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  1. #1
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    Gokul Salvadi
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    Default Information needed regarding legal procedure for repossesion of vehicle by financial institiution


    Sorry for a lengthy post;

    I had purchased a Bajai Discover motor cycle at Palani-624 601, Tamil Nadu on 2008;
    Vechicle registration details : TN 57 U 7260; At the time of registration the Bajaj Finance
    retained the registration book and gave me a xerox copy.

    My brother was using the vehicle at Chennai as it was purchased for him. We have been paying EMIs thru bank till there was
    a dispute arised over the number of dues pending. The local dealer did not maintain proper records and wanted us to pay two
    dues extra. I wanted statement from regional office and said I would pay dues once I got the statement.

    (Recently I came to know that they have not been functioning at my local for past 14 months)

    After three months one Mr. Ilayaraja, representing Balaji Finance, Dindigul regional office. Through him, I spoke to an
    employee of Bajaj Finance, Dindigul. I was told that our local franchisee was terminated as he was not handling records of
    Bajaj Finance properly. And further I was adviced to deal with Mr.Ilayaraja from that point.

    Above said person came few times collected EMIs. Since last April, he did not visit us. As our local Bajaj dealer was a new person
    he did not have any idea about the loan we have got.

    From that point I did not receive any communication from Bajaj Finance.

    On 11.09.2009, between 9:45AM and 10:30AM the vehicle was missing from my brother's office campus, MoserBear Entertainment Ltd,
    81, Valluvar Kottam High Road, Nungampakkam, Chennai-34. My brother was about to file a police complaint.

    After 8 hours my brother came to know that the vehicle was taken by some persons representing recovery agency of Bajaj Fianance.
    When my brother went to Bajaj Finace Chennai, they had asked for Rs.30,000/-, where the pending due only Rs.17,500
    They have not behaved respectfully.

    1. We thought our vehicle was stolen and we wanted file a police complaint

    2. We did not receive any notice, communication prior to the incident happened

    3. When we spoke to them they wanted pay us more money including extra interest,penalties but they did not give any proper
    account

    4. I contacted a person at Bajaj Finance, Madurai. He told me that he would contact me. I have not received any call from
    him till this time.

    5. I just want to know whether they have a right to take my property without giving me prior intimation

    6. The incident has spoiled the reputation of my brother, who is working in Moserbear.

    What is the right procedure for a financial institution to do this.

    Thanks,
    Gokul


    Last edited by gsalvadi; 10-07-2009 at 08:57 PM.

  2. #2
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    ambrish
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    Default Re: Information needed regarding legal procedure for repossesion of vehicle by financial institiution


    Dear Gokul

    Please read: How to manage consumer problem - Big Helpers Community

    And also see: Big Helpers Community - Right To Justice

    Do file police complaint , if they dont take action u can file RTI application seeking action taken report on your complaint.

    regards

  3. #3
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    Name:
    Gokul Salvadi
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    Default Re: Information needed regarding legal procedure for repossesion of vehicle by financial institiution


    Ambrish,

    Thanks for your reply.

    1. Police is in nexus with them, not ready to take complaint

    2. I have filed a complaint in consumer forum, though I am yet to know it's status, or do I need some serious action?

    Thanks in advance

  4. #4
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    wehelpngo
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    Default Re: Information needed regarding legal procedure for repossesion of vehicle by financial institiution



    If the police is not ready to take the complaint send your complaint through register post with ack due and keep the receipt safe
    IF THERE IS NO HOPE WE WILL INVENT IT

  5. #5
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    Name:
    Gokul Salvadi
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    Default Re: Information needed regarding legal procedure for repossesion of vehicle by financial institiution


    Quote Originally Posted by wehelp View Post
    If the police is not ready to take the complaint send your complaint through register post with ack due and keep the receipt safe
    Sure. I will.

  6. #6
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    Name:
    Gokul Salvadi
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    Default Can I ask information regarding my case which is said it has been resolved by Core Center?


    I have filed a complaint at Core Center after few months which says that my complaint has been resolved and I have been asked whether it has been resolved at my end. I have replied and have asked for status of the case.

    Can I ask more information regarding the judgement or whatever it must be called, under RTI? If have not received a copy of that.

    Thanks

  7. #7
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    ambrish
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    Default Re: Can I ask information regarding my case which is said it has been resolved by Core Center?


    Dear Gokul

    Yes u can file RTI application action taken report on your complaint, If your complaint was filed with any Govt dept. RTI is not applicable on private companies.

    regards
    Last edited by ambrish.p; 02-18-2010 at 07:26 PM. Reason: add

  8. #8
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    Name:
    J.P. SHAH
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    Default Re: Information needed regarding legal procedure for repossesion of vehicle by financial institiution


    Since Bajaj Finance is a non banking financing co. pl lodge a detailed complaint with RBI at Chennai. Pl visit Reserve Bank of India - India's Central Bank for address etc.

    Following judgements available on website of Welcome to the Official Website of the Supreme Court of India and that of high court will also be useful to you:

    D] Judgements and directives of hon’ble SUPREME COURT OF INDIA in following cases:

    a. Criminal Appeal arising out of SLP (Crl.) No. 4935 of 2006
    ICICI Bank versus Shanti Devi Sharma & Others.

    b. 2007 (2) MLJ 854 (SC) Manager, ICICI Bank Ltd versus Prakash Kaur & Others dated 26-02-2007

    There is good judgement of Allahabad High Court on snatching of vehicles by banks,delivered in July/Aug 2007. This ruling was given by Justice A K Roopanwal in a writ petition filed by Lala Ram of district Pilibhit in Uttar Pradesh.
    It takes each of us to make difference for all of us.



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