Big blow for Yes Bank, order to freeze these bank accounts
Big news is emerging about the private sector Yes Bank. Irked by the non-compliance with the order, a Delhi consumer court on Monday ordered freezing the bank accounts of Yes Securities India Limited (YSIL). In the previous order, YSIL was directed to compensate consumer Naresh Chand Jain for mental harassment and loss along with subscription amount.
Why was the measure taken?
Delhi District Consumer Disputes Redressal Commission (Northern District) chairperson Divya Jyoti Jaipuriar and members Harpreet Kaur Charya and Ashwini Kumar Mehta took this action after the company failed to comply with the order. On January 18, the consumer court ordered this wholly owned subsidiary of Yes Bank Limited to repay Rs 59,000 (50,000 plus GST) with 9 per cent annual interest.
This amount of compensation will have to be given
Apart from this, the company was also ordered to pay additional compensation of Rs 50,000 to the complainant. The court ordered the freezing of the company’s two bank accounts (Mumbai-based Yes Bank and HDFC Bank) so that the judgment can be implemented. The court directed branch managers of Yes Bank and HDFC Bank to freeze the accounts with immediate effect. Banks have been asked to submit compliance reports within a week.
In fact, consumer Naresh Chand Jain (senior) had accused the company of not providing the promised services through a subscription plan. Jain had accused YSIL of not providing the services promised in its premium research service ‘Silver Scheme’. The complainant had paid Rs 59,000 and expected the company to help him convert physical shares into a demat account and provide him with market research and investment suggestions. But the company did not provide services.
I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,
