DISTRICT CONSUMER DISPUTES REDRESSAL FORUM-II
Udyog Sadan, C-22 & 23, Qutub Institutional Area
(Behind Qutub Hotel), New Delhi-110016
Case No.498/2013
Mr. J. P. Jain
194, Krishna Gali No.1
Maujpur, Delhi-110053 ….Complainant
Versus
1. 31 Infotech Limited
ICICI Bank Tower,
Bhisham Pitamah Marg,
Pragati Vihar, Delhi
2. The Director
31 Infotech Limited
Tower No.5, 3rd Floor,
International Infotech Park,
Vasi Railway Station Complex,
VASI-Navi Mumbai-400703 (Maharashtra) ….Opposite Parties
Date of Institution : 27.09.13 Date of Order : 12.12.18
Coram:
Sh. R.S. Bagri, President
Ms. Naina Bakshi, Member
Ms. Kiran Kaushal, Member
Naina Bakshi, Member
ORDER
Briefly stated, the case of the complainant is that the OPs floated ‘ICICI Safety Bonds-1998 in the month of March, 1999 for which the complainant applied under option 2 of the Bond on 26.03.1999 vide application No. D0913387 dated 26.03.1999. The complainant deposited Rs.10,000/- vide cheque No.3646672 dated 26.03.1999 drawn on Dena Bank and the cheque was deposited in the Central Bank of India, Ghaziabad. It is submitted that the complainant did not receive the copy of security bond the complainant received interest warrant of security bond bearing warrant No.323476 and came to know the Bond Holder Number as 31999636 and Bond No.00276363, under option-1 but still complainant did not receive the copy of safety bonds. The complainant time and again contacted on the address given on acknowledgement slip by phone and on address provided on interest voucher but no satisfactory reply was received. The complainant also visited the several times to the office of the OP but no satisfactory reply was given by them and always assured that the bond will be sent to the complainant shortly. The complainant received two interest warrants in March, 1999 and March, 2000. The complainant was following up the matter regularly with the OP but the OP stopped sending the interest voucher and did not respond the calls of the complainant. It is submitted that since the complainant did not receive copy of the security bond and bond was matured on due date i.e. 31.03.2001. The complainant requested the OP to release the bond maturity amount with interest. The complainant submitted the papers which were issued by the OP such as acknowledgement slip and interest warrants for two years as only available documents with him but no response was received from the OP. The complainant sent a legal notice. The OP informed that the maturity amount of security bond has been transferred to the Investor Education and Protection Fund (IEPF) constituted by the Central Government as the original copy of security bond was not submitted by the complainant to the company of OP. It is submitted that how the OP can send the bond maturity amount to IEPF without the consent of the bond holder. Hence, pleading deficiency in service and unfair trade practice on the part of the OPs, the complainant has filed the present complaint for the following reliefs:-
- Direct the OPs to release the Maturity Amount of Rs.15,000/- redemption of security bond to the complainant.
- Direct the OPs to pay interest @ 18% on the maturity amount for the delayed period i.e. from 31.03.2001 till date of payment of the maturity amount.
- Direct the OPs to pay Rs.50,000/- as compensation to the complainant on account of harassment and mental agony suffered by the act of the OPs.
- Direct the OPs to pay to the complainant legal expenses incurred by the complainant.
