Not refunding the deposit amount

Location/place: Bangalore

Name of company/service: Vachana Securities Pvt Ltd

Hi sir,

We opted to take up franchise under Vachana Securities Pvt Ltd. When we spoke to them we were asked for a deposit of 1,00,000 rupees and agreement for the same would be done within 2-3 days from the date of receipt of the payment. We gave a check for the same amount and waited for more than 3 months and they did not make any agreement and were giving reasons like BgSE Financials have some objections in this regards. More over they did not provide any support (which normally all franchise get from their stock broker) from their end. When we ask they used to delay and did nothing until our next follow up. Again they buy time and do nothing. After several follow ups and our customers negative feedback about their service we decided not to move ahead with them.

In these 3 months we invested on our office setup, recruiting employees and paid salaries etc…. But no income was generated as they delayed every single transaction and trading did not start at all from our office. when we finally decided to discontinue our relationship, they are not even ready to refund the deposit( 1 lakh rupees) which we have given and they claim it to be non-refundable deposit where as no such concept is present in the market.

We request you to grant us justice by recovering the deposit amount and the loses we incurred because of their false promises and in-adequate support.

Look forward to your response.

Dilan Raj

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