The Economic Times

Finance company sent recovery agents at midnight to seize vehicle, sells without giving notice; Supreme Court orders Cholamandalam Finance to pay Rs 15 lakh

Cholamandalam Investment and Finance Company has been ordered to pay a truck owner around Rs 15 lakh in total after seizing and selling his vehicle without the notice required under its own loan agreement and RBI guidelines. A high court order dismissing the case on delay was set aside, and the RBI was asked to ensure its recovery guidelines are genuinely enforced.