Ben 20 July 2016

Cannot liquidate lien fd

I need help. I had taken a lien in favor of Tata Consultancy Services Limited for joining from SBI bank in 2012 for 2 years i.e. till 2014. But on the day of joining I found out it was for ITIS and so I didn't join the company. I didn't even give them the original nor a xerox copy of the FD. The bank says I cannot liquidate it without an NOC from TCS since lien is marked on the FD. They keep renewing the lien FD. I don't understand how they can do that when it was clearly mentioned only till 2014. How do I obtain an NOC when I never gave it to TCS in the first place and when they don't know about it?

What action can I take?

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9 Replies

Ben 20 July 2016

Please move this to "Corporate Law > Banking". Didn't find this earlier.

JustAdvisor (IT) 20 July 2016

you must have given an application to the bank to mark a lien (did you issue a bank guarantee) in favour of TCS. it must have a start date and end date. if the end date has passed then lien may stand discharged. write to the bank to vacate the lien. see what is their reply. if the reply is in the negative, engage an able counsel. since it is SBI you have option of RTI to find the process too.

Kumar Doab (FIN) 20 July 2016

The relevant documents signed by you should be examined for a considered opinion.

Why would any employee offer FDR on platter for lien, for employment???

Can it be allowed?

Kumar Doab (FIN) 20 July 2016

"Give FD take Job"

" Give Cheque Take job"

There are many illustrated threads at LCI on it that you may go thru e.g;

https://www.lawyersclubindia.com/forum/Lien-marking-on-FD-without-Account-Holders-Permission-37722.asp

https://www.lawyersclubindia.com/forum/Sub-fd-as-security-deposit-lien-on-my-fd-favoring-my-empl-43237.asp

https://www.lawyersclubindia.com/forum/Absconding-from-job-help--83789.asp

https://www.lawyersclubindia.com/forum/Post-dated-cheque-for-job-offer-59554.asp

Ben 20 July 2016

It was one of the options while joining. But I didn't join them.

The FD has Lien marked on it that's it.

I didn't give them the original nor the copy.

It does have start date and end date.

The maturity date written on it is 2014 but they said it gets auto renewed and I cannot liquidate it.

I asked them numerous times and they're saying they can't doing anything without an NOC.

Kumar Doab (FIN) 20 July 2016

The auto renewal option is to be chosen by depositor undr his/her signature.

Did you chose it?

IN any case lien is upto 2014 and should get vacated.

Why are you using words saying,asking telling?

Have you not communicated in writing under proper acknowledgment?

If loacl authorities are not responsding and providing any relief then approach Chairman of M/s SBI, RBI,DCDRF,Civil Courts etc.

Your able counsel can guide you further.

Ben 20 July 2016

I did not chose any auto renewal option. I used the words 'asking/telling' because I went to their branch 4 times, which is near my house. I do not know whom I should mail to.