L&t Finance — car lease closure, refund of extra emi charged not debited back even after 2 months of follow up

Address:

411014

I am Deepak Mittal and I work for TATA COMMUNICATIONS . I availed the loan for Car lease under my company's scheme with L&T Finance being the Financer.

I took the vehicle in 2013, the vehicle was XUV 500 Mahindra & Mahindra

The lease was about to end in August 2017, however I got the message from Mr Elangovan from L&T Finance on 30th June, that since the GST would be applicable from Ist July 2017 and so, I should foreclose my car lease on 30th June itself. I was difficult, but I arranged the funds and foreclosed the leased.

the details are as below
[protected][protected][protected][protected]
AGREEMENT NO. LEA023066S[protected]
Debtors -
Future Rentals 54, 469.55
RV Amt 239, 700.00
Vat Rate 13.50
Vat On RV 32, 359.50
Total to be collected 326, 529.05
State Maharashtra
Name of The User Deepak Mittal
[protected][protected][protected]--------

Basis the above, I paid the amount on 30th June itself, , transaction amount are given below
a. Transaction Reference Number:[protected] . Amount : 200, 000 Rs
b. Transaction Reference Number:[protected] . Amount 126, 529.05 Rs

[protected][protected][protected]-----

After that I got the required papers to transfer the vehicle on my name

Having said that, the monthly EMIs for July and August 2017 were still deducted from my salary (Rs 54, 469.55 in total )and as I understand from my company, This would be refunded from L&T Finance .

Mr Elangovan from L&T Finance has confirmed the same, , and even asked my bank account details.Ms Ashwini Sharma and Mr Ajay Nagvekar from L&T Finance are also aware of this case

I have been following up with the above 3 people since last 2 months, for the refund of extra EMIs paid, , last response from Mr Elangovan came on 9th Aug, that I will get the refund soon, , However since then he is not responding to me, , even after my company has also inquired about it with him

Please help, , me in this case, This is painful exercise and I am not getting responses to my emails

My email address is deepak.[protected]@tatacommunications.com and mobile number is [protected]

regards
deepak mittal


[protected][protected][protected][protected][protected][protected]

Full mail trail for your reference

From: Pereira Benjamin
Sent: 31 August 2017 14:41
To: [protected]@ltfs.com
Cc: Deepak Mittal ; Geetha Dani
Subject: RE: GST implication on car lease - Mr. Deepak Mittal : Payment done for Rs 326, 529.05 as asked for foreclosure

Hi Elangovan;
What is the issue? Why it is so slow for doing the needful.

Benjamin Pereira
Human Resources
Tata Communications Ltd.
VSB, 11th Floor,
M.G.Road, Fort,
Mumbai-400 001.

[protected] Direct | [protected] Mobile | 522625 IP Phone
benjamin.[protected]@tatacommunications.com

Please contact AskHR by email to [protected]@tatacommunications.com or by phone 7777 or #7

From: Deepak Mittal
Sent: 31 August 2017 13:36
To: Pereira Benjamin ; Geetha Dani
Subject: FW: GST implication on car lease - Mr. Deepak Mittal : Payment done for Rs 326, 529.05 as asked for foreclosure

Hello Benjamin

For the month of July and August, , the EMI for the car was cut from my salary even when I foreclosed the loan, , I am following with Elangovan for the refund, , but not getting any response, , Its 2 months now, , Can you help me on this

From: Deepak Mittal
Sent: 31 August 2017 12:26
To: 'ELANGOVAN M.'
Cc: 'Ashwini Sharma' ; 'Nagvekar Ajay' ; Pereira Benjamin ; Geetha Dani
Subject: RE: GST implication on car lease - Mr. Deepak Mittal : Payment done for Rs 326, 529.05 as asked for foreclosure

Hello Elangovan

Request you to let me know the time, , by when the money would be returned back to me

From: Deepak Mittal
Sent: 24 August 2017 06:21
To: 'ELANGOVAN M.'
Cc: 'Ashwini Sharma' ; 'Nagvekar Ajay' ; Pereira Benjamin ; Geetha Dani
Subject: RE: GST implication on car lease - Mr. Deepak Mittal : Payment done for Rs 326, 529.05 as asked for foreclosure

Hello Elangovan

Request you to let me know the time, , by when the money would be returned back to me

From: Deepak Mittal
Sent: 22 August 2017 06:54
To: 'ELANGOVAN M.'
Cc: Ashwini Sharma ; Nagvekar Ajay ; Pereira Benjamin ; Geetha Dani
Subject: RE: GST implication on car lease - Mr. Deepak Mittal : Payment done for Rs 326, 529.05 as asked for foreclosure

