SIDBI — sidbi deep discount bond redemption
I purchased SIDBI Deep Discount Bond in 1992 with maturity period of 25 years. However, When I tried to redeem the sidbi deep discount bond - (Series 1) wherein we tried to encash the bond bearing the registered Folio- SI[protected] & Folio- SI[protected] at the end of 25 years for rs. 100000, i (Ankur Bucha) have received amount of rs. 8876 x 2 through neft from sidbi bank.
I have received a lower amount for a bond which was purchased on february 1, 1993 and being redeemed only at the end of 25 years. The redemption amount ideally should have been rs. 100000 as mentioned in the bond. When i enquired about the same, 3 month's back i got a news 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. It is clear fraud from sidbi bank.
Sidbi bank currently running very smoothly but they don't want to pay committed amount to their customers. Similar judgement has been passed in favour of another buyer (https://timesofindia.indiatimes.com/city/chandigarh/SIDBI-to-pay-interest-litigation-costs/articleshow/4549205.cms)...⇄ Please let me know to proceed further.
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Category: Business & Finances
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