUDICIARY OF THE COUNTRY THE THIRD COLUMN/PILLAR OF THE DEMOCRAY NOT TO GIVE STAY TO THE CRIMINAL CASES AGAINST INDIABULLS AND ITS PROMOTERS WITHOUT GOING DEEP IN TO THE CASE AS BECAUSE INNOCENT INVESTORS ARE COMMITTING SUICIDE, BECAUSE OF IT.
JAI HIND
BRAJA BANDHU BEHERA'
ADVOCATE
JAI HIND
BRAJA BANDHU BEHERA'
ADVOCATE
HARASSMENT & TORTURE BY INDIABULLS TO EXTRACT EXTRA MONEY.
I had taken personal loan from Indiabulls of Rs.25, 601/- on 25/5/2007 and repaid Rs.22600/- but just default in one of my EMI of Rs.1800/-, Indiabulls misused my blank security cheque by filling false amount of Rs.28, 249/- and they also misused my blank signed loan agreement by filling false figures of 30 installments instead of 24 (Usurious rate of interest more than 60 % p/a.), denied the receipt of some amount debited from my bank. Even though I tried to settle the dispute by offering reasonable amount pending principal amount and interest amount but to extract extra money from me Indiabulls has filled bogus cheque bounce case against me in Patiala House Court, New Delhi. As it is tough to defend the false cheque bounce case traveling from Mumbai to Delhi, Indiabulls forcing me to pay Rs.33208/- plus uncharged interest. To extract the money company filled thousands of cheque bounces cases in Delhi Courts. In spite of my several complaints to RBI against India bulls, RBI not taking the matter seriously and protecting Indiabulls by neglecting all my complaints. The whole system is working with Indiabulls. To earn huge money Indiabulls bring the thousands of poor borrowers to suicidal point. Financial Company openly violate the fair business practice guidelines given by RBI.
[protected]@gmail.com [protected]
LINK:- http://www.mid-day.com/news/2009/feb/020209-Indiabulls-Securities-Limited-investors-Delhi-news-alleged-fraud-selling-shares-without-in...⇄
I had taken personal loan from Indiabulls of Rs.25, 601/- on 25/5/2007 and repaid Rs.22600/- but just default in one of my EMI of Rs.1800/-, Indiabulls misused my blank security cheque by filling false amount of Rs.28, 249/- and they also misused my blank signed loan agreement by filling false figures of 30 installments instead of 24 (Usurious rate of interest more than 60 % p/a.), denied the receipt of some amount debited from my bank. Even though I tried to settle the dispute by offering reasonable amount pending principal amount and interest amount but to extract extra money from me Indiabulls has filled bogus cheque bounce case against me in Patiala House Court, New Delhi. As it is tough to defend the false cheque bounce case traveling from Mumbai to Delhi, Indiabulls forcing me to pay Rs.33208/- plus uncharged interest. To extract the money company filled thousands of cheque bounces cases in Delhi Courts. In spite of my several complaints to RBI against India bulls, RBI not taking the matter seriously and protecting Indiabulls by neglecting all my complaints. The whole system is working with Indiabulls. To earn huge money Indiabulls bring the thousands of poor borrowers to suicidal point. Financial Company openly violate the fair business practice guidelines given by RBI.
[protected]@gmail.com [protected]
LINK:- http://www.mid-day.com/news/2009/feb/020209-Indiabulls-Securities-Limited-investors-Delhi-news-alleged-fraud-selling-shares-without-in...⇄
WHY ONE WILL STAY IN INDIA?FOR WHOM THE INDIAN DEMOCRACY MEANS.
?IS THE DEMOCRACY MEANT FOR THE MAFIAS, LOOTERAS, CHEATORS AND EXPLOITORS?IS THE SEBI, NSE, BSE, CDSL AND NSDL BEING CREATED TO PROTECT AND HELP THE EXPLOITOR, CHEATOR AND LOOTERA STOCK BROKERS AND THE DEPOSITORY PARTICIPANTS?
