[Resolved]  SIDBI — Inappropriate payment

Address:

Bangalore, Karnataka

When we tried to redeem the SIDBI Deep Discount Bond - (Series 1) wherein we tried to encash the Bond bearing the Registered Folio No. SI[protected] at the end of 20 years for Rs. 50000, we received a cheque amounting Rs. 8876 with the payee being H Chitra from IDBI Bank dated 02/05/2014 on behalf of SIDBI.

We are receiving a lower amount for a bond which was purchased on February 1, 1993 and being redeemed only at the end of 20 years. Ideally we should be receiving Rs.50000 as mentioned in the bond. When we enquired about the same, we were told that SIDBI had exercised the call option at the end of 9th year i.e. February 1, 2002 and redeemed the bond and in this regard, SIDBI has issued a notice dated June 30, 2001 in leading newspapers in English, Hindi and vernacular languages. But we failed to receive such a notice.

A similar such complaint was lodged by Dr Saraswati Gupta, 57, of Punjab University wherein the UT consumer forum directed SIDBI to pay interests as well as the litigation costs.

Please find the details of this judgement in the below URL:
http://timesofindia.indiatimes.com/city/chandigarh/SIDBI-to-pay-interest-litigation-costs/articleshow/4549205.cms

We expect a similar judgement to be awarded to us as well.

Thanks
Rakesh
(s/o H Chitra)