I am a frustrated investor, who invested Rs.2 lacs in fixed deposit in Jaiprakash Industries, through your agency.
I made an investment of Rs.1.50 lacs (3 deposits of Rs.50000/- each) in my spouse's name, Shri Ramesh A Prabhu, and Rs.50000/- in my son's name Shri Ashwin R Prabhu on 14th October.
I did not receive the Fixed deposit receipts, and when I contacted your agent in the month of January I was told that I had not submitted form 15G and therefore the receipts were withheld by Jaiprakash Associates.
Your agent should very well know that the investment is going to attract tax and should have collected the form 15G at the time of making the investment.
He collected the form 15G for Shri Ramesh Prabhu in the first week of January. My son was out of station and we told him to collect the 15G for him in the third week of Jan. We had to remind your agent several times (the agent stays very close to our residence and does not have to go out of his way) to come and collect the 15 G for my son Shri Ashwin R Prabhu's 15 G before he came and collected the same.
After giving the 15G for Ashwin Prabhu, we received the Fixed deposit through registered post within 1 week of submission of the same i.e 1st week of february. For Shri Ramesh Prabhu's fixed deposit wherein the 15G was submitted before my son's form I have been contacting your office umpteen times (I must have made at least a minimum of 20 calls), and spoken to various people - Soundarya, Krishnaveni, Prince, Ravikumar, Ms Priscilla - your branch manager without any result. I was told every time that the fd was being sent, but till date I have not received the same.
Two weeks back, Ms Krishnaveni, your person handling complaints at your Mount Road branch, called me and assured me that I would be getting my receipts within early this week. But it is friday of the week 4.3. wherein the fd has not yet come. When I called your Mount Road branch today, Ms Krishnaveni cooly gave me the no of Jaiprakash Associates and told me that I could speak to one Mr Ranjith Sharma who is handling our case and represent our case and try to obtain the fdr. This could have been told to me in the very beginning wherein I need not have wasted mine and your time calling you and asking for my receipts.
Ultimately Ms Krishnaveni gives me a call (for the first time I get a call from your end) without I having to give a call to find out the status, and tells me that the FDRs have been sent by registered post, and I should be receiving them in one or two day's time. I still do not have faith in your people's words until and unless I receive my FDRs.
I had the following points to complain about which I do not know whether you would be taking any action upon, but I am extremey dis-satisfied and frustrated with the levels of service given by you. I had made my investment through you, since I was highly recommended about your levels of service, but I am sorry to say that it is not so.
a) I had to call your company many times, before I got the incentive for having invested in the FDRS.
b) Every time I had to make calls regarding the status, whereas there has never been any call from your end, inspite of my telling your people, that I am going to lodge a complaint and even after having spoken to Ms Priscilla your branch manager and head of South. Ms Priscilla also did not call me and update me after having personally spoken and complained to her. Ms Krishnaveni also had not responded despite speaking to her umpteen times.
c) Mr Prince and Mr Ravi Kumar from your Anna Nagar branch have only bothered upto the time of making the investment and are not concerned about investors after the investment is made.
d) Your employees have to be educated about obtaining 15G form (in case the investment is attracting TDS) at the time of making the investment so that there are no more compaints from investors like us who have to go through frustration of dealing with you.
e) Please ask your receptionist, to put the call on hold and then speak to your officials, I can hear every work that is being spoken amongst your employees, in the background, what is the action taken, whether any action has been taken or not etc.
f) You should improve your services first before inviting your investors for investment meetings or sending messages regarding investments.
g) Please let me know, whether I need to submit 15G for the next two years since the interest is going to attract TDS. I do not want to run after the IT authorities for a refund since my husband and son both are not assessed for income tax.
I am a Manager working with a Bank. We too are in the service industry. But we do not treat our customers like dirt. If there is a single complaint, we make a call from our side and respond to the customer immediately. We believe in highest customer satisfaction. Being in the service and finance industry I feel you too should adhere to similar service standards.
Anjana R Prabhu (A frustrated Investor)
0 comments