[Resolved] Karvy — dividend for year 2012-13 not received in spite of repeated requests for last few years

pburmanray

from Kolkata, West Bengal

Address:	Hyderabad, Andhra Pradesh, 700085
Website:	karvy.com

I purchased power finance corporation (Pfc) infrastructure bonds trenche 1 in year 2011. The folio nos is pfa0118274.

At the time of application only, i opted for ecs payment of annual divident/ interest and provided the details of my account with hdfc bank limited, dumdum cantt branch, kolkata.

As confirmed by m/s karvy vide email ref. Akh/stat/pfcb/86424/7878782 dated 08/11/2016, some of the yearly dividends (Years 2011-12 and 2015-16) and the repayment cheque were sent to my account through ecs, and the remaining (Years 2012-13, 2013-14 & 2014-15) were sent to my residential address by ordinary post.

While i received all others, but the warrant for year 2012-13 for rs.1660/-did not reach me, and m/s karvy admits that the dividend was encashed at chennai. I live in kolkata and do not have any bank account in chennai.

I am in correspondence with m/s karvy's corporate registry department for last so many years, and on their request, i have sent my bank statements of all my banks, undertaking that i did not receive the warrant, through email a number of times and physically by speed post twice, once on 20/01/2016 and next on 04/10/2016.

I am receiving interim letters from m/s karvy only when i enquire, but asking for clearer copies of attachment, asking me to wait for a few more days, which i always comply with.

For getting signed bank statements, photocopying them and sending by speedpost (Twice), i have already spend more than rs. 550/-.

In all fairness, i should be reimbursed rs.550/- alongwith the dividend of rs.1660/- for year 2012-13 alongwith interest for last 4/5 years, as it is not my fault that, inspite of having ecs details, m/s karvy preferred to send the dividend warrant to my address through ordinary post, which did not reach me but got encashed at chennai.

Regards,

Pradip burman ray

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Oct 30, 2017

Complaint marked as Resolved

Karvy customer support has been notified about the posted complaint.

Verified Support

Sep 11, 2017

Karvy Customer Care's response Dear Sir,

We apologize for the inconvenience caused.We would like to inform you that, Interest for the year[protected] is already paid as per our records. Interest payment details are provided below for your reference.Kindly check your bank a/c for credit status. For any further details please write to kcpl.[protected]@karvy.com

Regards,
Team Karvy

Sep 24, 2017

Updated by pburmanray Dear Sir,

Thanks for the reply on Sep 11, 2017 with a statement of payment of interest.

Sorry to state that the statement is partially incorrect.

You will kindly note that the payment on 31/03/2012 and 31/03/2016 were through NEC, ie through ECS, and the remaining were by KOT, ie by cheque.

I received the cheques sent by ordinary post on 31/03/2014, 31/03/2015 and 04/04/2016 and they were deposited and got encashed.

Since last more than 0ne year, I am telling that I did not receive the cheque for the FY 2012-13, sent by ordinary post on 31/03/2013 and I have provided all the Bank Statements, Undertakings etc, as requested by M/s Karvy, on 2 occasions, but now again you are saying that the cheque for FY 2012-13 went to HDFC Bank.

I gave you HDFC Bank Statements for all the above years, and you will not be able to establish that the cheque was deposited at HDFC Bank, as mentioned by your good offices please.

M/s Karvy is continuously trying to provide incorrect and misleading information at various stages, like:

Attempt 1 : Amount deposited on 31/03/2012 is the Interest for year 2012-13, which was refuted as M/s Karvy will never pay interest for year 2012-13, before starting of the Financial year.
This misleading attempt has been made twice with a gap of 6/8 months.

Attempt 2 : The amount has been deposited in an account at Chennai. I live in Kolkata and do not have any Bank Account at Chennai.

Attempt 3 : The amount has been deposited in my HDFC Bank Account in Kolkata. In fact I did not receive the cheque at all and the Bank Statement of the above Account do not show any such deposit. The Bank Statements are with M/s Karvy.

I found M/s Karvy is averse to admit the faults they have committed:

Fault 1 : M/s Karvy had my ECS Details, as the Interest of the previous year was sent by ECS.. They preferred not to use ECS facilities for the three subsequent payments and the last payments. The last but one payment was again however sent through ECS.

Fault 2 : M/s Karvy could have sent the cheques through Registered Post or Speed Post, for ensuring safety during transit. M/s Karvy preferred to send the cheques through Ordinary Post.

Fault 3 : To cover up these deficiencies, M/s Karvy is coming up with different stories at different times, all of which are untenable.

I would request M/s Karvy to appreciate that due to their fault the cheque got misplaced during transit and they must own the responsibility and immediately pay me

1. the interest of Rs 1660/- for year 2012-13 with
2. the interest on Rs. 1660/- for delaying the matter for last more than 5 years, and
3 my expenses of getting Bank Statements twice and sending the originals to M/s Karvy through Speed Post twice, totaling to Rs. 600/-

Regards,

PRADIP BURMAN RAY

Verified Support

Sep 29, 2017

Karvy Customer Care's response Dear Sir,

We would like to inform you that, we have cross checked our records, the interest amount for year[protected] is already credited to the given bank account on 03/04/2012 Rs.1696.16/- and same is appearing in the statement.
We request you to kindly check at your end for the credited amount as mention. For further clarifications if required please write to kcpl.[protected]@karvy.com

Regards,
Team Karvy