THERE ARE LAKHS OF COMPLIANT CASES AGAINST THE STOCK BROKERS AND DEPOSITORY PARTICIPANTS(DPs) INDIABULLS SECURITIES LIMITED AND ITS DIRCETORS SAMEER GEHLAUT, RAJEEV RATAN AND GAGAN BANGA, BUT SO FAR NO ACTION AGAINST THEM IF A ORDINARY THIEF SNATCH/PICKPOCKET RS.100/-, THEN POLICE FORWARD THEM TO COURT AND LATER IPRISONED, WHERE AS SAMEER, RAJEEV, GAGAN AND ITS OTHER ASSOCIATES OPENLY SNATCHING/PICKPOCKETING (BY WAY OF TRANSFERRING SHARES WORTH THOUSANDS CRORES FROM THE DP ACCOUNT OF BENEFICIARY OWNERS) WITH KNOWLEDGE OF CDSL AUTHORITIES BUT SEBI FAILED TO TAKE ANY ACTION RATHER THE AUTHORITIES ARE HELPING THEM IN THEIR CRIMINAL WORK, THAT IS REASON WHY INORDER TO DIVERT/HIDE THE SNATCHED FUNDS THEY WENT ON FORMING NEW COMPANIES ONE AFTER ANOTHER, SEBI ALSO OPENLY HELPING THEM TO FORM NEW COMPANIES.IF IT COULD BE IN AMERICA, CHINA EVEN PAKISTAN ALL THE PROMOTERS COULD BE HANGED AND THE CDSL & SEBI AUTHORITIES COULD BE IN JAIL, BUT AS IT IS IN INDIA THEY ARE SUITABLY AWARDED AND IN FORBES BOOK SAMEER IS SIXTH BILLIONER OF INDIA, THE OTHER DAY HE WAS A BEGGAR AND HAVING FEW HUNDRED RUPEES, HE IS BORN THIEF, SO FAR MY CASE IS CONCERN.IF REALY I HAVE FAITH ON LORD JAGANATHO AND HE HAD LOOTED MY HARD EARNED MONEY, THEN DEFINITELY PUNISH BY GOD, EVEN IF SEBI AND CDSL AUTHORITIES HELPING THEM.EVERY DAY I AM RECEIVING HUNDREDS OF EMAILS FROM POOR INVESTORS ABOUT THEIR EXPLOITATION BY INDIABULLS BUT UNFORTUNATELY OUR POLICE AND JUDICIARY ARE NOT HEPLING THEM THE REASON BEING BY PAYING GOOD MONEY THEY ARE ENGAGING VERY POWERFUL LAWERS AND GAINING THE CASE, AS A RESULT THOUSANDS OF INNOCENT INVESTORS ARE COMMITING SUICIDE.
BRAJA BANDHU BEHERA, ADVOCATE, ORISSA HIGH COURT
?IS THE DEMOCRACY MEANT FOR THE MAFIAS, LOOTERAS, CHEATORS AND EXPLOITORS?IS THE SEBI, NSE, BSE, CDSL AND NSDL BEING CREATED TO PROTECT AND HELP THE EXPLOITOR, CHEATOR AND LOOTERA STOCK BROKERS AND THE DEPOSITORY PARTICIPANTS?
