Sanchayani Savings shuts Hyderabad office
By Our Banking Bureau | 07 Jun 2002
According to a group of depositors, the NBFC suddenly downed its shutters in Hyderabad and Secunderabad recently, causing panic to depositors. The NBFC has caused loss in excess of Rs 2 crore in the Hyderabad branch alone, they allege.
The depositors demanded confiscation of assets and property of the NBFC to make good their investments at a news conference here in the presence of MLA Prem Singh Rathore and city Bharaiya Janata Party president Ch Ramachandra Reddy.
The depositors have also taken up the matter with Andhra Pradesh Chief Minister Nara Chandrababu Naidu and requested for follow-up action.
When some depositors visited the firms office in Kolkata and demanded refund of their deposits, they were reportedly promised cheque payment, but it was yet to materialise. We have now demanded the state government and the Reserve Bank of India to intervene to redress our grievances, they say.
