Helios and Matheson Technology Ltd..a public listed company is not paying my clients their principal and interest amts matured since last 6 mths .Company office is in Mumbai where we used to send FD forms and company is registered in Chennai. I am in Pune with about 100 investors with me who are facing same problme..Amt is Rs 1.3 Crores total between us.Company has communicated that they will be settling the amt till March 2015 but we have had earlier promises also of not being fulfilled. We want to take criminal action..What will be the total fees ? Can we do it from Pune
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You have two fold options-
1. Either to file Winding Up petition in the high court Or
2. To file case in the consumer forum to recover your dues.
In either cases the remedy is most efficacious and expeditious.
In criminal action you can not recover the dues but you can file case u/s 420, 406 of IPC.
You can file this case from any place where any of the offices of the company is situated.
thanks for the reply sir... We are all depositors from Pune and company is located in Mumbai and Chennai Do you mean to say we can file winding up petition from Mumbai and not Pune ? What could be the total expenses for consumer court action ? or winding up action ..pls give min and max all inclusive fees for everything all togethere ? Can you suggest a Mumbai high court advocate ? How can Sr citizens be present in Mumbai for the same at one time...100 people ? Can this be done from Pune (where the company office is not there but the agent ie me was available for procuring the FDs )
Hello,
1) The best would be to file a consumer case before the consumer forum in Mumbai.
2) Need to send a legal notice to the company to settle the account . In case the company fails to favourably reply or settle the matter, approach the consumer forum.
3) The court fee payable is comparatively less.
4) Being the agent you can obtain power of attorney from all the litigants and represent them before the forum.
5)You can choose any of the advocates on Kaanoon web site located in Mumbai. The fee,etc you need to discuss with the lawyer
File a complaint against the company however, if you have a written proof given by the company that they will clear it by March 2015, I suggest you wait until that time. If nothing in writing is given, then send a legal notice on behalf of all the investors to the company asking them to pay within a certain period of time. if the amount remains unpaid, you may proceed in a civil suit before the District court or you may file a consumer complaint before the National COnsumer forum since the amount to be claimed is more than 1 crore.
1. If the Company has already defaulted in making the payment, your can file a criminal case against the Company u/s420 & 120B,
2. You can file a wind up petition before trhe high court,
3. You can also file a consumer case before the local District Consumer Dispute Redressal Forum for each depositors alleging deficiency in service and unfair business practice claiming refund of the invested amount, damage, interest and litigation cost from the said company.
1. If the company has in writing promised to repay the amount by March 2015 then it will be prudent on your part to wait. The underlying expression in the preceding statement is 'in writing'' which includes a promise made through an email. If, however, the company has orally promised to do so by March 2015 then there is no point in waiting.
2. You have many legal remedies available to you. To begin with, you can file a case for recovery of money against the company. This will include principal amount along with interest accrued thereon. This apart, you can file a petition for winding up before the High Court.
3. In addition to above, you can also file a criminal case for cheating and breach of trust against the company, which will cause a tremor in the company.
Dear Querist
first of all send a legal demand notice to company to demand your amount through lawyer, if company is not ready to pay the amount within notice period then file a civil suit for recovery before civil court.
You may file a consumer court complaint too.
you may file a winding up petition before High Court.
the fee is depend on the lawyers, so you should contact the lawyer personally and if think to engage then ask about the fee too, it will be better.
