Recent Discussions

Cheques Returning

I am member with u for the last 18 months.I am running SSI unit in
chennai.Recently I faced a peculiar problem.If any of the members give their
suggestions. I shall be grateful.
One of the subsideries of leading financial company procured materials from
us and issued a post dated cheque for RS 4.00 lakhs.On the due date they
have requested us to postpone the presentation of the cheque by a week, as
they do not have funds.we had informed them that the cheque has already
given to our bankers and they had already sent for collection and requested
them to make arrangements for funds.
To our surprise the cheque was returned by their bankers (one of the reputed
banks) with a note "stop payment". We feel the party has stagemanaged with
their bankers in returning the cheque with "stop payment" instructions.We
made a representation to their bank for their action after 15 days (since
party wanted one week in settling the payment),due to which we were not in a
position take any action for recovery. .It was unfortunate the bank to whom
we made the representation has called the party showed our representation to
them.Now the party is threatening us that he will take sweet time to settle
the payment since we had made a representation to the bank.

My request is there any forum where we can expose such companies and banks
so that other SSI units do not get entangled with these compnies.Also to
methods to recover the payment as this is very critical for SSI unit like
ours.

Thanks
Ramesh

29 Sep vlsextra@md3 @md3.vsnl.net.in

Such things should not be entertained at all.  

Pls take a copy of the whole correspondence and write to RBI and also
write to the leading business dailies like Business Standard, Economic
Times and Business Line asking them to expose the thing in the paper.

And tell the company concerned that you are taking the above action and
they should pay up immediately.  Pls appreciate and understand that if you
do not expose these people for recovery of your 4 lacs these people get
more courage and start cheating innocent public for crores of rupees.

29 Sep 1998      Tejinder Singh Rawal @nagpur.vsnl.net.in