Purview of courts & co-op.bank's rights
kishorchandra p mehta
(Querist) 16 October 2016
This query is : Resolved
SIR, I WILL BE OBLIGED IF ANYBODY GUIDES ME ON FOLLOWING POINTS.
1) IF ANY EMPLOYEE OF CO-OP.BANK, RESIGNS WHAT WILL BE HIS STATS, WHETHER AS EX-EMPLOYEE OR PERSON OF GENERAL PUBLIC, SO FAR HIS EXISTING LOAN IS OUTSTANDING AND IS CONTINUED AND INCREASED AFTER HIS RETIREMENT.
2) AFTER RETIREMENT IF ANY LOAN IS GRANTED OR INCREASED, WHETHER HE SHOULD BUY SHARES AND BECOME SHAREHOLDER OF THE BANK, AND IF NO SHARES HAVE BEEN BOUGHT, EVENTHEN, BANK HAS GRANTED/INCREASED LOAN, THEN WHAT WILL BE PURVIEW OF COURT,WHETHER BOARD OF NOMINEE OR CIVIL COURT ?
3) IF BANK HAS FILED CASE IN BOARD OF NOMINEE AGAINST HIS EX-EMPLOYEE AFTER 9 YEARS FOR RECOVERY OF ENTIRE OUTSTANDING OF HOUSING LOAN AMOUNT AND THAT TOO WITH INCREASED RATE OF INTEREST WITH RETROSPECTIVE DATE OF HIS RETIREMENT,EVEN IF THE LOANEE HAS PAID REGULAR INSTALMENTS TILL DATE AS PER EXECUTED DOCUMENT, WHETHER THE ACTION OF BANK IS LEGAL ? AND WHETHER,BOARD OF NOMINEE SHOULD DISMISS CASE TREATING IT AS CIVIL DISPUTE.?
THANKS.
K.P.MEHTA.
Ms.Usha Kapoor
(Expert) 16 October 2016
Any dispute between the Bank and the employee has to be referred to Registrar or his nominee or Board of nominees. So Board of Nominees has Jurisdiction to decide your loan dispute.Wait and watch. If you appreciate this answer please lick the thank you button on my profile.
Kuummaar AS
(Expert) 16 October 2016
kishorchandra p mehta
In first 1st Point you have said.
"1) IF ANY EMPLOYEE OF CO-OP.BANK, RESIGNS WHAT WILL BE HIS STATS, WHETHER AS EX-EMPLOYEE OR PERSON OF GENERAL PUBLIC, SO FAR HIS EXISTING LOAN IS OUTSTANDING AND IS CONTINUED AND INCREASED AFTER HIS RETIREMENT."
It is not understood, how such an employee will be relieved without clearing the loan. Come out with full facts with terms and conditions on which loan was granted.
In the second point you have said
"2) AFTER RETIREMENT IF ANY LOAN IS GRANTED OR INCREASED, WHETHER HE SHOULD BUY SHARES AND BECOME SHAREHOLDER OF THE BANK, AND IF NO SHARES HAVE BEEN BOUGHT, EVENTHEN, BANK HAS GRANTED/INCREASED LOAN, THEN WHAT WILL BE PURVIEW OF COURT,WHETHER BOARD OF NOMINEE OR CIVIL COURT?"
Hoe can loan be granted after retirement, age for which is normally 58 years or 60 years. Further, what is the relation of shares?
Please elaborate your query and what do you mean by 'GRANTED OR INCREASED LOAN"
In the third point, you have said,
"3) IF BANK HAS FILED CASE IN BOARD OF NOMINEE AGAINST HIS EX-EMPLOYEE AFTER 9 YEARS FOR RECOVERY OF ENTIRE OUTSTANDING OF HOUSING LOAN AMOUNT AND THAT TOO WITH INCREASED RATE OF INTEREST WITH RETROSPECTIVE DATE OF HIS RETIREMENT,EVEN IF THE LOANEE HAS PAID REGULAR INSTALMENTS TILL DATE AS PER EXECUTED DOCUMENT, WHETHER THE ACTION OF BANK IS LEGAL ? AND WHETHER,BOARD OF NOMINEE SHOULD DISMISS CASE TREATING IT AS CIVIL DISPUTE.?"
You have to elaborate your query for getting proper advice to this point.
MAY DO THE NEEDFUL, IN CASE YOU NEED APPROPRIATE AND MEANINGFUL ADVICE.
Rajendra K Goyal
(Expert) 16 October 2016
1) Depend on the service rules of the Bank.
2) Loan is increased as per Bank policy. Staff benefits may or may not be extended, depending on service condition of the employee.
3) debt may be time barred if no transaction taken place. Rate of interest depend on service condition of the Bank, length of service rendered, purpose of the loan, policy of the Bank.
If aggrieved, may discuss with local lawyer and file case for relief.
Rajendra K Goyal
(Expert) 16 October 2016
Repeated query:
http://www.lawyersclubindia.com/experts/Suit-by-co-op-bank-611196.asp
Kuummaar AS
(Expert) 16 October 2016
kishorchandra p mehta,
WHAT ENJOYMENT DO YOU GET IN RAISING QUERIES LIKE THIS?
