Ryan
09 December 2013 at 12:14
Respected Sir/Madam,
I am an entrepreneur and have borrowed a loan under cgtmse of Rs. 4.75 lakhs from State Bank Of India, the total loan was of 11 lacs, out of which based on 25% of m yc ontribution the bank sanctioned 7 lacs, 4.7s lacs used for machinery and rest was working capital , which we dint borrow. its just 2years passed for the taken loan, the total period of repayment is 5 years.
so far i have paid 1,66,000 Rs. however there had been delay in payment in between because of financial problems. after i took the loan we couldnt start our company because the raw material( chips also called as electronic IC's)were faulty and the whole design failed. i had to start from scratch, and the work of redevelopment was going on and in the mean time i was paying installments from my own pockets. but the situation got worst as the price of dollar started increasing.from Rs 42 it climbed to 58 and then to Rs 62. most of the components in my product are to be imported from abroad as india doesnt have microchip manufacturing industry. and it became difficult for me to enter production with the amount i personally had and the bank started threatning me on delay of installments,
once the account even became npa which i regularised after 6months by arranging the funds. and asked the branch manager to to rescheduling or restructuring of the loan, which he clearly denied. I gave him the genuine reason that the factors where beyond my control and based on economical reason i am unable to enter the production so please restructure the loan and increase the time period of repayment, instead of helping us the bank manager sent me a notice of publishing a photo of being defaulter. some how i was still paying the installments .
later on my mother was seriously ill and was hospitalised and later on expired the hospital bill was enormous, and i had to manage that too from relative and friends. in the mean time the installments to the bank delayed and the manager started to threaten me again and then i requested him to restructure and he denied again, and issues a photo publishing notice in leading local newspapers. i use to search a lot on internet about restructuring of loan for CGTMSE and i found the below attached RBI guidelines for sme-msme.
and it clearly says that the bank should help the sme the moment it understand that the company is going into npa, should identify a viable report and take quick hand holding actions.it has also removed the clause that the company should be in 2years of minimum production period and it says that even if the company couldnt start production after 6 months from the day it borrowed the loan , the bank should help it. restructuring can be financial help or not or can be extending the repayment period less then 10 years and waiving of some interest.
even the the bank manager clearly said that he will not provide additional finance and asked me to give business plan of other product that we can manufacture, so i gave him the business plan of other product, he took and sat quite for 6 months. no reply from him. and the mean time we were working on our other product too. the bank manager calls me and after 6 months and threatens me again that the account is NPA and i am going to publish the photo.and there is no such guideline to help cgtmse. as none of your business are working.
In the mean time i got notice form his higher branch that i have 60 days period and i can settle the npa account within 6odays else they will confiscate the machine that has been borrowed by banks money. when asked the bank manager, about the notice he says i dont know who had sent that to you. the 60 days get over on dec 18 2013.
so based on the threat calls i gave him proof of citation of Hon. High court of kolkatta and madras of similiar npa cases where the high court has objected the banks photo publishing action as the defaulters are not wilful defaulters, and i forwarded the same to the bank manager. he again replies me that the seniors have ordered him to publish the photo. so i replied him that you show those citations to the seniors and read the rbi guidelines and restructure and stop from defaming me. instead the bank manager without giving me any written notice published my photo in a news paper other then news paper that was told to me, and before publishing the photo we had started to pay the installments in step wise and informed the same to the manger, and still he published my photo and the period of 60 days is not over yet and the bank has taken all the data and sent the valuator for restructuring and had done nothing at all. i never wanted to cheat the bank as i am running the company with my own savings. and the bank manager has defamed me. i realised that the bank doesnt follow rbi guidelines, and Hon. High courts judgement is challenged by the bank and i have all the evidence of above mentioned cases in the form of emails, notice, acknowledgments and phone recordings where the bank manager has threatened me to spoil my name in business world. on the first meeting he had also told me that the bank makes the defaulter sleep on ice slab and whips them until they surrender all there property, but i dont have recordings of it,but i have witness as my friend. I want to file a case against the manager and his seniors and defamation case, please suggest me the necessary steps i should take, the bank manager ignores the lawyers notice too and acts like a barbarian.
MD JAMAL MUSTAFA
08 December 2013 at 00:56
My A/C has been NPA. Before DRT In ordetsheet Bank's lawyer has mentioned outstanding amount 1.40 LAC at the time ofNPA. SARFAESI NOTICE issue against me RS. 4.70 LAC. After that lhave deposited Rs. One lac and two lac thirty five thousands . DRT give the order to me for depositing the Rs. 40/- thousands. Again . But I have not deposited the amount .So guide me and give direction how to recover the extra deposited. Any Ruling after NPA give me direction
THANKS
rajendra kumar gupta
05 December 2013 at 17:10
Sir,
My client is a Pvt. Ltd Co. running a business of Insurance policies franchise.
Now the Company wants to further expand its business to real estate.
They want to take public deposits / term loan at a fixed Interest rate. and using the funds so collected in real estate business.
the matured deposits will be paid from the profit received from such business. what formalities and legal approvals they require to run this business proposal. kindly help me in this regard
Thanking you
Member (Account Deleted)
05 December 2013 at 15:50
dear sir
if any relater or a real estate company
involved in fraud money case ...
what kind of action court will take on that project.
Ashraf
05 December 2013 at 13:51
Sir,
I am carry on business of house hold aplliences with some new promoting marketing idea i.e.
by receiving Advance from costumer I am giving them receipt and one number and registering his name in my registered customer main purpose is connecting new costumer,
after 3 months those who registered eligible for prize ( by lot withdrawal and get 1, 2, 3rd prize) they will get prize or selected goods ( at the time giving advance ) at the time of draw
( prizes are like Bike, 5 grm Gold etc )
I have registered under Shop and Estbm Act
and VAT
Draw will be at public place
please suggest me any other compliances required under any law (Karnataka State)
1) Permission of any authority?
2) Registration under any law
3) Licence
surendra pareek
04 December 2013 at 18:58
I have lost my atm card and I have done FIR for it. Now I am going to submit form for new card. Would you tell me whethe bank will charge for it or not? If I attach copy of FIR then?
Hariom Sharma
03 December 2013 at 16:37
Agreement between A & B
"A will issued certificate to B to start commercial operations and B will pay premium every month including the month when a certificate issued, to A".
But here problem is
A issued a certificate to B to start commercial operations on 31.10.2013 at 7 PM (after closing of working hours) and demanding premium for october. In my view, operations will be start from next business day.
Need help.
Rahul Agrawal
03 December 2013 at 13:23
I would like to know whether Banks can charge prepayment charges on Cash Credit Account
Manoj Meena
02 December 2013 at 22:04
Sir,
My father had a electrical licence which was. Cancelled and my father is no alive .my father can renew that licence .is it possible I can apply for that licence
Guide me please. .......
He had made power of attorney in which licence is not mentioned but he had given me full authorizations over his full power for legal works
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