THERE ARE LAKHS OF COMPLIANT CASES AGAINST THE STOCK BROKERS AND DEPOSITORY PARTICIPANTS(DPs) INDIABULLS SECURITIES LIMITED AND ITS DIRCETORS SAMEER GEHLAUT, RAJEEV RATAN AND GAGAN BANGA, BUT SO FAR NO ACTION AGAINST THEM IF A ORDINARY THIEF SNATCH/PICKPOCKET RS.100/-, THEN POLICE FORWARD THEM TO COURT AND LATER IPRISONED, WHERE AS SAMEER, RAJEEV, GAGAN AND ITS OTHER ASSOCIATES OPENLY SNATCHING/PICKPOCKETING (BY WAY OF TRANSFERRING SHARES WORTH THOUSANDS CRORES FROM THE DP ACCOUNT OF BENEFICIARY OWNERS) WITH KNOWLEDGE OF CDSL AUTHORITIES BUT SEBI FAILED TO TAKE ANY ACTION RATHER THE AUTHORITIES ARE HELPING THEM IN THEIR CRIMINAL WORK, THAT IS REASON WHY INORDER TO DIVERT/HIDE THE SNATCHED FUNDS THEY WENT ON FORMING NEW COMPANIES ONE AFTER ANOTHER, SEBI ALSO OPENLY HELPING THEM TO FORM NEW COMPANIES.IF IT COULD BE IN AMERICA, CHINA EVEN PAKISTAN ALL THE PROMOTERS COULD BE HANGED AND THE CDSL & SEBI AUTHORITIES COULD BE IN JAIL, BUT AS IT IS IN INDIA THEY ARE SUITABLY AWARDED AND IN FORBES BOOK SAMEER IS SIXTH BILLIONER OF INDIA, THE OTHER DAY HE WAS A BEGGAR AND HAVING FEW HUNDRED RUPEES, HE IS BORN THIEF, SO FAR MY CASE IS CONCERN.IF REALY I HAVE FAITH ON LORD JAGANATHO AND HE HAD LOOTED MY HARD EARNED MONEY, THEN DEFINITELY PUNISH BY GOD, EVEN IF SEBI AND CDSL AUTHORITIES HELPING THEM.EVERY DAY I AM RECEIVING HUNDREDS OF EMAILS FROM POOR INVESTORS ABOUT THEIR EXPLOITATION BY INDIABULLS BUT UNFORTUNATELY OUR POLICE AND JUDICIARY ARE NOT HEPLING THEM THE REASON BEING BY PAYING GOOD MONEY THEY ARE ENGAGING VERY POWERFUL LAWERS AND GAINING THE CASE, AS A RESULT THOUSANDS OF INNOCENT INVESTORS ARE COMMITING SUICIDE.
BRAJA BANDHU BEHERA, ADVOCATE, ORISSA HIGH COURT
My appeal to the Government to give death penality or life long imrisonment to SAMEER GEHLAU, CHAIRMAN, RAJEEV RATAN, DIRECTOR, GAGAN BANGA, DIRECTOR OF INDIABULLS SECURITIES LIMITED, who cheated, exploited, looted and betrayed lakhs of innocent investors of the country.In the year 2004 by investing few thousand rupees and taking membership of NSE, BSE, CDSL and NSDL they started exploiting, cheating and violating all the rules and reulations of SEBI and Government and today their assets more than fifteen thousand crores, which may kindly be enquired and examined by CBI only.
Braja Bandhu Behera, Advocate, Orissa High Court
Braja Bandhu Behera, Advocate, Orissa High Court
K DAYALDAS J
March 21, 2009
Respected Sir,
VERY VERY SERIOUS MATTER- REQUEST FOR YOUR ACTION IN MATTER.
Re: Indiabulls implicated thousands of Maharashtra youths in bogus cheque bounce cases in New Delhi Courts to extract extra money, bringing poor borrower near to suicidal point.
Re: Complaint against Indiabulls Financial Services Ltd. F-60, 2nd floor, Malhotra Building, Connaught Place, New Delhi- 110 001.
Ref: Loan Disbursal No. S[protected]Rs.27, 342/-)
I would like to bring to your kind notice that I had taken a loan amount of Rs. 25, 601/- from M/s. Indiabulls Credit Services Limited (Indiabulls Financial Services Ltd.) by cheque bearing No. 431950 dated 25/5/2007.
The said company had obtained from me 10 blank cheques as a security for the said loan amount.
Sir, I had made the payment of monthly installment of Rs.1800/- continuously for 10 months, but due to sickness of my mother who was admitted in ICU, in hospital I couldn’t make the payment of one month viz. June, however their recovery officer Mr. Mahatre & Ramesh Patil collected me part payment of Rs.1000/- on 30/6/2008 and allowed me to make the payment of next ESC by cash.