May refer to followimg raised by you at
http://www.lawyersclubindia.com/experts/Suit-by-co-op-bank-611196.asp
"Sir,
I give hereunder the details of case in which I would like the guidance that whether can I approach any forum for filing suit against bank . like 1) District court, 2) Grahak Suraksha 3)Banking Ombudsman 4) RBI 5) Any such other forum ?
DETAILS OF THE ISSUE;
= I had joined co-op.bank on 13.5.2002 as manager.& resigned on 30.6.2006 - On 30.3.2005 I was granted Housing loan of Rs 3,70,000/-@ 5.75% with fixed inst.of Rs.3000/-p.m.
31.3.2008 Loan was increased from 3,70,000 to Rs 5,75,000/-with int @ 5.75%
11.2.2009 Bank, by a letter, informed me that rate of int.is increased from5.75% to 9.75% with effect from 1.4.08 for which I executed documents accordingly.
2.4.09 Loan was further increased from 5,75,000/- to 6,74,000/-@ 9.75% for which I executed documents accordingly.(This was also a fixed rate loan)
3.11.10 Bank suddenly unilaterally, wrote to me that rate of interest is revised from 9.75% to 13.75% from retrospective effect of 1.7.2007.
7.12.10 I objected and rejected the contents of the above letter dtd 3.11.10 in writing and requested to allow me to pay the continued instalment of Rs 6000/-p.m.which I have contined paying till date and bank also has accepted the instalments till date.On
13.3.2015 Bank suddenly filed Summary Lavad Case in Board of Nominees Rajkot, asking me to pay the dues Rs_8,87,929/- with interest @15.75%from 1.1.15_.I have also filed reply stating the facts. The case is pending with Board of Nominees,Rajkot.
Kindly guide me at the earliest. Thanks. K.P.Mehta."
Guest
(Expert) 16 October 2016
Forget about "IF" better discuss the real problem to get some purposeful advice. Otherwise, your query is merely an academic query.
P. Venu
(Expert) 16 October 2016
Please discuss the real problem, if any.
Kuummaar AS
(Expert) 17 October 2016
kishorchandra p mehta has raised following queries on two different threads
QUERY NO. 1 (raised at other thread)
"Sir,
I give hereunder the details of case in which I would like the guidance that whether can I approach any forum for filing suit against bank . like 1) District court, 2) Grahak Suraksha 3)Banking Ombudsman 4) RBI 5) Any such other forum ?
DETAILS OF THE ISSUE;
= I had joined co-op.bank on 13.5.2002 as manager.& resigned on 30.6.2006 - On 30.3.2005 I was granted Housing loan of Rs 3,70,000/-@ 5.75% with fixed inst.of Rs.3000/-p.m.
31.3.2008 Loan was increased from 3,70,000 to Rs 5,75,000/-with int @ 5.75%
11.2.2009 Bank, by a letter, informed me that rate of int.is increased from5.75% to 9.75% with effect from 1.4.08 for which I executed documents accordingly.
2.4.09 Loan was further increased from 5,75,000/- to 6,74,000/-@ 9.75% for which I executed documents accordingly.(This was also a fixed rate loan)
3.11.10 Bank suddenly unilaterally, wrote to me that rate of interest is revised from 9.75% to 13.75% from retrospective effect of 1.7.2007.
7.12.10 I objected and rejected the contents of the above letter dtd 3.11.10 in writing and requested to allow me to pay the continued instalment of Rs 6000/-p.m.which I have contined paying till date and bank also has accepted the instalments till date.On
13.3.2015 Bank suddenly filed Summary Lavad Case in Board of Nominees Rajkot, asking me to pay the dues Rs_8,87,929/- with interest @15.75%from 1.1.15_.I have also filed reply stating the facts. The case is pending with Board of Nominees,Rajkot.
Kindly guide me at the earliest. Thanks. K.P.Mehta."
QUERY NO. 2(raised at this thread)
SIR, I WILL BE OBLIGED IF ANYBODY GUIDES ME ON FOLLOWING POINTS.
1) IF ANY EMPLOYEE OF CO-OP.BANK, RESIGNS WHAT WILL BE HIS STATS, WHETHER AS EX-EMPLOYEE OR PERSON OF GENERAL PUBLIC, SO FAR HIS EXISTING LOAN IS OUTSTANDING AND IS CONTINUED AND INCREASED AFTER HIS RETIREMENT.
2) AFTER RETIREMENT IF ANY LOAN IS GRANTED OR INCREASED, WHETHER HE SHOULD BUY SHARES AND BECOME SHAREHOLDER OF THE BANK, AND IF NO SHARES HAVE BEEN BOUGHT, EVENTHEN, BANK HAS GRANTED/INCREASED LOAN, THEN WHAT WILL BE PURVIEW OF COURT,WHETHER BOARD OF NOMINEE OR CIVIL COURT ?
