Dear Sir,
I am one of the subscribers of M/s Kapil Chit Funds, Bobbili vide chit No. BLTO/F/37 where in we have paid all the chit amounts in time. We have arranged the sureties with in 7 days of the auction, but we have received the bid amount after 3 Months.
We have addressed one letter to M/s Kapil Chit Fund Company, Bobbili branch for payment of interest for delayed period. It is surprising to note that we have not received any reply to the letter. As there is no response from them even for the letter and no payment of interest for the delayed period, we have lost faith on M/s Kapil Chit Fund company and discontinued the chit BLT 02 F1-11 and suspended the payment of further installments for interest on the delayed payment on our prized Amount. They have unilaterally decided to pay an amount of Rs.4200/- towards the installments of Rs 11850/- by removal letter without giving any written notice before removal of my name as a subscriber.
Now we are reiterating that due to delay in payment of interest only, we resorted to discontinue the chit as there is a mistake on their part for non payment of interest for delayed payment for prized chit.
It is also bringing to your kind notice that the chit company has not served the agreement copy to us and they are also not in the habit circulating the date of auction and other statutory details to us.
They have collected 5 Blank cheques for security purpose at the time of chit prized along with the sureties, now the branch manager of M/s Kapil Chit Funds Pvt Ltd, Bobbili is threatening over phone that the security cheques will be presented in the bank for future liability.
We hereby bringing to the respected Registrar to examine the matter and do justice.
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