1) A term loan of Rs 30.00 Lac was sanctioned to us on 17-01-91 by the Rajasthan Finance Corporation for setting a SSI unit for manufacturing of Spectacles frames, first of its kind in Rajasthan with a rate of interest of 12.50% for implementation period of Two years and 13.50% p.a. there after . we have availed disbursment of loan from 09-05-91 to 06-03-93 of Rs 29.96 Lac.
2) Vide letter dated 20-02-93 Ref. No. 5805 RFC Branch Manager Bhiwadi intimated us that due to availment of refinance interest rate is applicable @ 18.75% p.a. in our case and it has been applied from 01-03-92. A protest letter to CMD (RFC) regarding illegal enhancement of rate of interest submitted on 26-02-93.
3) We have received Information Under Right To Information Act 2005 from SIDBI on date 07-08 that in our case Refinance of Rs 25.50 Lac was sanctioned to RFC against a term loan of Rs 30.00 Lac by SIDBI Jaipur on 05-03-91. The rate of refinance was 9.00% p.a. for
(a) of 2 years from the date of loan agreement executed (i.e. 23-02-91).
(b) @ 10 % there after subject to condition that the corporation will not charge on its entire loan at the rate exceeding 12.50% p.a. and exceeding 13.50% there after.
4) It is shocking, as well as Unjustified. Now it is clear that a Conspiracy has been made and implemented on us by then RFC’s Officers illegally increased the rate of interest from 01-03-92. In this way by putting incorrect Statement of accounts RFC forcefully, illegally collected Excess Payment from us.
5) Till date 02-03-07 we have paid to RFC Rs 84, 63, 161/= (Rupees Eighty Four Lac Sixty Three Thousand One Hundred Sixty One Only) against a loan of Rs 29.96 Lac.
As per our calculation on the basis of Refinance Rate of SIDBI @ 12.50% from 23-02-91 to 22-02-93 and there after @ 13.50% and interest tax 0.50% added from 01-10-91 to 31-03 has collected an excess payment of Rs 22, 11, 434/= and in that event interest accrued there upon of Rs 13, 70, 452/= upto 01-04-09.
Hence all the statements of accounts given by RFC since beginning were illegal, incorrect and also all the notices to usU/S 29/30 issued on us were illegal. RFC has Taken over the Possesion Of Unit 0n 28-09-06 and Redelievered after collecting Rs 4.50 Lakhs on 09-10. Resulting our Precious Plating Plants contaminated and we were compelled to close the unit. Due to created illegal tension on us our Senior Partner Sri C. M Varma Expired on 9th April. We have suffered an irrepairable loss. Our goodwill and complete family has been destroyed (affecting), all the members are in deep depression.
Under the above circumstances your immediate judicious intervention is solicited to save our family
· To Release our Original Lease Deed of our Unit along with no objection certificate, to save the Unit from the further damages, to procure working capital from other Banks.
· To Refund Excess Payment taken by RFC of Rupees Thirty Four Lakhs Thirty Two Thousand Two Hundred Five.
Thank you in anticipation.
Your’s Faithfully,
For M/S OPTICRAFT
Partner
(R.K.VARMA)
9350629343
011-32523903
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