| Address: South Delhi, Delhi |
A copy of my complaint made to IFCI, Nehru Place, New Delhi is reproduced below for favour of redressal of the grievance. I should also be paid interest from 06/12/2003 when the gift bonds were redeemed and also compensation for the harassment and torture caused to me.
Yours Faithfully
Mrs.Balbir Kaur
C6/6176, Vasant Kunj, New Delhi-110070
Mo:[protected]
[protected][protected]-----
Kind Attention:-
Mr Atul Kumar Rai
CEO and Managing Director
IFCI Tower, Nehru Place, New Delhi.
Dear Sir,
Through this mail I want to bring it to your personal notice about the harassment being caused to the investors.
The details of my case are described in detail in my earlier mail dated 18/03/10 given below.
Against this mail I was asked to submit the indemnity bond, police report, surety bond duly attested by notary public though the bonds had been redeemed in 2003.
Though I felt it was just to harass the investors but with a view to avoid further correspondence I got all these documents prepared and sent through my husband Mr. Saranjit Singh on 22/06/10 to Mr. V.K.Makhija, who examined the documents, found them in order and assured that the redemption amount will be sent to me within two months at the maximum.
So far I have not received any reply, we contacted Mr. Makhija's office on Ph:26488473. It was attended by a lady and told me that she would check up the position and inform us back within 10 minutes. We got no reply from her and again reminded her after about two hrs but without any information being given to us. We were told that Mr. Makhija was on leave and would be in office on 16/08/10.
Today on 17/08/10 we contacted Mr. Makhija at about 10-30 AM and were shocked at his most irresponsible behaviour. He told us that he had no information about this case and we may contact MCS office. We told him that the amount is due from IFCI and we had submitted documents to him, it is his resposibility to give us information but he refused to indicate any time frame by which he would inform us about the status of refund.
I wonder, with this attitude of the staff, who would like to invest in IFCI.
I request to please look into this matter and arrange to issue the cheque for the redemption amount immediately.
Thanking
Balbir Kaur
C6/6176, Vasant Kunj, New Delhi-110070.
--- On Thu, 18/3/10, Saranjit Singh <[protected]@yahoo.com> wrote:
From: Saranjit Singh <[protected]@yahoo.com>
Subject: Fw: Redemption of Family Bonds (Gift Bonds-New). Folio No. 05143439
To: [protected]@ifciltd.com, "SEBI" <[protected]@sebi.gov.in>
Cc: [protected]@mcsdel.com, [protected]@mcsdel.com
Date: Thursday, 18 March, 2010, 11:26 AM
--- On Tue, 16/3/10, Saranjit Singh <[protected]@yahoo.com> wrote:
From: Saranjit Singh <[protected]@yahoo.com>
Subject: Redemption of Family Bonds (Gift Bonds-New). Folio No. 05143439
To: [protected]@ifciltd.com, "SEBI" <[protected]@sebi.gov.in>
Cc: [protected]@mcsdel.com, [protected]@mcsdel.com
Date: Tuesday, 16 March, 2010, 5:47 PM
From:
Mrs.Balbir Kaur
6176, Sector C, Pocket 6, Vasant kunj, New Delhi-110070.
To
Chairman & Managing Director, IFCI, New Delhi.
Dear Sir,
THROUGH THIS MAIL I WANT TO HIGHLIGHT THE HARASSMENT BEING CAUSED TO POOR INVESTORS.
1. TWO FAMILY BONDS (GIFT BONDS-NEW) WERE ISSUED TO ME WITH A MATURITY VALUE OF Rs.25000/-EACH (TOTAL VALUE Rs.50,000/-). HOWEVER THESE BONDS WERE PREMATURELY ORDERD TO BE REDEEMED wef 06/12/2003 FOR A PITTANCE AMOUNT OF Rs.3948/-EACH (TOTAL 7896/-).
2. AS PER THE PRACTICE FOLLOWED IN THE INDUSTRY e.g BY IDBI, ICICI, REC etc REDEMPTION AMOUNTS OF ALL BONDS ARE AUTOMATICALLY PAID TO THE BONDHOLDERS WITHOUT SUBMISSION OF THE ORIGINAL BONDS AS THEY ARE OF NO VALUE AFTER REDEMPTION DATE. I DONOT UNDERSTAND WHY IFCI ARE NOT FOLLOWING THIS PROCEDURE AND INSISTING ON SUBMISSION OF THE ORIGINAL BONDS EVEN AFTER SIX YEARS OF DATE OF REDEMPTION. THIS IS JUST TO HARRAS THE INNOCENT INVESTORS AND DELAY PAYMENTS TO THEM CAUSING THEM MENTAL TORTURE AND FINACIAL LOSS.
