HARIHARAN KULATHU asked 4 years ago Respected sirThe details of investments made during the timeline 1990s and 2000s by my father as head of the family in respect of the family members out of family savings, etc in joint names( mostly) and in sole name in few instances is attached to this e-mail message in excel sheet format for your perusal. The position obtaining in a few of these investment Nidhi fund instruments is furnished in the remarks column against such investment entries. I came to know about these investments only during the year 2019 end when I had contacted you over the phone for advice. Your SMS dated 18/9/2019 refers to in this context, please.
- The following investments, which have not been included in the main list in ms excel sheet, are also enlisted as under:-
- I am not enclosing a photocopy of the instruments enlisted in the attached MS EXCEL SHEET for now. Due to the covid19 crisis, all cyber cafes and xerox shops are closed. If these documents are needed by you, please state whether a scanned copy can be emailed or uploaded to you. The procedure to be followed in this regard may be intimated.
- I am requesting you to go through the excel sheet details and advise me on the following as the total investments by the family members near about Rs.10 lakh.
- Is it possible to put our claims before the competent authority and register our interest on the same to the extent it is officially settled by such competent authority and/ or liquidator/s for all the investors? In some cases, I observe that the depositors association of a Nidhi investment company has filed a case in the court of law.
- What in your opinion, could be the amount fetchable/realizable from the above investments of Rs.10 lakh(Principal amount only) should I decide to pursue the case legally on behalf of my family members. Expecting interest payouts on the principal amount may be a daydream, I feel. Your legal advice in this regard will be of help to me.
- Is the money claim now possible or are they time-barred?. If time-barred, can we still have an option to prefer the claim seeking a waiver of the time bar aspect in the process by requesting the competent authority to include our names as a part of the class suit or application already before the TRIBUNALS? In a few of the cases, my late father has already initiated action to file applications by the family members before the COMPANY LAW BOARD, etc as mentioned in the remarks column of the attached MS EXCEL sheet referred to above.
- Please forward a copy of the power of attorney form in which my family member needs to furnish their consent to act legally on their behalf in the matter. As I am aged 67 years, I intend to get to execute a joint POA authorizing me (Mr. HARIHARAN KULATHU) and my wife (JANAKI HARIHARAN) jointly or severally. One specimen filled up a copy of the POA may also be sent for my guidance and enabling me to make out a proper POA and get them notarized. Please also state whether each of the first-named person holding an investment in their name jointly with other/s or solely has to execute the power of attorney. In this connection, I may state that my father Mr. K GANGADHARAN expired in the year 2010 and my sister-in-law, Mrs. N RADHIKA expired in the year 2018. Then, the other members, Mr. H GANGADHAR, H SRINIVAS, K SIVAKUMAR are working EX- INDIA and an NRI. Guide me with the procedure to be followed in this regard. In this connection, I shall go by your advice to ignore any of the investments of the family member/s which are not sizable as you may observe from the details contained in the ‘investment summary statement’.
- The specimen of the document ( I mean, the vakalatnama) to be executed by me authorizing you to act on my behalf and represent me before the legal forum and competent authority, etc may also be made available to me for its execution. Can I execute the same in Pune or Chennai? My personal presence is required at Chennai for the purpose?. Clarify.
Please login or Register to submit your answer