Hello Elangovan

Have not heard from your side, Can you tell by when the money would be transferred to my account

Regards
Deepak

From: ELANGOVAN M. [mailto:[protected]@ltfs.com]
Sent: 09 August 2017 15:43
To: Deepak Mittal
Cc: Ashwini Sharma ; Nagvekar Ajay ; Pereira Benjamin ; Geetha Dani
Subject: RE: GST implication on car lease - Mr. Deepak Mittal : Payment done for Rs 326, 529.05 as asked for foreclosure

Dear Sir,

It is under Process, we will share with you the NEFT UTR NO. shortly.

Regards,
Elangovan M
D+[protected] | M +91 [protected]
From: Deepak Mittal [mailto:deepak.[protected]@tatacommunications.com]
Sent: Tuesday, August 08, 2017 3:54 PM
To: ELANGOVAN M.; Pereira Benjamin; Geetha Dani
Cc: Ashwini Sharma; Nagvekar Ajay
Subject: RE: GST implication on car lease - Mr. Deepak Mittal : Payment done for Rs 326, 529.05 as asked for foreclosure

Hi Elangovan

I got the papers today, , thanks for the support

Please let me know, why when can I expect the extra instalments paid by me back

Regards
Deepak


From: ELANGOVAN M. [mailto:[protected]@ltfs.com]
Sent: 04 August 2017 16:14
To: Pereira Benjamin ; Geetha Dani
Cc: Deepak Mittal ; Ashwini Sharma ; Nagvekar Ajay
Subject: RE: GST implication on car lease - Mr. Deepak Mittal : Payment done for Rs 326, 529.05 as asked for foreclosure

Dear Sir/Madam,

We are sending the following original closure documents through courier and scan copy attached for your reference.

 Tax Invoice,
 NOC to Bharti AXA General Insurance Company Limited.,
 NOC to RTO Pune, Maharashtra,
 RTO Form no 35.

Kindly acknowledge the same through email once received

Regards,
Elangovan M
D+[protected] | M +91 [protected]
From: Deepak Mittal [mailto:deepak.[protected]@tatacommunications.com]
Sent: Monday, July 31, 2017 3:06 PM
To: ELANGOVAN M.
Cc: Pereira Benjamin
Subject: RE: GST implication on car lease - Mr. Deepak Mittal : Payment done for Rs 326, 529.05 as asked for foreclosure

Hello Elangovan

Pls find the details as asked by you, , I don’t have the MICR code, , but have mentioned the IFSC code.

Please also let me know rough timeline on when the transfer process would be completed


Lease Bank Account And RTGS/NEFT Details for fund transfer
Beneficiary: Deepak Mittal
Bank HDFC BANK
Account No [protected]
Branch Location AHURA CENTRE, Ground Floor, Mahakali Caves Road, ANDHERI EAST, MUMBAI, 400093
Location AHURA CENTRE, Ground Floor, Mahakali Caves Road, ANDHERI EAST, MUMBAI, 400093
IFSC Code HDFC0000543
MICR Code
Account / Card Type Saving


From: ELANGOVAN M. [mailto:[protected]@ltfs.com]
Sent: 31 July 2017 14:44
To: Deepak Mittal
Cc: Pereira Benjamin
Subject: RE: GST implication on car lease - Mr. Deepak Mittal : Payment done for Rs 326, 529.05 as asked for foreclosure

Dear Mr. Deepak,

The July 2017 monthly rental yet to received from your payroll desk, once received, We will making refund.

Kindly provide your bank details.

Lease Bank Account And RTGS/NEFT Details for fund transfer
Beneficiary: Deepak Mittal
Bank HDFC BANK
Account No [protected]
Branch Location AHURA CENTRE, Ground Floor, Mahakali Caves Road, ANDHERI EAST, MUMBAI, 400093
Location AHURA CENTRE, Ground Floor, Mahakali Caves Road, ANDHERI EAST, MUMBAI, 400093
IFSC Code HDFC0000543
MICR Code
Account / Card Type Saving

Regards,
Elangovan M
D+[protected] | M +91 [protected]
From: Deepak Mittal [mailto:deepak.[protected]@tatacommunications.com]
Sent: Monday, July 31, 2017 2:01 PM
To: ELANGOVAN M.
Cc: Pereira Benjamin
Subject: RE: GST implication on car lease - Mr. Deepak Mittal : Payment done for Rs 326, 529.05 as asked for foreclosure