3. MY TWO BONDS UNDER FOLIO NO.514-3439 HAVE BEEN LOST/MISPLACED DURING TRANSIT. I HAVE BEEN REQUESTING IFCI TO PAY ME THE REDEMPTION AMOUNT OF Rs.7896/- AS I AM UNABLE TO SURRENDER THE ORIGINAL BOND PAPER.
I HAVE PAN NUMBER AND BANK ACCOUNT FOR THE LAST MANY YEARS.
4. IFCI MIGHT HAVE MADE SOME PROCEDURE FOR SUPPLYING DUPLICATE BONDS BEFORE THESE WERE DUE FOR REDEMPTION BUT THE SAME PROCEDURE IS BEING FORCED ON CUSTOMERS EVEN FOR PAYMENT OF LONG OVERDUE REDEMPTION AMOUNT. THIS IS ONLY CAUSING HARASSMENT TO POOR INVESTORS.
5. WHEN I APPROACHED IFCI OFFICE AT NEHRU PLACE I AM INFORMED TO FOLLOW THE FOLLOWING PROCEDURE FOR CLAIMING THE LONG OUTSTANDING SMALL AMOUNT OF Rs.7896/-(ON WHICH IFCI WOULD HAVE EARNED AN EQUAL AMOUNT OF INTEREST).
i) LODGE A COMPLAINT WITH POLICE FOR LOSS OF BONDS.
ii) SUBMIT INDEMNITY BOND ON A NON-JUDICIAL STAMP PAPER OF Rs.100/- SUPPORTED BY TWO WITNESSES AND TWO SURETIES. THIS ALSO STIPULATES THAT A PERSON CANNOT STAND AS SURETY FOR SPOUSE / FAMILY MEMBER.
iii) THE ABOVE TWO SURETIES ARE THEN REQUIRED TO SUBMIT SEPARATELY FORM 'S' AND SUBMIT THEIR IMMOVABLE PROPERTY DOCUMENTS AND GET THEM WITNESSED BY NOTARY PUBLIC.
6. ALL THIS INDICATES HOW THE PROCEDURE HAS BEEN MADE COMPLICATED JUST TO HARASS THE POOR INVESTORS. ONE REQUIRES TWO WITNESSES FOR THE INDEMNITY BOND FOLLOWED BY TWO SURETIES WHO SHOULD SUBMIT THEIR PROPERTY DOCUMENTS. THIS MEANS YOU REQUIRE FOUR (4) INDEPENDENT PERSONS WHO SHOULD BE PREPARED TO GO THROUGH THIS PROCEDURE BEFORE YOU CAN LODGE YOUR CLAIM WITH IFCI.
7. IN CASE SOMEBODY IN IFCI / MCS APPRECIATE THE PLIGHT OF POOR INVESTORS, THE PROCEDURE NEEDS TO BE SIMPLIFIED.
8. SINCE THE BONDS WERE DUE FOR REDEMPTION SINCE 06/12/2003 THE INVESTOR MAY BE REQUIRED TO SUBMIT APPLICATION FORM AS SPECIFIED, PAN CARD COPY, BANK ACCOUNT NO. ATTESTED BY THE BANK AND THE AMOUNT MAY BE PAID IN THE BANK ACCOUNT OF THE INVESTOR.
9. I LOOK FORWARD TO SOME JUSTICE FROM IFCI / MCS / SEBI, NOT ONLY FOR MYSELF BUT ALSO FOR THOUSANDS OF OTHER POOR INVESTORS WHOSE MONEY IS LYING UNPAID WITH IFCI, AS IS CLEAR FROM THE REMINDERS ISSUED BY IFCI.
THANKING YOU,
BALBIR KAUR
6176, SECTOR C, POCKET 6
VASANT KUNJ, NEW DELHI-110070.
Mo; [protected]
Aug 13, 2020
Complaint marked as Resolved 
Now i want the current status of it. pleases sent me my status at my
email -- [protected]@gmail.com
Thanks.
Pushpa Jhabak