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IDBI Bonds Hi,
I am Tejas Modi, a Mumbai resident. My mother(first holder) and me (second holder) possess certain IDBI bonds since 1992. The scheme was introduced by IDBI in 1992 for 25 years with the facility to redempt bond every five years. Each bond would yield 1,00,000 on completion of maturity period, i.e. 25 years.
Complaint:
Recently we learnt that IDBI had decided to discontinue the bonds as of March 2003 and pay out Rs 12,000 per bond. We never received such communication from IDBI and our bonmd money was with IDBI for another 6 years, i.e till date. My concern is that we never have been intimated about this by any official communicate, nor we have reeived any phone calls. As per communication with IDBI, they are not ready to pay me the interest for this 6 years, for which my bond money is lying with them.
More details:
IDBI is claiming that they have records of sending the initimation through post, which I beleive we never received.
I learnt that there are more such investor like me, though I have not contcted any one.
IDBI publishes this in news paper and asks the investor to redempt the bonds.
IDBI representatives did bring this matter to their board of directors attention on my repeated requests. However eventually they decided not to pay he interest as they beleive the nubmer cases(like me) are few in number(few thousand).
I need your help in
Advising on how to go about this. Bottomline is I will loose the interest of 6 years without any known lapse on my part.
providing me right approach to get the list of other such investor so that i can learn more about this.
Thanks, Tejas
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