Hi Elangovan

Can you update me on the status of car transfer papers. Also I paid the full amount, , but in July salary the payment towards car is deducted, , would need clarity on how will I get that amount back

Regards
Deepak


From: Deepak Mittal
Sent: 26 July 2017 07:08
To: 'ELANGOVAN M.'
Cc: Pereira Benjamin
Subject: RE: GST implication on car lease - Mr. Deepak Mittal : Payment done for Rs 326, 529.05 as asked for foreclosure

Hi Elangovan

Just wanted to confirm if you have taken in consideration, the change I reflected

Regards
Deepak


From: Deepak Mittal
Sent: 24 July 2017 17:08
To: 'ELANGOVAN M.'
Cc: Pereira Benjamin
Subject: RE: GST implication on car lease - Mr. Deepak Mittal : Payment done for Rs 326, 529.05 as asked for foreclosure

Hi Elangovan

Would need little help, , I asked vehicle to be on my daughter’s name, , however she has left for Guwahati for her studies, , so wont be available for signing any document, so it might be better to get the vehicle on my name itself

I am sorry for the inconvenience and request you to incorporate this change

b. Name & complete address on whose favour Tax Invoice &/or No Dues Certificate is to be raised.

Name : Deepak Mittal (self)

Address : Challengers-3, Flat 1604, Thakur Village, Kandivali East, Mumbai, 400101

c. Name & Address of RTO Authority on whose favour Letter for Cancellation of Endorsement, is to be released.

Existing RTO office in which the vehicle is registered as of now is Pune RTO

New RTO would be

WING-C, New Link Cross Road, Anand Park, Dahisar West,
Mumbai, Maharashtra 400068

Regards
Deepak

From: ELANGOVAN M. [mailto:[protected]@ltfs.com]
Sent: 24 July 2017 10:14
To: Deepak Mittal
Cc: Pereira Benjamin
Subject: RE: GST implication on car lease - Mr. Deepak Mittal : Payment done for Rs 326, 529.05 as asked for foreclosure

Dear Sir,

It is under process, we will share with you the closure documents shortly.

Regards,
Elangovan. M
From: Deepak Mittal [mailto:deepak.[protected]@tatacommunications.com]
Sent: Saturday, July 22, 2017 8:12 AM
To: ELANGOVAN M.
Cc: Pereira Benjamin
Subject: RE: GST implication on car lease - Mr. Deepak Mittal : Payment done for Rs 326, 529.05 as asked for foreclosure

Hello Elangovan

Can you tell me the progress/status of the paper work.

Also, the car lease amount was as well deducted from my June salary, , would that be refunded back to me

Regards
Deepak


From: ELANGOVAN M. [mailto:[protected]@ltfs.com]
Sent: 06 July 2017 15:10
To: Deepak Mittal
Cc: Manish Sinha ; Sendhil Murugan M ; Pereira Benjamin
Subject: RE: GST implication on car lease - Mr. Deepak Mittal : Payment done for Rs 326, 529.05 as asked for foreclosure

Dear Sir,

Noted and we will share you the Closure documents after July 21, 2017

Regards,
Elangovan. M
From: Deepak Mittal [mailto:deepak.[protected]@tatacommunications.com]
Sent: Thursday, July 06, 2017 3:04 PM
To: ELANGOVAN M.; Pereira Benjamin
Cc: Manish Sinha; Sendhil Murugan M
Subject: FW: GST implication on car lease - Mr. Deepak Mittal : Payment done for Rs 326, 529.05 as asked for foreclosure

Hello Elangovan

The additional information asked by you is as follows .


b. Name & complete address on whose favour Tax Invoice &/or No Dues Certificate is to be raised.

Name : Shruti Mittal (Shruti is my 19 years ols daughter)

Address : Challengers-3, Flat 1604, Thakur Village, Kandivali East, Mumbai, 400101

c. Name & Address of RTO Authority on whose favour Letter for Cancellation of Endorsement, is to be released.

