Large entities like Pal Peugeot, Morepen Laboratories and a host of similar entities have left deposit holders in tears with their dilatory and stalling tactics.
Meera Hattangady received a letter by a company in which she had a fixed deposit, defaulting in repaying the principal sum of money on maturity and now, after seven years, offering her 50% of the sum deposited as ‘full and final settlement’.
Hattangady, 82, had deposited Rs20,000 in Snowcem India Ltd in 2000 for two years, when she was promised interest at the rate of 12%. The interest came in reasonable time, but when the deposit matured for repayment, she was told that the company was in financial trouble and she would have to wait for a ‘few weeks’ while it got it its act together and would reimburse her in full for the deposit.
After five years she received a letter from SIL Ltd. which stated that it had taken over all the assets and liabilities of Snowcem and would like to ‘negotiate’ with her on the repayment. Last week, she received a receipt on stamp paper which said that she was to accept Rs10,000 in settlement of her fixed deposit.
When Hattangady asked about interest on the deposit for seven years, she was told that this was a one-time offer and if she did not take it now, she would have to write off the entire amount of her deposit. Looking at options around her, Hattangady has realised that she is fighting a monolith with little or no weapons. If the company goes into liquidation and winds up, she may have a consumer court order which just cannot be enforced.
There are thousands of such consumers who have gone through such emotions and are being subjected to blackmail of a subtle variety to make them sign on the dotted line, to write off their dues from big companies. Large entities like Pal Peugeot, Morepen Laboratories and a host of similar entities have left deposit holders in tears with their dilatory and stalling tactics. Their anger and frustration at the system, in the circumstances, is justified.
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