I have excisting loan of Rs.25Lacs against my property from standard chartered bank,i asked St. Chartered bank for Top Up Of Rs.15 lacs but they were delaying so i apprached cholamandlam for BT , They sanctioned Rs.39lacs and taken my signatures in agreement and also taken the PDCs. They have also taken Rs. 20000/- cheque as a security if there is any diffirence in BT amount than they will adjust the amount from this security.i applied for clouser letter to standard chartered bank and waiting for the same,in the meantime cholamandlam encashed Rs.20000/- security cheque with out my information and said they can not wait further and now not returning Rs.20000/-
Please advise.
Vivek Agarwal

Originally Posted by Unregistered

I have excisting loan of Rs.25Lacs against my property from standard chartered bank,i asked St. Chartered bank for Top Up Of Rs.15 lacs but they were delaying so i apprached cholamandlam for BT , They sanctioned Rs.39lacs and taken my signatures in agreement and also taken the PDCs. They have also taken Rs. 20000/- cheque as a security if there is any diffirence in BT amount than they will adjust the amount from this security.i applied for clouser letter to standard chartered bank and waiting for the same,in the meantime cholamandlam encashed Rs.20000/- security cheque with out my information and said they can not wait further and now not returning Rs.20000/-
Please advise.
Vivek Agarwal

Please advise what legal action I can take When

1.Cholamandlam did not make any payment neither to SCB and nor to me.

2.Property papers are with SCB.

3. Am I liable to cholamandlam only after sigining kit and giving PDCs , if

loan amount cheques are not dispersed.

Thanking you.

Vivek Agarwal

contact the nearest ps or try to get a good lawyer