Compass helps settle claims worth Rs 1 crore

KOLKATA, INDIA: The last time Compass intervened in settling debt claims and listing defaulters was way back in early June. Since then, the association has come a long way in undertaking the recollecting and distributing old debts in the market owed by its members.

In a recent disclosure the association has claimed to have settled Rs 1 crore debt payments amongst its members.

Although the association is unwilling to disclose the names of the defaulters, the move has been praised by all of its members. This process was initiated a year back immediately after the last Compass elections. However, the association is not ready to disclose any details about the process and refrained from any official statement.

In this process, Compass has formed a ‘Grievance and Legal Cell’ headed by Narendra Dhanuka to address its members claims and deliberate on the process and bring the defaulters to pay back the money they have borrowed from the channel community.

“We have been negotiating with the defaulters for about a year so that they would pay back what they have borrowed. This time, however, after initially settling Rs 23 lakhs, we settled a Rs 1 crore claim in the market and hope to keep repeating the success”, said Pawan Jajodia, President, Compass.

The association has also decided to reveal the names of the defaulters in their quarterly magazine, Compaper. “Now onwards, Compass will be publishing the list of its defaulters periodically on its website, and in its newsletter and other media available. However, enough scope for action and settling of the claim will be given to the defaulter keeping in mind his market reputation. In case, no solution is possible, we will be taking these measures”, Jajodia added.

The association has been active in the region especially addressing dealer’s concern. It also took up the concerns of the dealers in the Microsoft anti-piracy drive stepping in to raise the justification of the raids conducted by the company. “Compass has been addressing dealers concerns related to payments in Kolkata. Being part of the channel fraternity, it is of utmost importance that dealers should know the ethical part of business and should be aware of the immoral and unethical people plaguing the community”, sources in Compass said.