It is highly regretted that without any intimation to me, the above said finance company has deposited one of my blank cheque bearing No. 78870 by filling the false amount of Rs. 28, 249/-thereby the said company has misused my cheque and in spite of my efforts to solve the dispute I offered reasonable amount i-e pending principal amount & interest amount. But to extract extra amount from me Indiabulls filed bogus cheque bounce case against me in Patiala House Court, New Delhi. Against the loan amount of Rs. 25, 601 on 25/5/2007 I had already paid Rs.22, 600/- and as it is very tough for me to defend the suit in NEW Delhi traveling from Mumbai, finance company black mail me and forcing me to pay more Rs.33208/- plus uncharged interest. To extract extra amount from me finance company tactically implicated me in cheque bouncing case. Finance company filed thousand of cheque bounce cases of Maharashtra youth in New Delhi Court.
At he time of handing over the loan amount cheque to me they given me loan disbursal letter dated 25/5/2007, that contained only details of Loan amount, and EMI amount of Rs.1800/- they purposely not mentioned the details of rate of interest or number of EMI or tenure of loan period. They have taken the signs from me on printed agreement which contained several unfilled blanks in respect of very material terms; they misused loan agreement by filing false details of number of EMI from 24 months to 30 months (i-e rate of interest 60 % per anum which is usurious). They also promised me at the time of loan agreement that after 6 months, they will reduce the interest amount by giving me TOP up of my loan, even in first six months not a single EMI was bounced by me but even they turned up from their promises.
Further to bring to your kind notice that as per my Bankers accounts statement, the above said company has received all the monthly installments, for which I showed and submitted them the Xerox copy of my banks statements. It is highly regretted that in spite of that the recovery officers of the company are pressuring me for the payments of such two installments which were cleared by me and have been giving me notices. insulting me, and harass me, their recovery agents frequently had been visiting my home even my absence and talk rough with my family members.
I made this complaint to RBI, but regret to state that RBI not taking matter seriously and do not investigate my complaint. Whole system is working with Indiabulls.
Being aggrieved, from the above said attitude of the company I hereby approach you with a request to kindly intervene and get me relief from such unwanted situations, for which I shall remain highly obliged.
Thanking you,
Yours faithfully,
K Dayaldas J
Encl: copy of letter to RBI which is self explanatory.
To,
Department of Non Banking Supervision,
Reserve Bank of India,
Dear Sir,
From last more than six months, I approached Department of Non Banking Supervision, RBI by writing several letters, Emails, Reminders, Telephone calls to Mumbai & New Delhi. In my complaints I had given details of how Indiabulls misguided me on rate of interest, how company denied the receipt of payment even debited from my bank, how Indiabulls misused my blank signed security cheque and misused blank signed Loan agreement by filling false figures of number of installments, filed bogus bounce cheque in Patiala House Court, New Delhi and also informed Apex Bank RBI that Indiabulls not only harassing and torturing me to extract extra money from me and but also doing with thousands of other poor borrowers and in there are number of reports in news paper about the suicides by borrowers for harassment by finance companies.
In first six months I learnt through Right of Information that instead of taking any action against Indiabulls the only action RBI did was RBI had asked response from Indiabulls. In my complaints I requested RBI number of times to proper investigate of my complaints. Indiabulls in reply of my complaints given totally false information and I am shocked RBI not found any thing irregular of finance company and RBI has given clean chit to company.
Indiabulls in reply in their letter dated 2/2/2009 and claimed that they are prestigious organization in the field of finance practice highest standard of transparency in its business, company strictly follows Rules, Regulations and all Regulatory Guidelines, company works under the Guidelines laid down by RBI, I am attaching herewith the some of clipping of some of articles published in leading national Newspaper giving information about Court Order against Indiabulls and news on alleged Cheating, criminal breach of trust, criminal conspiracy of Indiabulls which prove false of their tall claims.
