Non payment of interest on state govt backed bonds

Others 730 views 1 replies

Sir, 

I am secretary of a  exempted Provident Fund Trust of a unit of Steel Authority of India Ltd ( A Govt of India Undertaking). Trust having some investment in PSIDC ( Punjab State Industrial development corporation) bonds, a State govt. backed bonds. From Sep 2013, PSIDC is not paying the interest on the same. We have done several correspondence and telephonic conversation. In spite of all, they are telling that there is fund crunch so unable to pay it now but will pay later as and when get the money. 

So, It is requested to kinldy suggest me some way to come out of this situation.

What are the legal remedy or other way for the same

Thank in advance

 

Replies (1)

It will be good if you take help of a local lawyer and send a notice to them but first take it in written form of in mail through their authorized signatory and time limitation mentioning the same in that when the inerest shall be paid and from that due date send a legal notice as mentioned above with withdrawel of funds for the same


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