[Resolved] Karvy — placement of ncds

Anantharaman Thirumalai

from Nashik, Maharashtra

Address:

Pune, Maharashtra, 411004

Ncd issued by ithaca estate private limited was subscribed in sept.2014 through m/s. Karvy. As per the information provided the lock-in period was one year. Principal pre-payment was possible by issuer after 1 year subject to 2% prepayment penalty if issuer repays more than 10% of principal amount in a quarter prior to actual schedule.
Thus even prepayment was possible only after one year lock-in period. But the principal was paid back in a period of 5 months with 2% penalty and refund of fees by karvy. This has resulted in total disadvantage to the investor, as the investor has not received the interest for the assured lock-in period. This was brought to the notice of m/s. Karvy time and again. Even though they promised to look into the issue, till now nothing has happened. Request you to take up the matter and to order relief as detailed hereunder:.
The loss is calculated as under:
Days that was remaining for completion of one year = 226 days
Interest for this period @ 18% on rs.10, 00, 000/- =1, 11, 452/-
Less fess returned by karvy = rs.28, 090/-
Balance receivable = rs.83, 362/- (Rs.11, 1452/- less rs.28, 090/-)

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Dec 4, 2017

Complaint marked as Resolved

Karvy customer support has been notified about the posted complaint.

Oct 20, 2017

Updated by Anantharaman Thirumalai Ncd issued by jain group of institutions was subscribed in july 2015 through m/s. Karvy. Here also the lock-in period was one year. Penalty of 2% (Two percent) is payable for the amount prepaid within the period after the expiry of the 12th month and before the expiry of the
24th month from the closing date. The investment was made in july 2015 and the prepayment was made in april 2016. Payment of principle back with 2% penalty before close of one year has resulted in total disadvantage to the investor, as the investor has not received the interest for the assured lock-in period.
The loss is calculated as under:
Days that was remaining for completion of one year = 76 days
Interest for this period @ 18.5% on rs.15, 00, 000/- =57, 781/-
Balance receivable = rs.57, 781/-

Verified Support

Oct 30, 2017

Karvy Customer Care's response Dear Anantharaman Thirumalai,

The RTA for this company is Bigshare Services. Given below are the details of the same as per NSDL website.

Company
ITHACA ESTATES PRIVATE LIMITED

ISIN Number
INE669O07038

Name of the Instrument

18% SECURED REDEEMABLE NON CONVERTIBLE DEBENTURES. SERIES III. LETTER OF ALLOTMENT. DATE OF MATURITY 28/07/2017

Registrar with BP Id No.

IN200117
BIGSHARE SERVICES

Address where Physical Securities should be sent

Mr. Babu Rapheal C
Sr. Manager
Bigshare Services Pvt. Limited,
E-2/3, Ansa Industrial Estate
Saki Vihar Road, Sakinaka
Andheri (East),
Mumbai - 400072
Phone:[protected]
Fax:[protected]
Email:[protected]@bigshareonline.com

Regards.
Team Karvy

Verified Support

Nov 01, 2017

Karvy Customer Care's response Dear Thirumalai,

We regret the inconvenience. Please share the details such as the name of the shareholder, name of the company, folio.no, details of NCDs to kcpl.[protected]@karvy.com with ref in the subject line. This information will help us proceed further.

Regards
Team Karvy

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Comments

ruchita gami

from Mumbai, Maharashtra

Refunded Rs. 14720.00 thru ASBA Dt.12/10/2017 against Appl # 95122344 in GODREJ AGROVET - IPO. Visit https://karisma.karvy.com

I recvd this text msg on 12/10/2017 but yet I didn't received the money in my bank account.

Kindly take immediate action and resolve my query as soon as possible.