[Resolved] Karvy — Non receipt of buy back money against folio no. ifa0006591

Arivalagan Jaganathan

from Chirala, Andhra Pradesh

Address:

Hyderabad, Andhra Pradesh, 500032

Dear, Sir/Madam,

I have bought the IIFCL bond on 28/3/2011, the details of the bond are :
Series:1
Registered Folio No. IFA0006591
Name of Bondholder: J Arivazhagan
Certificate No. 6591
No. of Bonds: 20
Distinctive Nos. [protected]-[protected]
which is having the buyback date on 29/3/2016.

I received a post from IIFCL regarding buyback and i called Karvy they intimated that they will accept document by mid march.

On 8/3/2016 i called Karvy they told to send the original IIFCL bond and the Xerox copy of the A/C, i sent the document on 9/3/2016.

Again called Karvy on 2nd week of April, they told they received the document on 29/3/2016 and confirmed the address and told that the cheque will be sent to the address by last week of April.

But i didn't received any cheque, so called karvy on 13/5/16 and they told that i sent the document late .

It is requested that i have sent all the relevant document as specified by the Karvy and hope that the issue will be resolved at the cheque will be sent at the earliest please.

Thanking you

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Jun 18, 2016

Complaint marked as Resolved

Karvy customer support has been notified about the posted complaint.

Verified Support

May 16, 2016

Karvy Customer Care's response Dear Investor, We would like to inform that we have received your documents after buyback cutoff date and hence the payment has not been processed. As per the terms of issuance, the physical bond certificate were to be surrendered within 30 working days before the buyback date. Therefore due to non-surrender of physical bond certificate within the timeline, the Bonds are not being eligible for buyback by the Company and shall continue till the Maturity Date. A Bondholder of the Bonds whose Bonds have not been bought back by the Company, shall be entitled to sell his or her Bonds on the stock exchange. We will re-dispatch your bond certificate shortly. We regret for the inconvenience caused. Regards, Team Karvy