Shriram Chits Complaints & Reviews

I had taken a Chit of Rs. 5 Lakhs on 10.08.09 and submitted all the documents on 28.08.09 at Shriram Chits, Nanganallur, Chennai-61. Even after 28 days, they hv not paid the auctioned money of Rs. 3 Lakhs till today (24.09.09). Inspite of repeated visits to Branch and phone calls, Mr. Ashok, Manager and other staff are delaying the payment without any reason. I hv not expected such a lethargic attitude from a reputed company like Shriram chits.

My chit reference from the Madanapalle Branch No.MPKM 4/07 for Rs.100000/-
1)On 20.05.09 I have auctioned my chit and came out the aution room, but there was no clear cut instructions from their staff - in the room one of the employee told 3 government enployees surity with their salary certificates.
2)Before on 20.05.09 Once I discussed with Madanapalle Branch Manager regarding surities-stating that private companies are also eligible by showned the evidence which was allowed by the same company's Putter Branch but he was concentrated only on Government Employees only and not accepted and demanded the same. And also he was not disclosed the alternative surities as per the agreement signed by me.
3)At the first stage I have produced all the documents as per instruction printed in the Surity/Security Proposal Form sent on 24.06.09 which was received by them on 26.06.09.
4)On reply to my above letter, they have replied a letter dated 27.06.09, in that letter also they have concentrated only on Government Surities only but they have not mentioned about the alternative surities.
5)On reply to their letter dt.27.06.09, I have replied with all supporting documents, letter dated 07.07.09 by Registered Post.
6)Arround 15.07.09 when I met in their office, they told that, they require another two year Income tax Assessment Orders. They have not telephoned as soon as they received my letter dated 07.07.09.
7)After this, before end of 31st July, 2009 I went to their office twice to discuss this matter with the Branch Manager-Mr.Dhananjaya Reddy and waited more than one hour but he was turned up to the office.(One they have asked me to come to their office before office ours/next time I telephoned and went to their office).
8)Till today they have not yet settled my matter (not issued my cheque). Please go through in this matter and do the needful.
9)Since from the beginning of the Madanapalle Branch relationship (2007) for the collection of the chit amounts, their collection boys - Mr.Raju and Chinna Reddeppa not responded. Almost all the times I went to their office for paying chit amounts. Along with this I am regularly paying my Puttur Branch Chit amounts also.
10)Lastly today also I telephoned to their office but no use.
11)Till today their people are not gone for my surities enquiry. When they are going to release my money I don't know.


Please do the needul

Thanking you
Yours faithfully
D. Srinivasa Rao
Accounts Manager
Madanapalle Spinning Mills Limited
Chinnatippasamudram
Madanapalle Mandalam
Chittoor District
pin:517326
cell:[protected]

Hi

I had subscribed for and 5Lac chit of 50 months in the month of march and started to pay the subscription from April 2009 vide cheques, at the time of subscription i was told that the chit is in its second month march was foremen's bid and april is public bid, i had to pay 20 thousand a per his details including march and april sibscritpion, i said i cannot afford to pay 20 thousand in single month, he gave me an option saying that as the 10 thousand payed in april will go to april's account and the march installment can be paid in the consecutive months (i.e if i pay 10 thousand for next 3 months, they will take the dividend and adjust for the balance) where i will not be charged any sort of intrest o penalties.

Agreed to his condition we gave him the first cheque on march 31st dated April 18th 2009, for the april installment, and also payed 10 thousand in May 2009 & June 2009.

