Exclusive HOLI Discounts!
Get Courses and Combos at Upto 50% OFF!
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Raj Keisham   10 July 2020

Microfinance

I have signed an agreement with a Company as an investor in 2018 in a legal bond paper where the Company agrees to pay me 3.5% per month for a period of 4 years. I have invested Rs 4 lakhs to the Company. I was getting the said 3.5% every month for the last 2 year however they stopped paying it since the month of March 2020 due to lockdown and pandemic. The Company released a press news stating that they are going to pay only 1% from the month of September 2020 due to loss in their business and the previous months pending would be extended. I have requested to withdraw my Capital amount, however they are citing it is still under locking period of 4 years and I can't withdraw the money. Is there any legal way where I can challenge the Company?


Learning

 3 Replies

Dr J C Vashista (Advocate)     11 July 2020

The agreement is two sided with terms and conditions accepted by both parties which cannot be amended by borrower without prior permission ofmoney lender.

Challange action of the borrower.  

P. Venu (Advocate)     11 July 2020

Any suggestion depends upon the terms abd conditions. Even otherwise, the rate of interest is exhorbitant and it is unlikely that a court of law will would grant a decree to enforce such an onerous condition. Even othersie, the rate of interest, as revised, is not a bad bargain. 


(Guest)
There might be some way out, kindly provide a copy of agreement to get precise guidance

Regards
mishrasatyam6804@gmail.com

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register