what to do if a company is not refunding security deposit


30 years ago we had taken a cement agency with 50k Security deposit with 10% annual interest

25 years back dealings stopped and co stopped supplies and did not refund credit balance not security deposit or interest



can we claim it now ?

if yes with simple interest or compound interest?
 
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Retired employee.

It all depends when the notice was issued when the final settlement was done, what was the response of such principal, as there is a limitation period for every legal action.  Contact a local advocate with entire correspondence on the issue on refund of such deposit and perhaps he may find a way, as principal never refuses to repay security deposit in response to notice and limitation period commences from the date of his refusal to refund such deposit and final settlement statement.  You can plead for compound interest and it is the court that has to decide basing on the terms of such payment of interest stated in agreement.  If the annual interest is refundable, and not refunded then a court may take into account compound interest.

 
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LEGAL

You mean to say you will raise the calim after 25 years ; just you woke up like Rip Van Winkle....

 

 
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Dear Rajiv, no one can help you now after 25 years.
 
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GLN Prasad sir
no final settlement no cancellation by either parties
just seen security deposit lieing with them from so many years

shall I give them letter to refund
 
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Retired employee.

First, conclude that you may not get the amount, and now as you have nothing to lose by spending few hundred,  issue a demand notice as per directions of the local advocate.   Depending on the facts of the case, there must be a way out..  If the security deposit account is showing your name in books and in the balance sheet as a liability, I think there may be a chance as showing such liability may amount as debt acknowledgment.  Also, make some efforts by searching in google with keywords "Company not refunding the security deposit after the termination of dealership".  

 
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dealership not terminated but there are chances of account adjustment as advised by CA of the co
 
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dealership not terminated but there are chances of account adjustment as advised by CA of the co
 
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Advocate

You have been making too many a posting. What is the real issue?

 
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The original querist looks to be 'Kumbhkaran', who has woken up after 25/30 years.
 
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