1.Delhi High Court refuses to stay investigation against Indiabulls officials.
Link:-
http://economictimes.indiatimes.com/articleshow/2935511.cms
2.FIR against Indiabulls for illegal transactions.
Link:-
http://www.accessmylibrary.com/coms2/summary_[protected]_ITM
3.Financial Services Firm in the Dock
Link:-
http://timesofindia.indiatimes.com/articleshow/2842494.cms
4. despite SEBI inquiry, Court allows FIR against Indiabulls.
Link:-
http://www.expressindia.com/latest-news/despite-sebi-inquiry-court-allows-fir-ag...⇄indiabulls-officials/412487/
5. Investors allege shares worth of crores vanished from their Indiabulls accounts in blink.
Link:-
http://mid-day.com/news/2009/feb/020209-Indiabulls-Securities-Limited-investors-Delhi-news-alleged-fraud-selling-shares-without-in...⇄
http://mid-day.com/news/2009/feb/020209indiabulls-investors-allege-fraud1.htm
6.Indiabulls asked us to fake it.
Link:-
http://www.mid-day.com/news/2009/feb/030209-News-Delhi-Courier-firm-employee-fin...⇄Indiabulls-account.htm
7.IPO Scam, What, When, Who and How ?
Link:-
http://ibnlive.in.com/news/ipo-scam-what-when-who-and-how/8980-7-single.html
8.Indiabulls, Forts undergo Income Tax searches.
Link:-
http://www.indiantaxsolutions.com/main.php?t=28011985&d=[protected]
9.Fraud : Indiabulls men booked.
Link:-
http://cities.expressindia.com/fullstory.php?newsid=85402
10. Indiabulls Co. charges 4.5 Crores Service Tax on Fake registration number.
Limk:-
http://www.allindiantaxes.com/ait-news-145.php
11. Indiabulls Retail not paying some vendors.
Link:-
http://www.livemint.com/2008/12/12234548/Indiabulls-Retail-not-paying-s.html
12.Indiabulls to pay up Rs.35, 000/- as compensation.
Link:-
http://www.livemint.com/2008/12/12234548/Indiabulls-Retail-not-paying-s.html
13.Pay us our dues now.
Link:-
http://www.managementparadise.com/forums/general-talks/4955-pay-us-our-dues-now....⇄
14.Vanished Funds.
Link:-
http://www.indianexpress.com/oldstory.php?storyid=82800
Indiabulls Financial Service Limited, misguided me by giving letter dated 25/5/2007 (Xerox copy already submitted with RBI) at the time of loan disbursal which reflects only loan amount and EMI amount, they intentialy not disclosed the tenure of loan period or number of Installments. And at the time of loan agreement they confirmed me number of EMI would be 24 but they misused my blank signed agreement and filed the false figures 30 which calculate to rate of interest 39 % ( 60 % reducing, which is usurious without doubt)They intentialy kept blank annualized rate of interest % p.a.
Even repeated demand of loan agreement they still not supplied me copy of loan agreement and they falsely claim that they had given me loan agreement copy.
Indiabulls claim false that I had made 11 installments but fact is that I paid 12 installments fully and I also paid Rs.1000/- cash to their recovery staff Mr. Patil & Mahatre and they had acknowledged this in writing. One of EMI was debited from my bank on 1/9/2007 but Indiabulls denied the receipt. Even though submitted Xerox of bank statements number of times confirmed this to their staff by taking them to my bank about the debit of ECS on 1/9/2007 but still they issued me notices, insulted me, and harassed me. (Annexure IV- page 3-3 reflects that I informed Indiabulls about debit of ECS on 1/9/2007) .Indiabulls misused my blank cheque by filing false figures of Rs.28, 249/- and deposited cheque without informing me, I tried level best to settle the dispute by offering pending principal amount and reasonable interest amount but to extract more money from me Indiabulls filed bogus cheque bounce case in New Delhi to harass and torture me. (Copy of emails as Annexure 1 and annexure II attached herewith.)
