According to the deed of agreement, Pandam-Leading The Way has borrowed money from the individuals at certain rates (6%, 8% and 12%) per month. Maturity period of the amount deposited will be 8 and 12 months before which the aforesaid amount shall not be permissible for withdrawal.
TFM Ukhrul Correspondent
Around 100 investors stormed the office of Pandam -Leading The Way, Ukhrul Branch, on Friday for non payment of their due share since January 2023.
The investors gathered in the Pandam -Leading The Way, Ukhrul Branch, and prevented the staff from closing the office. Only after the Ukhrul Police intervention did the staff were allowed to leave the office premise and office be close at around 7:30pm on Friday.
Speaking to this correspondent, Joy Horam, one of the investors, stated, “Since the Pandam – Leading The Way have backtracked and not keep their their promises, we are compelled to take such action of storming the office. We want our due share. We are not able to withdraw our deposited amount even after the completion of the maturity period. Moreover, our interest has not been paid since January 2023. The Company has also reduced the interest rate to 2% from January 2023 without even informing the investors.”
Ngaraipam Shimrei informs that “5% are being deducted while withdrawing their capital amount on attaining the maturity period.” Shimrei has deposited Rs. 27,50,000. Like Shimrei, there are around 550 investors from Ukhrul who have deposited hefty amounts at the Pandam.
According to the deed of agreement, Pandam-Leading The Way has borrowed money from the individuals at certain rates (6%, 8% and 12%) per month. Maturity period of the amount deposited will be 8 and12 months before which the aforesaid amount shall not be permissible for withdrawal.
On 12 Janaury 2023, the Managing Committee of Pandam Nidhi Limited issued a notice stating that, “as directed by the Head Office, the interest rate of your invested amount will reduced to 2% starting from the month of January 2023 for the remaining months of the your respective tenure, due to the recent unforeseen market crash which directly affects our company as well. We are working out best to get back up again as soon as possible.”
The Pandam Nidhi Limited is registered under Register of Campanies, Shillong. Established on 24 January 2020, its registered office is mentioned as House NO. 38, Lamlai Bazaar, Imohal East. Pandam Nidhi Limited is an MCM with National Industrial Classification (NIC) bearing Code No. 65999 with Corporate Identification Number (CIN) U65999MN2020PLN014029. Investors informed that the office is being run at Nagamapal (Opposite Sangai Hotel) Imphal- 795001 with mobile No. 8119949448. According to the information available, the company was founded by Tensubam Sobita, Rajesh Singh Chingangbam and Elangbam Lamnganba Metei.
The investors have also been issued the passbook of saving bank account of Pandam on payment of Rs. 1000.
The investors have submitted a complaint to the SP of Ukhrul District on Friday. Accordingly, the Ukhrul Police have summoned the staff of Pandam Ukhrul Branch on Saturday for inquiry.