An industry major based in Mumbai that collected deposits from investors had not paid the interest.. read on?

Question

Many people invested their savings since they offered 11% p.a. while most banks were giving only <10% p.a. The concerned section at the Mumbai office does not answer queries about when exactly they would be disbursing the interest. 

Some friends who had proposed for pre closure had not also got either the amount or even a reply for the delay! Whom should the aggrieved people approach for remedy - RBI, SEBI or who else has control over private companies collecting fixed deposits?
Please advise.
please advise.

R K g · Accepted Answer

your question mail brought me here. Welcome surprise!!

Logically it is SEBI who gives permission to cos to raise big capital from public . For small amounts it shud be a contractual understanding that , I assume, must  fall under perview of Company Laws with registrar of company. Although I don't have direct knowledge on the subject but one can fairly get the things moving here in these places. Bye, all the best!!

? · Answer

romba naalaikku appuram ungalai partthathum manasu negilndhu vittadhu annaa!

is it a limited company or not i wonder

if it is a private ltd co then it will come under the SEBI control
but anyhow all company deposits will come under RBI guidelines only

An industry major based in Mumbai that collected deposits from investors had not paid the interest.. read on?

2 Answers