Jewellery purchase plane

rudran (Querist) 21 August 2014 This query is : Resolved
Hello Sir,
My friend made a jewellery purchase plan in KHAZANA Jewellery shop, the termination of the plan is on February 2015, but suddenly they informed my friend to terminate the plan. When my friend asked for the reason they said we'll secretly settle the matter, and they said the total amount my friend paid will be returned back, they mailed section 2(1)(c) THE COMPANIES (ACCEPTANCE OF DEPOSITS) RULES, 2014.
My friend wants to continue the plan, can you just advice us.

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ROHIT SHARMA (Expert) 21 August 2014
1. If the plan is terminated that is lawful act and thus now again such plan cannot be promoted by the company. You will get the refund with interest.

Devajyoti Barman (Expert) 21 August 2014
If the plan is shelved, you can not insist on continuance of the same.
You better take back the money and concentrate somewhere else.

Sudhir Kumar, Advocate (Expert) 21 August 2014
consult lawyer with plan papers.

read the conditions written in ant size font

malipeddi jaggarao (Expert) 22 August 2014
Better you accept the offer. Nowadays lot of cheating is taking place in such schemes.

Rajendra K Goyal (Expert) 22 August 2014
Better concentrate elsewhere if the scheme has been discontinued. Agree with the elsewhere.

Shonee Kapoor (Expert) 22 August 2014
I think, there was a directive by RBI to close all such plans. The jewellar is bound to pay you interest on the deposits.

http://articles.economictimes.indiatimes.com/2014-07-16/news/51600779_1_new-scheme-haresh-soni-gold-jewellery

http://www.deccanchronicle.com/140716/business-latest/article/gold-plan-rules-changed-schemes-be-rolled-back

Please read and ask your local lawyer for the same.

Regards,

Shonee Kapoor
www.shoneekapoor.com
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