Raunaq Finance is one such NBFC which, despite running late by several months in making payments, is not even ready to correspond with its depositors. The indifference and callousness of this NBFC in dealing with its depositors has been pointed out by many in the recent past.

Take for instance the case of Priya Banerjee, a resident of Lucknow. Priya's fixed deposit (ref no. LK 12583) with Raunaq Finance was to mature on February 4, 1998. And she had already drawn up a list of things to buy. Disappointed when she did not receive the slated amount (in this case Rs 11,610) even till the end of February, Priya decided to contact the company.

The officials in the deposit department at the company's Lucknow office preferred to stay aloof, but not without a piece of advice. "Get in touchwith the Delhi office," they suggested.

Arati Banerjee, another resident of Lucknow, shares Priya's experience. With her Raunaq Finance FD (ref no. LK 12521) scheduled to mature on January 25, 1998, Arati too had a few plans up her sleeves. But where was the cheque anyway? Having waited for about a month after the due date, Arati approached the Lucknow office of Raunaq Finance. The reply from the Lucknow office was the same as in the case of Priya. "We are not in a position to do anything from here, speak to the Delhi office," officials in Lucknow maintained.

Another depositor, who wished to remain anonymous, said Raunaq Finance was already five months behind in issuing him the FD maturity cheque. "It's very unfair because influential depositors manage to get their cheques on time, while the lesser mortals like us wait endlessly in the queue," he complained.

But complaining hardly helps. So, Priya and Arati decided to contact the Delhi office instead. Talking to Delhi on the phone seemed like a simplesolution, but only till the job had not been undertaken. The phone numbers of the Delhi office, which were given by its Lucknow branch, had been changed long ago. But who cares?

There was no way to check out the changed number, but through acquaintances in Delhi. Finally, the link with the Delhi office of Raunaq Finance was established with the help of a friend. One thought the ordeal was over, but not really.

To start with, consider the remark made by Sumit Bhatia, who looks after deposits at the Delhi office of Raunaq Finance. "Why didn't you go to our Lucknow branch office for queries," he asked. Though finding it hard to believe that the Lucknow office had directed them to the Delhi office, Bhatia noted down the reference numbers and promised to pay up in May--to Arati in the first week of May and to Priya in the third week of May. On being asked the reason for delay in making the payments, Bhatia said severe resource crunch had led to this situation. One was curious to know if Raunaq was still takingfresh deposits. No, Bhatia said. But deposits are certainly being renewed, he added.

The next shock came when the Delhi-based friend of these depositors contacted the Raunaq office in the second week of May. No cheques had been despatched yet. When the company was reminded of its promise of paying Arati by the first week of May, the Raunaq representative protested saying the promised date was actually third week of May. The Raunaq official continued: "As you already know, there's a slight delay." Giving up in utter frustration, the depositors' friend only wondered aloud: "You still call it a slight delay?"

And even though nobody's claiming a compensation for the delay, one must for the agony caused to the investors and their well wishers.