Loss of property documents costs housing finance firm 10 lakh
According to an official source, S Murugesan and his son M Prabhakaran, of Vadavalli, jointly availed a housing loan from DCB Bank in Coimbatore by mortgaging their property. Later, PNB Housing Finance Ltd at Pappanaickenpalayam agreed to take over the loan and sanctioned an amount of 22.90 lakh on November 11, 2018. As part of the process, the father-son duo deposited the original title deeds and other documents related to the property with the finance firm after executing a memorandum of deposit of title deeds.
After the duo settled the entire outstanding loan amount, the finance firm closed the loan and issued a no objection certificate on November 12, 2023. On December 5, 2023, Murugesan and Prabhakaran visited the finance firm's office to collect their original title deeds and documents. To their shock, they were informed that the documents were misplaced and that the finance firm was in the process of tracking them, the source said.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around
Blinkist: Warren Buffett's Reading List
Undo
The finance firm also did not execute the cancellation of the memorandum of deposit of title deeds and failed to return the original documents.
Murugesan and Prabhakaran filed a petition before the district consumer disputes redressal commission. In its order, commission president R Thangavel and member P Marimuthu directed the finance firm to take steps to obtain a non-traceable certificate from the concerned police station for the purpose of reconstructing the missing original documents and obtaining certified copies of the same.
The commission also directed the finance firm to initiate the cancellation of the memorandum of deposit of title deeds and pay a compensation of 10 lakh, along with 5,000 towards the cost of legal proceedings, to the complainants.
MSID:: 122977737 413 |
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
11 minutes ago
- Time of India
‘Get up or I'll get you up': Flight passenger slapped for refusing to give up seat
Shocking scenes unfolded at El Dorado International Airport in Bogota on Sunday night after a man violently slapped a woman across the face for refusing to give up a seat at a Colombian terminal, sparking a full-scale brawl in the terminal. Footage of the ordeal, now widely circulated online, shows Hector Santacruz confronting Claudia Segura after she took a seat next to his wife, which he claimed was already occupied. According to reports from the Daily Mail and local outlet El Tiempo, the incident occurred while Santacruz had stepped away. Segura said she found only one empty chair when she arrived at the packed gate area, 'I didn't have any bags or clothes on me to indicate it was occupied, so I sat down,' she explained. Santacruz's wife, Karen, had informed Segura that the seat was occupied, but she was finishing a work related call and stayed seated. When Santacruz returned, he demanded she vacate the spot and became irritated when she refused. 'Get up or I'll get you up,' he warned, before asking someone nearby to film the confrontation. He then knocked the phone from Segura's hand and struck her in the face. 'He hits me on the hand, knocks off my phone, and hits me hard in the face and head. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Experience next-level CPAP comfort with Resmed AirSense 11 ResMed Enquire Now Undo The magnitude of the impact knocked my earring off,' Segura told El Tiempo. Witnesses reacted immediately, with several men rushing to her defence and shoving Santacruz away. As tensions escalated, more travellers joined the scuffle, while Santacruz attempted to fend them off, shouting aggressively. His wife also stepped in, trying to calm the chaos. Footage taken moments later showed Segura lying on the floor as airport staff attended to her injuries. She was later taken to urgent care for treatment. 'I am affected and very afraid,' she said. Santacruz was escorted away in handcuffs by airport security to the applause of onlookers. It is still unclear whether he will face formal charges, New York Post reported. His wife later released an emotional apology via Instagram. 'The person shown physically assaulting a woman is my husband. And you don't know how much it hurts me to say this out loud,' she said, adding, 'It really hurts me as a woman, as a mother.'
Time of India
24 minutes ago
- Time of India
Bajaj Auto July sales up 3 pc
Bajaj Auto on Friday reported a 3 per cent year-on-year growth in total vehicle wholesales, including exports, at 366,000 units in July. The Pune-based automaker had sold 3,54,169 vehicles in July 2024, according to a regulatory filing. Explore courses from Top Institutes in Please select course: Select a Course Category Project Management MCA Leadership Public Policy Product Management Data Science Degree Digital Marketing PGDM Management Data Science healthcare Design Thinking CXO Operations Management Artificial Intelligence Finance Healthcare MBA others Technology Others Data Analytics Cybersecurity Skills you'll gain: Portfolio Management Project Planning & Risk Analysis Strategic Project/Portfolio Selection Adaptive & Agile Project Management Portfolio Management Project Planning & Risk Analysis Strategic Project/Portfolio Selection Adaptive & Agile Project Management Duration: 6 Months IIT Delhi Certificate Programme in Project Management Starts on May 30, 2024 Get Details Skills you'll gain: Portfolio Management Project Planning & Risk Analysis Strategic Project/Portfolio Selection Adaptive & Agile Project Management Duration: 6 Months IIT Delhi Certificate Programme in Project Management Starts on May 30, 2024 Get Details Skills you'll gain: Project Planning & Governance Agile Software Development Practices Project Management Tools & Software Techniques Scrum Framework Duration: 12 Weeks Indian School of Business Certificate Programme in IT Project Management Starts on Jun 20, 2024 Get Details Total domestic sales (including commercial vehicles) declined 13 per cent to 1,83,143 units in July compared to 210,997 units sold in the corresponding month last year. Total exports for July spiked 28 per cent year-on-year to 1,82,857 vehicles from 1,43,172 units in the year-ago period, according to the filing. Total two-wheeler sales, including exports, stood flat at 296,247 units in July compared to 297,541 units in the same month of last year. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo Domestic two-wheeler sales stood at 1,39,279 units in July 2025, down 18 per cent from 1,68,847 units in the year-ago period. Two-wheeler exports during the month under review rose 22 per cent to 156,968 units from 128,694 units in July 2024. Live Events Total commercial vehicles sales grew 23 per cent year-on-year to 69,753 units as against 56,628 units in July 2024, Bajaj Auto said in the filing.