As we had not received any sort of pass book or dividend details etc, we went to the branch to enquire about the same, as per the discussion our balance should have been only 3-4 thousand, but we got a shocking news saying we have yet to pay 24 thousand.

when enquired why, the person in the branch told that the chit is in its 6th months, and we started only on the 4th month and we were charged intrest on the non payed amount.

if not payed within 40 days we would go into defaulter, when asked the person who took our subscription he said he is the manager of the branch, he will revert, but the condition is that we have to clear all the back log in 2 installments.

we said our financial condition does not permits to do so, as discussed i can pay only 10k every month till the backlog is cleared, he said we will go to defaulter list, when we asked to cancel the subscription and also we gave an written request on the branch, he is saying that he will not cancel the chit.

we are lost and we dont know what to be done

KINDLY HELP US.

dear sir m kiran kumar ab, i purchesd a consumer prroduct through sriram city union finance ltd, in 2005 i supposud to pay 8 emi, in that 2 cheque got bounced, due to non payment, after that i went to on of sriram chits n payed 2 months dues by cash n got recipt, n my loan was cleared n i got ( noc) certificate frm sriram chits, on nov15, 2007.., now again they sent summons to me dated 24/07/2009, that i have to attend to addl chief metropolitian magistrate on 10/08/2009, becoz of remaining dues...

dear sir, i have all the document, 2 month recipt, 6 emi recived by sriram chits through my bank acc, noc provided by sriram chits, so what i hav to do now m waitinf for u sir...

pls give me My PF amount applay in my office Date 19-march-2009, My pf no 14544/3430 and phone no-[protected]

my address

siddaraju.u.g s/o gurusiddanaiaka
udigala village & post
chamarajanagar tq & dist
pin-571313

my SBM A/C NO [protected]


FPY
SIDDARAJU .U.G

My mother Mrs Thangamani had a chit in salem, cherry road branch for 1.5 lakhs.It was 5000 for 30 months.After paying for nearly 2 years she visited me for 4 months and she had informed the branch office that she will be away for few months and they had said not to worry, can come back and pay.when we went to pay after 4 months in feb 2009 we were removed from the group with out notice or our consent and they had transferred all our dividend(it was about to mature in another couple of months).We were told that we will get back our money after deducting penalty (and also we will losing all the dividend which we have gained over 2 years).But now nearly 4 months from this incident we have not received even single paise or explanation from the office.My mother is now shattered, depressed and she is afaid that she will lose all her hard earned money.Shocked by this bad experience from Shriram chits and its attitude towards its valuable customers.NEVER EVER TRUST SHRIRAM CHITS, SALEM, CHERRY ROAD BRANCH.

Dear sir
sub: Phone no 222624- Madanapalli

referring the above said phone no, we are receiving Phone bill in the name of Shriram Chits LTd instead of Shriram Investments Ltd as per Application form Submitted, since 2004 onwards. Between these period our Head office has no obection to pay the bill as per bill received And also inform to you now Shriram Investments Ltd merged with Shriram Transport finance co ltd. But now our Head office asking to change the name as Shriram Transport Fianance co ltd.

so we are requesting you please Change the name in the Telephone bill as given below-
SHRIRAM TRANSPORT FINANCE CO LTD.

Thankin gyou

I, Ramprakash, K is a chit holder of 50K at Basavangudi, Bangalore for past 16 months. I am regularly attending the chit bidding on 14th of every month. We cannot bid the chit as they have their own agent who will be taking the chit. Today when I bid for 10, 800 the given time was over(Five minutes) even after that agent bid for 10850 and manager of that branch said it is that agent who has bid in time. When I asked him how many chits that agent holds and if he is taking it continously, why should we attend the chit. Everybody knows how much commission the manager has taken and how well he will make the plot ready for the agents, But everybody is afraid that he man handles with the help of manager's gundas and supporters like agents. I don't know what action will be taken against him or i don't know what is that manager is going to do to me. I have already written a letter and kept it ready(even if he kills me) to take necessary steps after my death since I don't have any support against this person.

I wanted to know the correct procedure of these chits, like
1) do we have the rights to know the agent details and other bidders
2) Does the agent can bid in all the chits or the bidders should bid for chit
( As for as my knowledge goes agent cannot bid and manager should give the details)
3) Can I go to consumer court or Lokayukta or police to take the help


Thanking you for giving this opportunity

Ram Prakash.K

In regard to chit no 25/20 in kotharoad branch i paid through cheque but posted in another chit 25/9 i submitted the proof my orginal recepits. but for another month 29.01.06 for which i have there is no proof with me so ask shriram autorities to verify and me wether it is posted in 25/9 and informme. there is website for andhra to inform them.