Honorable Courts number of times ordered financial companies not to file loan recovery amount tactically by criminal penal code instead of Civil (Annexure III), but Indiabulls tactically implicated me in false cheque bounce case and filed suit in Patiala House Court, New Delhi. Indiabulls filled thousand and thousand of cheque bounce suits in this manner in New Delhi Courts.
Indiabulls action caused me mental agony, harassment, deficiency in services.
Instead of technically diluting my complaint, I once again request RBI to look the matter seriously, investigate the issue raised by me in my complaints.
In Maharashtra and in India the numbers of cases of suicides are increased due to harassment and torture by some of financial lenders. I hope if RBI takes strict action on complaints the number of suicides cases come under control.
Thanking you,
Yours faithfully,
K dayaldas J
http://timesofindia.indiatimes.com/rssarticleshow/msid-3706199, prtpage-1.cms
Bounced cheques choke Delhi courts
March 21, 2009
Respected Sir,
VERY VERY SERIOUS MATTER- REQUEST FOR YOUR ACTION IN MATTER.
Re: Indiabulls implicated thousands of Maharashtra youths in bogus cheque bounce cases in New Delhi Courts to extract extra money, bringing poor borrower near to suicidal point.
Re: Complaint against Indiabulls Financial Services Ltd. F-60, 2nd floor, Malhotra Building, Connaught Place, New Delhi- 110 001.
Ref: Loan Disbursal No. S[protected]Rs.27, 342/-)
I would like to bring to your kind notice that I had taken a loan amount of Rs. 25, 601/- from M/s. Indiabulls Credit Services Limited (Indiabulls Financial Services Ltd.) by cheque bearing No. 431950 dated 25/5/2007.
The said company had obtained from me 10 blank cheques as a security for the said loan amount.
Sir, I had made the payment of monthly installment of Rs.1800/- continuously for 10 months, but due to sickness of my mother who was admitted in ICU, in hospital I couldn’t make the payment of one month viz. June, however their recovery officer Mr. Mahatre & Ramesh Patil collected me part payment of Rs.1000/- on 30/6/2008 and allowed me to make the payment of next ESC by cash.
It is highly regretted that without any intimation to me, the above said finance company has deposited one of my blank cheque bearing No. 78870 by filling the false amount of Rs. 28, 249/-thereby the said company has misused my cheque and in spite of my efforts to solve the dispute I offered reasonable amount i-e pending principal amount & interest amount. But to extract extra amount from me Indiabulls filed bogus cheque bounce case against me in Patiala House Court, New Delhi. Against the loan amount of Rs. 25, 601 on 25/5/2007 I had already paid Rs.22, 600/- and as it is very tough for me to defend the suit in NEW Delhi traveling from Mumbai, finance company black mail me and forcing me to pay more Rs.33208/- plus uncharged interest. To extract extra amount from me finance company tactically implicated me in cheque bouncing case. Finance company filed thousand of cheque bounce cases of Maharashtra youth in New Delhi Court.
At he time of handing over the loan amount cheque to me they given me loan disbursal letter dated 25/5/2007, that contained only details of Loan amount, and EMI amount of Rs.1800/- they purposely not mentioned the details of rate of interest or number of EMI or tenure of loan period. They have taken the signs from me on printed agreement which contained several unfilled blanks in respect of very material terms; they misused loan agreement by filing false details of number of EMI from 24 months to 30 months (i-e rate of interest 60 % per anum which is usurious). They also promised me at the time of loan agreement that after 6 months, they will reduce the interest amount by giving me TOP up of my loan, even in first six months not a single EMI was bounced by me but even they turned up from their promises.
Further to bring to your kind notice that as per my Bankers accounts statement, the above said company has received all the monthly installments, for which I showed and submitted them the Xerox copy of my banks statements. It is highly regretted that in spite of that the recovery officers of the company are pressuring me for the payments of such two installments which were cleared by me and have been giving me notices. insulting me, and harass me, their recovery agents frequently had been visiting my home even my absence and talk rough with my family members.
