The SAHARA group company you are referring to is a NBFC or Para banking company???? Read the rules applicable to such companies carefully. There are reports that SAHARA is exiting from NBFC business. What is fate of Para banking is not known to us?
If the company is already closed then you may construe that it is making a pass on you and it shall be better to approach a lawyer and police ……..
Do you have the copy of original deposit receipt?
If yes declare the claim of company of refund as fake.
However issue a notice (which you can also issue) even if by email addressed to the BM of local office, office which has issued deposit receipt, MD, Chairman of the company and demand to make payment within next 7 days…
If the company yields to your demand and contacts you on phone ask them to supply you a written communication to this effect.
This time please take care that you obtain the acknowledgment under seal and signature of the competent employee of the company stating that it has received original deposit receipt for payment to you and obtain the payment on the spot.
If the company claims that payment shall be processed and sent later you may not handover the original deposit receipt and pull then to appropriate forum e.g. DCDRF, Court of law…..
Valuable advice of learned experts/members is sought.
Sahara arm relinquishes NBFC licence
ET Bureau Sep 13, 2008, 03.27am IST
MUMBAI: The Sahara group has voluntarily relinquished an NBFC licence that was held by a group company — Sahara India Investment Corporation (SIIC). SIIC is a company which does not raise deposits and is distinct from the group's flagship company Sahara India Financial Corporation which is registered as a residuary non-banking finance company (RNBC).
In a statement issued on Friday, RBI said that Lucknow-based SIIC has voluntarily exited non-banking financial business. "As such the Reserve Bank of India (RBI) has cancelled, on August 11, 2008, the certificate of registration of SIIC for carrying on the business of a NBFC".
RBI guidelines on NBFC are attached.