Existing RTO office in which the vehicle is registered as of now is Pune RTO

New RTO would be

WING-C, New Link Cross Road, Anand Park, Dahisar West,
Mumbai, Maharashtra 400068

From: Deepak Mittal
Sent: 30 June 2017 15:27
To: 'ELANGOVAN M.' ; Pereira Benjamin
Cc: Sendhil Murugan M ; Manish Sinha
Subject: FW: GST implication on car lease - Mr. Deepak Mittal : Payment done for Rs 326, 529.05 as asked for foreclosure

Hi Elangovan

We discussed, , please proceed with foreclosure basis the documents mentioned below

1. RC card copy
2. Insurance copy
3. Payment reference of Rs 326, 529.05 as mentioned by you .. These are two transactions one of 200000 and other one is 126529.05. The money is transferred to L&T SCB account, [protected]
a. Transaction Reference Number:[protected] . Amount : 200, 000 Rs
b. Transaction Reference Number:[protected] . Amount 126, 529.05 Rs


As discussed, I will let you know below two information, , in some time to come

b. Name & complete address on whose favour Tax Invoice &/or No Dues Certificate is to be raised.
c. Name & Address of RTO Authority on whose favour Letter for Cancellation of Endorsement, is to be released.

Regards
Deepak

From: Deepak Mittal
Sent: 30 June 2017 13:34
To: 'ELANGOVAN M.' ; Pereira Benjamin
Cc: Sendhil Murugan M ; Manish Sinha
Subject: RE: GST implication on car lease - Mr. Deepak Mittal : Payment done for Rs 326, 529.05 as asked for foreclosure

Hello Elangovan

I tried calling you on your landline, , however that is busy ..please find attached the following

1. RC card copy
2. Insurance copy
3. Payment reference of Rs 326, 529.05 as mentioned by you .. These are two transactions one of 200000 and other one is 126529.05. The money is transferred to L&T SCB account, [protected]
a. Transaction Reference Number:[protected] . Amount : 200, 000 Rs
b. Transaction Reference Number:[protected] . Amount 126, 529.05 Rs

Apart from that you also asked, ,

b. Name & complete address on whose favour Tax Invoice &/or No Dues Certificate is to be raised.

Name : Radhika Mittal (I can give two addresses over here, pls let me know which one you suggest is better in terms of cost outflow)

Address 1 : Challengers-3, Flat 1604, Thakur Village, Kandivali East, Mumbai, 400101
Address 2 : C/1301, Plot : 168, Sector 9, Ulwe, Navi Mumbai, Maharashtra 410206

c. Name & Address of RTO Authority on whose favour Letter for Cancellation of Endorsement, is to be released.

I guess this would be dependent on the address, , Can you help me with that, I am not sure on this

Regards
Deepak

From: Deepak Mittal
Sent: 30 June 2017 07:52
To: 'ELANGOVAN M.'
Cc: Pereira Benjamin ; Sendhil Murugan M ; Manish Sinha
Subject: RE: GST implication on car lease - Mr. Deepak Mittal

Hi Elangovan

Please find the RC and Insurance policy attached

Can you please tell me, , that in the GST regime, , what would be the impact to the total value of 326529.05 Rs which you have mentioned below

Also, is below NAME and Address if for my address, , I mean the final owner !!!

b. Name & complete address on whose favour Tax Invoice &/or No Dues Certificate is to be raised.

Name : Radhika Mittal (we can give two addresses over here, pls let me know which one you suggest is better in terms of cost outflow)

Address 1 : Challengers-3, Flat 1604, Thakur Village, Kandivali East, Mumbai, 400101
Address 2 : C/1301, Plot : 168, Sector 9, Ulwe, Navi Mumbai, Maharashtra 410206

c. Name & Address of RTO Authority on whose favour Letter for Cancellation of Endorsement, is to be released.

I guess this would be dependent on the address, , Can you help me with that


Regards
Deepak


From: ELANGOVAN M. [mailto:[protected]@ltfs.com]
Sent: 29 June 2017 21:08
To: Deepak Mittal
Cc: Pereira Benjamin ; Ashwini Sharma ; Nagvekar Ajay ; Sambhwani Ravi ; Sunny Achantani ; Mohammed Aamer Siddiqui ; Sujatha K (HR) ; GROVER AJAY
Subject: RE: GST implication on car lease - Mr. Deepak Mittal

Dear Sir,

As required, request you to refer to the below mention foreclosure payment details of your lease agreement as on 30/06/2017

AGREEMENT NO. Debtors Future Rentals RV Amt Vat Rate Vat On RV Total to be collected State Name of The User
LEA023066S[protected] - 54, 469.55 239, 700.00 13.50 32, 359.50 326, 529.05 Maharashtra Deepak Mittal

Request you to go through the below notes for smooth processing of foreclosure request and also all the details are required on or before the foreclosure date.