I made this complaint to RBI, but regret to state that RBI not taking matter seriously and do not investigate my complaint. Whole system is working with Indiabulls.
Being aggrieved, from the above said attitude of the company I hereby approach you with a request to kindly intervene and get me relief from such unwanted situations, for which I shall remain highly obliged.
Thanking you,
Yours faithfully,
K Dayaldas J
Encl: copy of letter to RBI which is self explanatory.
To,
Department of Non Banking Supervision,
Reserve Bank of India,
Dear Sir,
From last more than six months, I approached Department of Non Banking Supervision, RBI by writing several letters, Emails, Reminders, Telephone calls to Mumbai & New Delhi. In my complaints I had given details of how Indiabulls misguided me on rate of interest, how company denied the receipt of payment even debited from my bank, how Indiabulls misused my blank signed security cheque and misused blank signed Loan agreement by filling false figures of number of installments, filed bogus bounce cheque in Patiala House Court, New Delhi and also informed Apex Bank RBI that Indiabulls not only harassing and torturing me to extract extra money from me and but also doing with thousands of other poor borrowers and in there are number of reports in news paper about the suicides by borrowers for harassment by finance companies.
In first six months I learnt through Right of Information that instead of taking any action against Indiabulls the only action RBI did was RBI had asked response from Indiabulls. In my complaints I requested RBI number of times to proper investigate of my complaints. Indiabulls in reply of my complaints given totally false information and I am shocked RBI not found any thing irregular of finance company and RBI has given clean chit to company.
Indiabulls in reply in their letter dated 2/2/2009 and claimed that they are prestigious organization in the field of finance practice highest standard of transparency in its business, company strictly follows Rules, Regulations and all Regulatory Guidelines, company works under the Guidelines laid down by RBI, I am attaching herewith the some of clipping of some of articles published in leading national Newspaper giving information about Court Order against Indiabulls and news on alleged Cheating, criminal breach of trust, criminal conspiracy of Indiabulls which prove false of their tall claims.
1.Delhi High Court refuses to stay investigation against Indiabulls officials.
Link:-
http://economictimes.indiatimes.com/articleshow/2935511.cms
2.FIR against Indiabulls for illegal transactions.
Link:-
http://www.accessmylibrary.com/coms2/summary_[protected]_ITM
3.Financial Services Firm in the Dock
Link:-
http://timesofindia.indiatimes.com/articleshow/2842494.cms
4. despite SEBI inquiry, Court allows FIR against Indiabulls.
Link:-
http://www.expressindia.com/latest-news/despite-sebi-inquiry-court-allows-fir-ag...⇄indiabulls-officials/412487/
5. Investors allege shares worth of crores vanished from their Indiabulls accounts in blink.
Link:-
http://mid-day.com/news/2009/feb/020209-Indiabulls-Securities-Limited-investors-Delhi-news-alleged-fraud-selling-shares-without-in...⇄
http://mid-day.com/news/2009/feb/020209indiabulls-investors-allege-fraud1.htm
6.Indiabulls asked us to fake it.
Link:-
http://www.mid-day.com/news/2009/feb/030209-News-Delhi-Courier-firm-employee-fin...⇄Indiabulls-account.htm
7.IPO Scam, What, When, Who and How ?
Link:-
http://ibnlive.in.com/news/ipo-scam-what-when-who-and-how/8980-7-single.html
8.Indiabulls, Forts undergo Income Tax searches.
Link:-
http://www.indiantaxsolutions.com/main.php?t=28011985&d=[protected]
9.Fraud : Indiabulls men booked.
Link:-
http://cities.expressindia.com/fullstory.php?newsid=85402
10. Indiabulls Co. charges 4.5 Crores Service Tax on Fake registration number.
Limk:-
http://www.allindiantaxes.com/ait-news-145.php
11. Indiabulls Retail not paying some vendors.
Link:-
http://www.livemint.com/2008/12/12234548/Indiabulls-Retail-not-paying-s.html
12.Indiabulls to pay up Rs.35, 000/- as compensation.
