Legal Question in Banking Law in India

A few years ago in the late 90's early 2000, thre of us residents in a building opened a joint account for maintenance of the building. It was to be operated by two signatories. However one of the signatories convinced the bank officials that the other two signatories were not available and operated the account as a single signatory.While this was discovered in 2008/2009 I was unable to take any action as I was not resident in India. I however had the account closed down to prevent further fraud. Is there a time limit to issue a legal notice to the Bank and the person who operated the account as a single signatory. Also what is the procedure for issuing a legal notice?


Asked on 2/04/13, 2:02 am

5 Answers from Attorneys
Fca Prashant Chavan Expert Edge LLP

04.02.2013

Dear Sir / Madam,

(Anna Nagar / Rajakilpakkam, Chennai, Tamil Nadu)

Since you were one of the joint account holders, you ought to have carried out the investigation prior to closing of the Account. Anyway, you can still write to the Bank to retrieve the A/c Opening Form and furnish the documentary evidence to the effect that a particular single holder was permitted to operate the Account, authorized by the other two signatories and provide you with the Statement of Account from their archives.

Regards,

FCA Prashant Chavan

Mumbai

(You can also mail me for any further on-line advice at [email protected])

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Answered on 2/04/13, 2:13 am
Jayesh Desai Jayesh Desai

Limitation is three years from the event. In case of fraud - three years from the date of knowledge. Based on your query - you are way beyond limitation.

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Answered on 2/04/13, 2:59 am
Sanjay Kalra Sanjay Kalra & Associates

Three years is the limitation period ......Please check Sanjay Kalra and Associates on the internet to know more about your query and the legal services we are rendering for our clients from all over the World.

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Answered on 2/04/13, 4:48 am
Sanjay Kalra Sanjay Kalra & Associates

i have answered .........Please check Sanjay Kalra and Associates on the internet to know more about your query and the legal services we are rendering for our clients from all over the World.

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Answered on 2/04/13, 4:51 am
uttam Tibrewal

Sir..

there is a limitaion of 3 yrs from the date of fraud commited....

with regards

uttam

[email protected]

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Answered on 2/05/13, 12:19 am


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