[Resolved]  trading — My Grievances

Address:

Kollam, Kerala

Dear sir,



My GRIEVIANCES vis-à-vis while trying to enter into a Contractual Obligation with M/s. MUTHOOT SECURITIES for taking up an in house Franchisee….



My name is Vinuraj and my wife Resmi Rajan was given an Offer Letter for Employment as Trainee – Relationship Manager with M/s. Muthoot Securities on 30th September 2010 asking to join duty on 1st October 2010 at their Kundara Branch in Kollam District of Kerala , which she happily obliged.



Please note that even before giving the Offer Letter , I had informed the concerned Management of Muthoot Securities that I was having a Franchisee of another Company which I wanted to discontinue and take up a new one.



Every working day morning I used to drop my wife in the Muthoot Securities Office and picked her up in the evening after the office working hours. This frequency of visiting the Muthoot Securities Office gradually increased my interest to take up their Franchisee.



During my discussion with the concerned Regional Manager and the Area Manager of M/s. Muthoot Securities , I was informed that I cannot take the Franchisee in my name as I was holding the Franchisee of another Company nor in my wife’s name as she was then employed with them.



Upon the suggestion of the Regional Manager and the Area Manager , I decided to get the consent of my friend and partner in carrying out some mutually agreed businesses , who instantly agreed and furnished the necessary documents like I.D. Proof , Address Proof , Two photos and a One Hundred Rupees Stamp Paper as required by them .



The concerned Regional Manager initially told me that the sharing of brokerage will be 50 : 50. That is , 50% to the Franchisee and 50% to the Company on depositing a sum of Rupees Fifty Thousand. This within a couple of days he changed and informed that it would be 40:60, that is 40% to the Franchisee and 60% to M/s. Muthoot Securities. As my mind was fixed on getting the business running , I agreed to this demand .



Afterwards , they told me that upon depositing another Twenty Five Thousand Rupees more , ie , totaling Rupees Seventy Five Thousand , they will make the agreement back to 50:50. And I agreed.



Just before the Agreement was to be signed , the Regional Manager and the Area Manager told me that I have to pay an additional Ten Thousand Rupees to meet some other hidden costs as the Company norms were changed. This statement made me sit up and think and I decided in the NEGATIVE to go ahead with the Franchisee agreement as this information was not conveyed to me till the time of signing the agreement . How can I trust a Company whose Managers themselves are not aware of their policies ?



Within a couple of days my wife was told that she was transferred to the KASARGODE Branch , which is on the other side of Kerala State …. And my wife was astonished to hear that and till now she is in a state of depression…( please find attached the copy of the letter addressed to the HEAD – HR , M/s. Muthoot Securities )



…..Now wisdom prevailed in my mind and I realized WHO PLAYED THE DIRTY GAME OF PUNISHMENT TRANSFER TO A MOTHER OF TWO INFANTS .



Please note that I am not writing this out of an emotional conundrum , but my intention is to address to the higher authorities of the Share & Trading Industry to suppress such dirty games played by some fancied individuals.



If people can get away with such acts of ATROCITIES like dictators , who can prevent another Harshad Mehta being created again …





Remember criminals are not born ….they are created ..and I vehemently denounce such acts.



If the words written by me are conveying some sense , please do respond …



Thanking you ,



Yours truly ,



Vinuraj
+91-[protected]