Hi,
We are a private limited Company, having a current account with ICICI bank limited. 5 days ago, we got some credits to our account, through cheque transactions. We issued a few cheques (payments), which got bounced stating "insufficient funds".
Surprisingly, we had much more amount ("credited" to our account) than the bounced cheques. Even the credits to ours accounts, which followed in the coming days, are still "on hold". ICICI bank does not state any reason for "freezing" the account, wherein, they are accepting cheques credited to the account, and clearing them instantly. But, none of the funds is available.
The Company does not have any kind of loans/limits or any dues with the bank.
This has put our Company in big mess and we are suffering huge losses, as the fund-flow has stopped! Its the end of the month and we might, as well, loose non-expendible employees, and thus, loose business too!
Please advice at your earliest possible.
Hopefully,
Ashish Sharma
Director,
Core Database Systems Private Limited.
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