Note:-
1. The attached foreclosure calculation shall remain valid up to the foreclosure date.
2. The amount should be credited in our account on or before the foreclosure date as in case of the delay, the calculation will get changed.
3. At the time of Closure, kindly submit the following :
a. A photocopy / scan copy of Registration Book (RC) & Insurance Certificate / Policy.
b. Name & complete address on whose favour Tax Invoice &/or No Dues Certificate is to be raised.
c. Name & Address of RTO Authority on whose favour Letter for Cancellation of Endorsement, is to be released.
d. Cheque/Draft favouring "L&T Finance Ltd" and in case of fund transfer, kindly refer to the details mentioned below.

4. VAT is levied based on the State in which the asset is located as per our records available in the System. If there is any change in the location (State), kindly intimate the same immediately.

Beneficiary Name L&T FINANCE LTD
Bank HDFC BANK LTD
Account No. [protected]
Branch FORT, MUMBAI
IFSC Code HDFC0000060
Account Name L&T FINANCE LTD
or

Lease Bank Account And RTGS/NEFT Details for fund transfer
Beneficiary: L and T Finance Ltd
Bank Standard Chartered Bank
Account No [protected]
Branch Location M. G. Road, (MGR) IFSC-SCBL0036001
Location Mumbai
IFSC Code SCBL0036001
MICR Code [protected]
Account / Card Type Current

If you have any queries, please let us know

Regards,
Elangovan M
D+[protected] | M +91 [protected]
From: Deepak Mittal [mailto:deepak.[protected]@tatacommunications.com]
Sent: Thursday, June 29, 2017 5:58 PM
To: Pereira Benjamin; ELANGOVAN M.
Cc: Ashwini Sharma; Nagvekar Ajay; GROVER AJAY; Sambhwani Ravi; ELANGOVAN M.; Sunny Achantani; Mohammed Aamer Siddiqui; Sujatha K (HR)
Subject: RE: GST implication on car lease

Mr Elangovan

Please let me know the foreclosure amount, , guess this mail came in too late, , as tomorrow is last date, , but anyways let me know the values

From: Pereira Benjamin
Sent: 29 June 2017 17:49
Cc: Ashwini Sharma ; Nagvekar Ajay ; GROVER AJAY ; Sambhwani Ravi ; ELANGOVAN M. ; Sunny Achantani ; Mohammed Aamer Siddiqui ; Sujatha K (HR)
Subject: GST implication on car lease

Hi;
Due to the impending introduction of GST w.e.f. 1st July, 2017, your car lease monthly rental EMI will be hiked drastically. Please see the below trail mail received from L&T Finance in this regard.

If anybody is interested to foreclose the car lease before GST implementation, you are requested to kindly send an e-mail to Mr.Elangovan from L&T team to provide you the necessary foreclosure value and make the payment by 30th so that there won’t be any impact of the GST change.

Please treat this as most urgent, if interested to foreclose the car lease.


Benjamin Pereira
Human Resources
Tata Communications Ltd.
VSB, 11th Floor,
M.G.Road, Fort,
Mumbai-400 001.

[protected] Direct | [protected] Mobile | 522625 IP Phone
benjamin.[protected]@tatacommunications.com

Please contact AskHR by email to [protected]@tatacommunications.com or by phone 7777 or #7


From: ELANGOVAN M. [mailto:[protected]@ltfs.com]
Sent: 27 June 2017 15:42
Cc: Ashwini Sharma ; Nagvekar Ajay ; GROVER AJAY ; Sambhwani Ravi
Subject: GST implication on car lease

Dear All,

In view of the impending introduction of GST w.e.f. 1st July, 2017, request you to take note of the below mentioned tax rates, which will be applicable on lease rentals and closures (foreclosure or Residual Value) for vehicles replacing the existing VAT.

Vehicle Category GST rates (A) Cess Applicable (B) Total Tax Rate (A+B)
Motor Car - Petrol* (length< 1200CC) 28% 1% 29%
Motor Car - Diesel* (length< 1500CC) 28% 3% 31%
Motor Car - Mid segment/SUV/Luxurious & others* 28% 15% 43%

We will shortly share you the list of live car lease agreements with you for bifurcation of vehicles category as mentioned above. This confirmation will help us decide the GST rate applicability.

Regards,
Elangovan M
Corporate Lending and Structured Finance
D+[protected] | M +91 [protected]
L&T Financial Services, 3rd. Floor, Brindavan, Plot No. 177, Near Mercedes Showroom, CST Road, Vidyanagari Marg,
Kalina, Santacruz (East), Mumbai – 400098

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