Money held up
I submitted Escorts Finance Limited Fixed Deposit Receipt No. 04002379 for payment on the maturity date in August 2005. Pleading "liquidity crunch" then, the company issued me a post-dated cheque for payment on February 20, 2006. But in January 2006 the company wrote to me asking to return the post-dated cheque "due to closure of our bank account" and promised a fresh cheque in lieu of the same on their new bank account.
The company thereafter gave me dates in January, February, March and April to collect the cheque from its office in Connaught Place, New Delhi. Despite repeated visits, waiting and reminders, the company has not given me any fresh cheque or refund of my hard-earned lifetime earnings.
During my visits to the company's registered office in New Delhi, I was shocked to see many other similar small deposit holders from across the country, waiting for refund of their deposits. I also submitted to Escorts Limited on 1-03-2006, FDR No. D70918 and No. D55259 for payment of maturity value. I was told again that the deposit refund cheques would be sent shortly.
Escorts Finance Limited is a non-banking finance company promoted by Escorts Limited. The Chairman of the Board of Directors of both companies is Mr. Rajan Nanda. After delaying the refund of the fixed deposits, both Escorts Finance Limited and Escorts Limited are thrusting their scheme of "compromise proposal" on hundreds of deposit holders. The so-called "compromise proposal" is an offer of equity shares of Escorts Limited equal to only 75 per cent of the fixed deposit value. This pernicious proposal violates the terms and conditions governing fixed deposit scheme and the Reserve Bank of India guidelines on the issue. Moreover, the company's proposal, evolved behind the back of the fixed deposit holders, is a betrayal of the trust reposed in the Escorts Group, claiming "50 years' history of stability and security".
The total liability of Escorts Finance Limited on account of fixed deposit holders is about Rs.173 crores, according to the company's statement. Now hundreds of deposit holders including senior citizens like me are not interested in getting equity shares of Escorts Limited which has already dishonoured the trust of the depositors. I am only interested in getting back my deposit money from both the companies soon.
I request the authorities concerned, including the Union Ministry of Company Affairs and the Reserve Bank, to take urgent action for refund of my hard-earned money by Escorts Finance Limited and Escorts Limited.
Mrs. Ramani Thomas,
1-A, D.D.A. Flats,
Friends Colony East,
New Delhi - 110 065.
This is regarding the reservation in higher educational institutions. I am working as an Assistant in an autonomous body. Though I will come under the purview of the creamy layer within two years, I still won't be in a position to get my children admitted to any of the model schools of higher learning, like the IITs or IIMs. The agitation over the issue is unnecessary and is just to get political mileage.
Even where reservation exists, the ratio of deprived ones is very small as compared to the privileged ones. Therefore, until adequate representation is given to each and every section of the Society, harmony and peace cannot prevail. For India to be a balanced society, the deprived ones must get their due share.
Dept. of Law,
I am in full agreement with R. K. Meena of Vijaipur, Madhya Pradesh, (April 10) regarding the deplorable postal services. I had mailed a SIM card through the speed post at GPO, Guwahati, for my daughter on February 2, 2006. Though she resides in the city itself, it was delivered to her after a month, that too after innumerable visits to the GPO.
This is not the only occasion when I have faced postal problems. A letter booked for Bangalore on March 1, again through the Speed Post, was delivered after 10 days.
Even Speed Post consignments from Mumbai have been delivered to me after six days. Visits to the G.P.O. have always been a futile exercise.
In response to an advertisement (March 13) of the Central Government's Grievance Cell, I had e-mailed two letters, but I am still waiting for a response.
Dr. D. Choudhury.
17, Sarvodaya Path,
Opp. Rajiv Bhavan,
Off G.S. Road,
Guwahati - 781 005.
On moral values
Peace and happiness are the cardinal desires of all human beings. To achieve them, one has to mould one's moral attitude and intellectual thoughts accordingly.
Unfortunately, materialism has overshadowed the finer aspects of life. Corruption of all kinds has now become a way of life. Immodesty and grossness of conduct are on the increase.
Therefore, it is high time we changed our way of life and shun such acts that tend to create divisions within the society.
Obaidur Rahman Nadwi,
P.O. Box No.:93,
To facilitate payment of electricity, water, property tax and telephone bills, the authorities concerned should print the list of banks' branches where such payments can be made. At present, most consumers are not aware where and which banks are authorised to accept the payments for such bills.
If possible, all the nationalised banks should be authorised to accept such payments.
B-49, Gulmohar Park,
New Delhi -- 110 049.
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