Mumbai: The Bombay High Court on Wednesday stayed the FIR filed against Citifinancial, a non-banking financial institution that allegedly charged 84 per cent interest on loans.
The Delhi-based company moved court for quashing of the FIR registered against them by Mahdhikar an NGO on January 28. Justice SB Mhase and Justice VK Tahilramani have now adjourned the case for two weeks.
Worli resident Shrikrishna Naik had alleged that he had taken a Rs16, 500 loan from the company for his mother’s eye-operation.
However, in the course of repayment, the company charged 84 per cent interest. Citifinancial has, however, contended that the interest rate was wrongly calculated by the complainants.