Link:-
http://www.livemint.com/2008/12/12234548/Indiabulls-Retail-not-paying-s.html
13.Pay us our dues now.
Link:-
http://www.managementparadise.com/forums/general-talks/4955-pay-us-our-dues-now....⇄
14.Vanished Funds.
Link:-
http://www.indianexpress.com/oldstory.php?storyid=82800
Indiabulls Financial Service Limited, misguided me by giving letter dated 25/5/2007 (Xerox copy already submitted with RBI) at the time of loan disbursal which reflects only loan amount and EMI amount, they intentialy not disclosed the tenure of loan period or number of Installments. And at the time of loan agreement they confirmed me number of EMI would be 24 but they misused my blank signed agreement and filed the false figures 30 which calculate to rate of interest 39 % ( 60 % reducing, which is usurious without doubt)They intentialy kept blank annualized rate of interest % p.a.
Even repeated demand of loan agreement they still not supplied me copy of loan agreement and they falsely claim that they had given me loan agreement copy.
Indiabulls claim false that I had made 11 installments but fact is that I paid 12 installments fully and I also paid Rs.1000/- cash to their recovery staff Mr. Patil & Mahatre and they had acknowledged this in writing. One of EMI was debited from my bank on 1/9/2007 but Indiabulls denied the receipt. Even though submitted Xerox of bank statements number of times confirmed this to their staff by taking them to my bank about the debit of ECS on 1/9/2007 but still they issued me notices, insulted me, and harassed me. (Annexure IV- page 3-3 reflects that I informed Indiabulls about debit of ECS on 1/9/2007) .Indiabulls misused my blank cheque by filing false figures of Rs.28, 249/- and deposited cheque without informing me, I tried level best to settle the dispute by offering pending principal amount and reasonable interest amount but to extract more money from me Indiabulls filed bogus cheque bounce case in New Delhi to harass and torture me. (Copy of emails as Annexure 1 and annexure II attached herewith.)
Honorable Courts number of times ordered financial companies not to file loan recovery amount tactically by criminal penal code instead of Civil (Annexure III), but Indiabulls tactically implicated me in false cheque bounce case and filed suit in Patiala House Court, New Delhi. Indiabulls filled thousand and thousand of cheque bounce suits in this manner in New Delhi Courts.
Indiabulls action caused me mental agony, harassment, deficiency in services.
Instead of technically diluting my complaint, I once again request RBI to look the matter seriously, investigate the issue raised by me in my complaints.
In Maharashtra and in India the numbers of cases of suicides are increased due to harassment and torture by some of financial lenders. I hope if RBI takes strict action on complaints the number of suicides cases come under control.
Thanking you,
Yours faithfully,
K dayaldas J
http://timesofindia.indiatimes.com/rssarticleshow/msid-3706199, prtpage-1.cms
Bounced cheques choke Delhi courts
vaild point to be conidered by concern deptt.
Indiabulls securities ltd — passward
AWB NO-[protected]7 MARCH,2011 DISPATCH FROM GAURGOAN NEAR DELHI,BUT NOT RECEIVED.
CUSTOMER CARE NO PUNE NOT RESPONSED
NO[protected],32315025,32313434,32313536
AWB NO-[protected]
7 MARCH, 2011 DISPATCH FROM GAURGOAN NEAR DELHI, BUT NOT RECEIVED.
CUSTOMER CARE NO PUNE NOT RESPONSED
NO[protected], 32315025, 32313434, 32313536 BY INTERNET.
NAME-ANIL NARAYAN GHULE
MOB NO-[protected]
7 MARCH, 2011 DISPATCH FROM GAURGOAN NEAR DELHI, BUT NOT RECEIVED.
CUSTOMER CARE NO PUNE NOT RESPONSED
NO[protected], 32315025, 32313434, 32313536 BY INTERNET.
NAME-ANIL NARAYAN GHULE
MOB NO-[protected]
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