IFCI Complaints & Reviews

DEAR SIR,

I HAVE PURCHASED BEDMUTHA SHARES OF 1600 NOS ON 15-10.2010 ON DELIVER BASIS @ RS.211 AND I GOT THE CONFIRMATION SAYING THAT YOUR DELIVERY HAS BEEN EXECUTED.

AGIAN ON 18.10.2010, WHEN I HAVE SEEN MY STOCK STATEMENT IN THE DELIVERY COLUMN THE TOTAL NO OF SHARES PURCHASED ON 15.10.2010 WAS THER IN MY ACCOUNT.

THE SAME SHARES WERE SOLD BY THE COMAPANY ON 18.10.2010 @RS.220 DUE TO DEBIT BALANCE IN MY ACCOUNT AND I GOT THE CONFIRMATION SAYING THAT THE TRANSACTION HAS BEEN EXECUTED. I ONCE AGIAN CONFIRMED WITH MY STOCK POSITION AND NO BALANCE WAS THERE.

NOW, ON 21.10.2010 THE COMPANY HAS DEBITED MY ACCOUNT OF THE SAME SHARES OF 880NOS @RS.255/- SAYING THAT I HAVE NOT RECIEVD DELIVERY IN TIME AND RECIVED LESS NOS. I HAVE RECEIVED ONLY 570 AND BALANCE SHARES WE ARE DEBITING TO MY ACCOUNT AT AUCTIONED PRICE. IN THESE CIRCUMSTANCES I AM INCURRING HEAVY LOSS DUE TO DIFFERENCE IN PURCHASE PRICE AND ALSO NO BUYER IS THERE TO BUY THIS "BEDMUTHA" SHARES.

PLS HELP ME TO REGISTER THE CASE AND TO RECOVER MY LOSSES.

THANKS & REGARDS,
SURYA BABU
TRADING ACCOUNT NO. S1866

My brother Shri Rohidas Vasudev Bandekar was expired on 20/08/2010. He was holding the IFCI Family Bonds bearing folio No. 5154-203 and Certificate No. 38828 for issue price of Rs. 5,000/- and Face value of Rs. 5,00,000/- . I would like to know the status of the family bonds to enable me to claim the amount due. Kindly send the status at the earliest to my email address [protected]@npcil.co.in or [protected]@yahoo.com.

Regards.

(Santosh Bandekar)

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]

Dear Sir

In the year 1996 i have invested my savings Rs 12000 in Education Bonds in IFCI with a lock period 13 years

i Planned my savings in Education bonds for 13 years wait period for my childern Higher eduction,after investments i am waiting for maturity period of 13 years

after maturity i approached to IFCI with my bonds , IFCI informed me that that scheme has been scarped and send back the investments, due to my inter state transferable jobs
i have not received intimation so IFCI kept my investments up to 7 years and they sent my investments to IEPF(Investor Education protection fund) as un claimed amount

due to transferable job i have not received communication from IFCI in time , when i approached to IEPF they informed me that No refund can be made from IEPF

Now i am job less as my MNC company expelled me from company due to Resession

Now i have to pay my children private collage fee studding in B.Tech 2nd and 3 rd years

Sir please look in to matter do the needful to get back my investments

Regards
sreenivas

I had applied for one Millionaire Bond for which I have also received the above mentioned certificate but the first name has been inadvertently put as S ISHAR SINGH SUDESH CHADHA which otherwise should have been in my name Sudesh Chadha. I have written to M/s MCS LTD., Sri Venkatesh Bhawan, 212-A, Shahpur Jat, New Delhi-49 many times with the photocopy of the above said certificate. But so far I have not receive any reply. So, can anyone help me.

Enquiry regarding maturity

I have a one bond Folio No.[protected]-734 Issued on dt. 6-9-1996. I have not received any information regarding this bond. Now I want to know above the above bond rgarding maturity or what possition of fund value. My current address and contact no is as follow.

Bimal H.Shah
C/O Chandni B.Shah
5/26 Aryan Mahel,C Road,
Churchgate,
MUMBAI 400020br...

Dear Sir

My Folio # 5099-451, Certificate # 71895, No of Bonds - 1.

I have submitted my redemption form in 2007 to IFCI's office in Mumbai through one of my family friend. I have not received any redemption proceeds form the company so far.

IFCI do not even bother to update me on status of my above bond with them.

On[protected] I had posted a query on IFCI's website and received a reference token number B090b7001 for the same. However there is no revert from them.

I earnestly request you to kindly update me on status of my above bond.

I have a one bond Folio No. 5264-053 issued on dt. 6-9-1996. Due to change of address I have not received any information regarding this bond. Now I want to know above the above bond rgarding maturity or what possition of fund value. My current address is as follow:

Sneha Killa U/G Vasu deo Killa
B-4/120, IInd Floor
Sector - 8, Rohini
Delhi - 110085

SIR I HAVE IFCI BOND AND STILL I NOT RECIVED THAT PAY . BECAUSE I TRANFER IN MAIHAR MPEB OFFICE SO I CANT RECIVE ANY LETER FROM YOUR SIDE SO PLEASE SEND THAT BOND REDEMTION TO MY NEW ADDRESS GIVEN BELOW
FOLIO NO 5417-893 CERT. NO. 303427 06/SEPT/1996 RS.5000/ VINOD KUMAR JAIN

MY NEW ADDRESS
MR. VINOD KUMAR JAIN
E.E. MPSEB
MPEB COLONY
AMRA NALA PONDI
PO MAIHAR
DISTT SATNA
485771
[protected]

Sir,
I am one of the geojit satyamangalam(sc) client . Nine months Before (31.08.2007) I had applied for Re materializations of my shares through geojit, Still now I did not received my re mat Certificates.
I did not Know what happed to My shares. Please take Immediate action and reply to me above the status.I had mentioned the company details, RRN
number below.

My Client ID :1132490
1) IFCI LTD RRN:4707 DATE: 31.08.2007

Regards
Balasubramanian.sa(SCB001)
([protected]@rediff.com)

Sir, I have IFCI Bonds since 1996. IFCI had sent letter for redemption of the same on 15.2.08. I reached at their Ahmedabad office & they wants copy of PAN Number. As a farmer, I haven't PAN. I wrote letter to their Delhi office but no one can reply to my mails. What can I do? Maturity date in 2006, I earn Rs.23, 000/- & they willing to give me Rs.15, 135/-. Is it feasible? Can somebody guide me for this?