Nature of grievance

SUIT AGAINST A FACTOR FOR AN ACCOUNT: Where the “Principal” demands Accounts from the “Factor” and is refused, either during the continuance of the Agency, or after the termination of the Agency – A Suit may be filed for the rendition of Accounts, within 3 years from the date, when the account is demanded and refused (in respect of the continuance of the agency); or from the date when the agency terminates, under Article 2 of the Indian Limitation Act, 1963. The “factor” is a specialized kind of Agent who, among other things, holds the property for the principal