Fixed deposit for Service Bond not being returned back
I had joined a company a few years back. They made me sign a bond of 1.8 years with a fixed deposit on HDFC bank of 50K.
I have served my term and have resigned. Upon resignation the company said that my fixed deposit will be credited back to
my savings account. But even after couple of months i found that the money was not transfered. When i tried to liquidate the
FD i found that a lien exists on the FD. On contacting bank, the bank asked me to contact the company to submit the bond papers;
on contacting the company there was no response from them. So i am in a dead-lock to get my money back. What do i do?
This happened in New Delhi, but currently i m located in Mumbai. Plz help.
Asked 3 years ago in Business Law from Mumbai, Maharashtra
issue legal notice to company to return your fixed deposit amount of Rs 50,000 .
you have resigned on expiry of your bond period and resignation duly accepted by the company.
since you have served your term of 1.8 years company cannot withhold your fixed deposit .
1. What your ex-employer is doing is purely illegal.
2. To get justice immediately send them a legal notice asking for your money.
3. If they sit idle or refuses to do anything then you can file a Winding Up petition in the local high court.
4. Filing a criminal case u/s 406 IPC and civil suit for recovery of money is also another option.
yes, they even offered me re-leaving letter and it was a healthy good bye. Shall i first go for consumer court? Actually the company comes under new delhi jurisdiction and i am currently in Mumbai. Whats the best way around for it?
Asked 3 years ago
No consumer case lies against the employer.
The cases will have to filed in Delhi only.
issue legal notice to company . on receipt of legal notice most probably company will refund your fixed deposit amount . if company does not refund your money file criminal complaint against the company under section 406 IPC .
At once send a legal notice to the company for not returning your Rs.50,000/- inspite of your complying with their terms & conditions. It is better to lodge a complaint with the Labour commissioner of the jurisdiction in which the company is located, stating that the company is practising unfair labour policies..
1. Your matter does not come under the purview of Consumer Dispute Redressal Forum,
2. Send a legal notice to the Company calling upon it to return the Bond Paper to you within 7 days thereof,
3. Lodge a police complaint u/s406 IPC against the MD of the Company for his illegally holding your Bond papers at the local police station under copy to S.P.,
4. If police fails to act, file a petition u/s156(3) before the Court praying for direction upon the police to investigate & act based on your complaint.
@Ajay Sethi, Devajyoti Barman, Shashidhar S. Sastry, Krishna Kishore Ganguly: Thank you so much for you time, help and support. Will do the same. This was of great help, really appreciate it. Thank you once again.
Asked 3 years ago
you are welcome..now act on the advice above.
thanks for your appreciation