3) IF BANK HAS FILED CASE IN BOARD OF NOMINEE AGAINST HIS EX-EMPLOYEE AFTER 9 YEARS FOR RECOVERY OF ENTIRE OUTSTANDING OF HOUSING LOAN AMOUNT AND THAT TOO WITH INCREASED RATE OF INTEREST WITH RETROSPECTIVE DATE OF HIS RETIREMENT,EVEN IF THE LOANEE HAS PAID REGULAR INSTALMENTS TILL DATE AS PER EXECUTED DOCUMENT, WHETHER THE ACTION OF BANK IS LEGAL ? AND WHETHER,BOARD OF NOMINEE SHOULD DISMISS CASE TREATING IT AS CIVIL DISPUTE.?
THANKS.
K.P.MEHTA.
With respect to his Second Query raised at this thread, when it was not known that he has raised 1st query also on a different thread, the following was conveyed to Mehta"
kishorchandra p mehta
In first 1st Point you have said.
"1) IF ANY EMPLOYEE OF CO-OP.BANK, RESIGNS WHAT WILL BE HIS STATS, WHETHER AS EX-EMPLOYEE OR PERSON OF GENERAL PUBLIC, SO FAR HIS EXISTING LOAN IS OUTSTANDING AND IS CONTINUED AND INCREASED AFTER HIS RETIREMENT."
It is not understood, how such an employee will be relieved without clearing the loan. Come out with full facts with terms and conditions on which loan was granted.
In the second point you have said
"2) AFTER RETIREMENT IF ANY LOAN IS GRANTED OR INCREASED, WHETHER HE SHOULD BUY SHARES AND BECOME SHAREHOLDER OF THE BANK, AND IF NO SHARES HAVE BEEN BOUGHT, EVENTHEN, BANK HAS GRANTED/INCREASED LOAN, THEN WHAT WILL BE PURVIEW OF COURT,WHETHER BOARD OF NOMINEE OR CIVIL COURT?"
Hoe can loan be granted after retirement, age for which is normally 58 years or 60 years. Further, what is the relation of shares?
Please elaborate your query and what do you mean by 'GRANTED OR INCREASED LOAN"
In the third point, you have said,
"3) IF BANK HAS FILED CASE IN BOARD OF NOMINEE AGAINST HIS EX-EMPLOYEE AFTER 9 YEARS FOR RECOVERY OF ENTIRE OUTSTANDING OF HOUSING LOAN AMOUNT AND THAT TOO WITH INCREASED RATE OF INTEREST WITH RETROSPECTIVE DATE OF HIS RETIREMENT,EVEN IF THE LOANEE HAS PAID REGULAR INSTALMENTS TILL DATE AS PER EXECUTED DOCUMENT, WHETHER THE ACTION OF BANK IS LEGAL ? AND WHETHER,BOARD OF NOMINEE SHOULD DISMISS CASE TREATING IT AS CIVIL DISPUTE.?"
You have to elaborate your query for getting proper advice to this point.
MAY DO THE NEEDFUL, IN CASE YOU NEED APPROPRIATE AND MEANINGFUL ADVICE.
Later on, kishorchandra p mehta, was questioned
WHAT ENJOYMENT DO YOU GET IN RAISING QUERIES LIKE THIS?
kishorchandra p mehta HAS BEEN MAINTAINING SILENCE TO THE QUESTION.
Guest
(Expert) 22 October 2016
Silence of the employee for the last several days, in itself, proves his query to be hypothetical and academic problem, not real one.
kishorchandra p mehta
(Querist) 23 October 2016
SIR,
YOU MIGHTHAVE GONE THROUGH THE ENTIRE ISSUE WHICH IS WRITTEN IN DETAIL EARLIER.I HAVE CLEARLY WRITTEN THAT BANK HAS INCREASED LOAN AMOUNT AFTER RETIREMENT (BUT SO FAR AS MY KNOWLEDGE GOES, CO-OP.BANK CAN GRANT ADVANCES TO ITS SHARE HOLDERS AND THE PERSON WHO GETS LOAN SHOULD BE A SHAREHOLDER,) IN THIS MY CASE, THOUGH i AM EX EMPLOYEE, AFTER RETIREMENT, BANK HAS INCREASED LOAN AMOUNT AND THEREFORE MY QUESTION IS VERY CLEAR THAT AS REGARDS LITIGATION, WHETHER NOW i SHOULD PLEAD WITH BOARD OF NOMINEE,THAT THE CASE SHOULD BE DISMISSED ON THE GROUND THAT IT DOES NOT FALL WITHIN THE PURVIEW OF BOARD OF NOMINEE SINCE CO-OP.BANK HAS GRANTED/INCREASED LOAN WITHOUT OBTAINING NECESSARY SHARES AS PER LAW. KINDLY GUIDE ME IF I HAVE BEEN ABLE TO CLARIFY THE POINT. THANKS.
Guest
(Expert) 23 October 2016
Rules for shareholders and the employees are quite different. Employees or shareholders cannot equate with each other.
Employer-employee relations are master-servant relations, while shareholders are stake holders in the society.
