• Unitech FD - non refund of deposited money.

I had appointed Bajaj Capital for advising me on investments. I had invested Rs. 3L in FD floated by m/s Unitech for a period of 3 years in 2013. I had forwarded original receipt duly discharged to Unitech via Bajaj capital upon maturity in 2016. I have not received my money till today. SC had put Unitech owners in jail. They will be free when they had deposited sufficient fund. Furthermore I found that Unitech had defaulted on FD since 2011. Also they do not have licence to accept deposits from public. SD has appointed amicus curiae to collect details of all FD holders. The hearing dates are getting postponed every month. 
Now my questions are,
1) Am I supposed to file separate case against Unitech or whatever a.c. is doing is sufficient?. 
2) Bajaj capital being financial advisors, they are expected to know non availability of licence by Unitech. Also there was history of default since 2011. So advising me for investing with Unitech can be termed as deficiency in service and make them party to th fraud?
Asked 8 days ago in Criminal Law from Mumbai, Maharashtra
Religion: Hindu

you ought to file separate case against unitech as other wise your claim would be barred by limitation 

 

2) bajaj capital ought not to have advised you to invest in Unitech if they were aware that Unitech had defaulted in payment of interest to FD holders . it would be deficiency in service on part of bajaj capital 

Ajay Sethi
Advocate, Mumbai
59886 Answers
3620 Consultations

5.0 on 5.0

File application to implead you in ongoing cases.

You can raise claim against Bajaj as it was custodian of your amount and responsible to pre check to make investment in legally certified complanies. And since you have invested on advise of bajaj who being in the advisory business must had prerequisite knowledge and is solely responsible to wrong advise. 

Yogendra Singh Rajawat
Advocate, Jaipur
8987 Answers
8 Consultations

4.7 on 5.0

Even there is amicus query appointed you can go to the consumer forum against ki unit 1 as well as Bajaj Capital for shortage in services you can make Bajaj responsible for the losses you incurred due to non payment of fixed deposit and a consultant must be aware that the Unitech had no licence to get the fixed deposit

Vimlesh Prasad Mishra
Advocate, Lucknow
4715 Answers
11 Consultations

4.9 on 5.0

1. is any NCLT petition filed against Unitech?

2. please have that checked

3. if a resolution professional is appointed for Unitech then you can lodge your claim with him instead of filing a separate petition in NCLT

4. A consumer complaint can be filed against Bajaj Capital 

Yusuf Rampurawala
Advocate, Mumbai
3694 Answers
16 Consultations

5.0 on 5.0

Hi,

You are suggested to go along with other investors but don't leave Bajaj capital also as they have committed breach of trust and have not suggested you correctly. Further there are deficiency of services also. In most of the cases, the advisor is not concerned about the investor or his fund, rather they are interested about the commission received by them.

Ganesh Singh
Advocate, Delhi
2516 Answers
5 Consultations

4.5 on 5.0

Hi, it is advisable to file for SLP in Supreme Court , as the owners are still in jail ..Of you want proceed at district level you can file a civil suit for recovery 

Hemant Chaudhary
Advocate, Gurgaon
4100 Answers
23 Consultations

4.9 on 5.0

Yes  separate case will get good. Yes it is deficiency of service

Prashant Nayak
Advocate, Mumbai
7205 Answers
7 Consultations

4.8 on 5.0

1. The complaint AC shall be sufficient though a separate complaint can be filed.

2. You can file deficiency of service complaint in consumer court against the Bajaj Capital being financial advisor as there are deficient services.

Shubham Jhajharia
Advocate, Ahmedabad
14266 Answers
57 Consultations

5.0 on 5.0

1.  There is no bar for filing a separate case against unitech, however you may implead yourself in the pending case as a necessary party also.

2. You cannot blame bajaj finance for this and cannot claim that this as deficiency in service since you volunteered to avail their service and they did what you wanted them to do, hence in my opinion you may not have any case maintainable against the bajaj finance.

T Kalaiselvan
Advocate, Vellore
50064 Answers
591 Consultations

5.0 on 5.0

Ask a Lawyer

Get legal answers from top-rated lawyers in 1 hour. It's quick, easy, and anonymous!
  Ask a lawyer