Cycle manufacturers’ body UCPMA to flag defaulters holding payments

Ludhiana, May 2 (KNN) The United Cycle & Parts Manufacturers Association (UCPMA) on Monday decided to move in a big way against defaulters who are holding payments of UCPMA members as their names and particulars will be flashed in trade.

D.S Chawla, President of UCPMA chaired the meeting in Ludhiana on several issues of defaulting payments of members, said an official statement.

Members expressed concern that the few parties purchase materials and then hold the payments on false excuses.

Chawla requested all members to lodge complains against defaulting parties in writing to UCPMA along with account statement / ledger copies of defaulting parties.

A resolution was unanimously adopted on the written complaint received along with relevant documents.

UCPMA will approach defaulting parties to clear the payment telephonically and through registered notice from UCPMA.

If the matter doesn’t resolve after placing in managing committee, final notice will be given.

Further if the defaulting party ignores or does not release the payment, their particulars will be circulated among members as cautioning them not to deal with their firm till payment of members are cleared.  (KNN Bureau)