Time of India
24 minutes ago
- Time of India
NSDL IPO subscribed over 5.03 times on Day 3 so far, GMP rises to 17%. Check reviews, other details
The initial public offering (IPO) of National Securities Depository Limited (NSDL), India's first and largest depository, attracted strong investor interest, with robust subscription continuing on the third and final day of bidding. The issue was booked 5.03 times overall, indicating solid demand across all investor categories. The IPO is open for subscription from July 30 to August 1. NSDL shares are trading at a 16.75% premium in the grey market over the upper end of the IPO price band at Rs 800. Subscription Status Explore courses from Top Institutes in Please select course: Select a Course Category Others Leadership Operations Management Management others MBA CXO Finance Product Management Data Science Data Science Artificial Intelligence Healthcare Technology Degree Data Analytics MCA Project Management healthcare Design Thinking PGDM Digital Marketing Public Policy Cybersecurity Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT-ISB Transforming HR with Analytics & AI India Starts on undefined Get Details Skills you'll gain: Duration: 28 Weeks MICA CERT-MICA SBMPR Async India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details Skills you'll gain: Duration: 9 months IIM Lucknow SEPO - IIML CHRO India Starts on undefined Get Details by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like What's my car worth? Take a look here (you might be surprised) Cars Value Click Here Undo NSDL IPO was subscribed 5.03 times across all categories. This surge in subscription demand for the IPO was largely driven by non-institutional investors (NIIs), who booked their allotted quota 11.08 times. Retail investors followed with a 4.17 times subscription, while qualified institutional buyers (QIBs) subscribed 1.96 times, on Day 3 at 10.05 am. NSDL IPO GMP Today In the grey market, NSDL shares are trading at a premium of 16.75% over the upper end of the IPO price band, which is set at Rs 760–Rs 800 per share. This premium indicates a potential listing gain of around Rs 134, indicating a likely debut price of approximately Rs 934 per share. This public offering is a pure offer-for-sale (OFS), totalling Rs 4,012 crore, by existing shareholders. Live Events Should you subscribe to the NSDL IPO? Brokerages have largely recommended a 'Subscribe' rating to the NSDL IPO for long-term investors. Anand Rathi and Canara Bank Securities cite NSDL's near-monopoly scale in the depository ecosystem, healthy financials, wide product coverage, and strategic relevance to India's capital market infrastructure as key positives. Meanwhile, Angel One has issued a 'subscribe for long-term' rating for the offer, stating, 'At the upper price band of Rs 800, NSDL is valued at a post-issue P/E of 47× FY25 earnings, which is lower than listed peer CDSL. Given its strong market position, high entry barriers, and long-term growth tailwinds from India's digital and capital market expansion.' Additionally, Bajaj Broking also assigned a 'subscribe for long-term' rating for the NSDL IPO. In its note, it stated that NSDL is engaged as a pioneer in depository services in India and is an icebreaker for the demat process. The company is expanding its horizon with more value-added services and options. 'With dominant market share, a wide service reach, and diversified asset coverage, NSDL is well-positioned for long-term growth, supported by macroeconomic tailwinds and regulatory enablers. However, investors should remain cautious of its dependence on transaction volumes, evolving investor behaviour, and high regulatory and cybersecurity risks,' flagged Saurabh Jain, Equity Head, Research- Fundamentals at SMC Global Securities . About NSDL IPO The NSDL IPO comprises 5.01 crore equity shares, and the subscription window will remain open until Friday, August 1. Investors can bid for a minimum lot of 18 equity shares and in multiples thereof. Shares of the company are proposed to be listed on the BSE, tentatively on August 6. NSDL has set the IPO price band at Rs 760 to Rs 800 per share. About NSDL Established following the enactment of the Depositories Act, 1996, NSDL was the first depository to commence operations in India. It plays a crucial role in the country's financial market infrastructure and offers depository services across multiple asset classes, including equities, debt instruments, mutual funds, REITs, InvITs, AIFs, and more. NSDL boasts a pan-India reach, covering over 99% of PIN codes, and has a global footprint with clients in 186 countries. The company operates on a stable annuity-like revenue model, derived from annual issuer charges and transaction-based fees. NSDL financial performance and valuation For the financial year ended FY25, NSDL reported revenue of Rs 1,420 crore, marking a 12% year-on-year growth, while profit after tax (PAT) rose 25% YoY to Rs 343 crore. The company posted a strong EBITDA margin of 34.71%, highlighting efficient operations. NSDL has also diversified its business through subsidiaries like NSDL Database Management Ltd (NDML) and NSDL Payments Bank Ltd (NPBL), expanding into areas such as e-governance services, regulatory technology platforms, and digital banking. Also read: TACO trade or duck for cover? How Sensex, Nifty traders should play Trump tariff tantrum On the valuation front, the IPO is priced at a price-to-earnings (P/E) ratio of 46.62x and a price-to-book (P/B) ratio of 7.98x, based on FY25 earnings. In comparison, its listed peer Central Depository Services (India) Ltd (CDSL) trades at a higher P/E of 60.43x and P/B of 18.08x. However, NSDL commands a larger share of demat assets, more extensive institutional coverage, and a broader service infrastructure. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