OPs in the written statement has inter-alia stated that the present complaint is barred by the provisions of section 205C(2) of the Companies Act, 1956 as the claim of the complainant is beyond the period of 7 years. It is submitted that Infotech Ltd. is acting as a Registrar and Transfer Agent of the ICICI Bank Ltd. ICICI Safety Bonds- March, 1998 were issued by the ICICI Ltd. ICICI Ltd. merged with the ICICI Bank during May, 2002. It is denied that the complainant did not receive the copy of the security bond. The complainant is making false statement before this Forum since it is an admitted fact that the complainant received the security bond and had lost the same. The complainant vide letter dated 24.09.08 which was received by the OP on 08.01.09 had requested for issuance of duplicate certificate, since the complainant lost the original security bond certificate. It is denied that the complainant ever visited the office of the OP. The security bond certificates were duly issued to the complainant which were received by him, thus there was no occasion for him to contact the OP and for these reasons neither any letter was issued by the complainant nor there is any proof for the false assertions of the complainant. It is denied that the complainant received only two interest vouchers alongwith cheque. It is submitted that the complainant was paid interest three times and the cheques were duly encashed by the complainant in time. It is denied that the OP stopped sending the interest voucher to the complainant and did not respond to the calls of the complainant. It is submitted that the terms of the bond was three years for each year interest warrant alongwith the cheque was duly sent and the same was encashed by the complainant. It is denied that the complainant asked the OP to release the bond maturity amount and due interest thereon. It is submitted that upon maturity of the bond the OP asked the complainant to submit original bonds which were required for releasing the maturity amount, however the complainant never come forward to submit the original documents. It is submitted that the first letter which was received by the OP from the complainant on 08.01.09 wherein he asked for the procedure for issuing duplicate security bond since he lost the original security bond. The said letter was duly replied by the OP vide letter dated 14.01.09 wherein it was mentioned that since despite sending of various letters the complainant failed to come forward to receive the maturity amount. The OP in compliance of Sub-Section 2 of Section 205 C of the Companies Act, 1956 which reads as:-
“For the removal of doubts, it is hereby declared that no claims shall lie against the fund or the Company in respect of individual amounts which were unclaimed and unpaid for a period of seven years from the dates that they first became due for payment and no payment shall be made in respect of any such claims.”
It is submitted that as per the clarification received from the Department of Company Affairs vide their letter dated 23.09.02 that all companies were required to transfer to the Investor Education and Protection Fund such amount which remained unclaimed and unpaid for a period of 7 years from the dates they first become due for payment. The amount of the complainant also remained unclaimed for a period of 7 years, thus the same was transferred to the fund as per the direction of Department of Company Affairs which the OP had no control and as such the amount of the complainant is not lying with the OP at present. OP has prayed for dismissal of the complaint.
Complainant has filed a rejoinder to the written statement of OP and reiterated the averments made in the complaint.
Complainant has filed his own affidavit in evidence.
Affidavit of Sh. Sanjay Sharma, AR fo the OP has been filed in evidence on behalf of the OP.
No written arguments have been filed on behalf of the parties.
We have heard the arguments on behalf of the parties and have also gone through the file very carefully.
The complainant has filed two receipts of the interest received from the OP which we mark as Annexure-1 for the purposes of identification. The complainant filed the acknowledgement slip dated 26.03.1999 which we mark as Annexure-2 for the purposes of identification. The OP filed a letter dated 24.09.08 received from the complainant regarding issuing of duplicate bond certificate as Annexure-A wherein it was mentioned by the complainant that “ I have lost the original bond certificates and now request you to please provide me the procedure through which I can get the duplicate bond certificate and redeemed them.” The OP vide letter dated 14.01.09 as Annexure-B sent a letter to the complainant and informed that “ the bank has already transferred the unclaimed redemption amount of your ICICI March, 1998 (Tax Saving Bond Option-1) Bonds in nature of debentures to the IEPF. Please note that no claim shall lie against IEPF or the company (ICICI Bank Ltd.) in respect of individual amounts which were unclaimed or unpaid for a period of 7 years from the dates that they first become due for payment and no payment shall be made in respect of any such claims.” The OP vide letter dated 31.08.12 as Annexure C informed the complainant that “We regret out inability to do anything at this stage in the matter , as the redemption amount is no more with the Bank”. The OP filed the Ministry of Corporate Affairs Challan dated 30.04.08 as Annexure-D (Colly) wherein at Sr. No.689 the complainant’s name has been mentioned and the amount was deposited with IEPF.
It is evident from the record that OP vide challan dated 30.04.08 deposited the amount with the Investor Education and Protection Fund (IEPF) wherein the complainant himself vide letter dated 24.09.08 requested the OP that he had lost the original bond certificates and requested to issue the duplicate bond certificate. It is clear that OP had already deposited the amount with IEPF on 30.04.18 and the complainant requested after depositing the amount i.e. on 24.09.08. The OP had already informed the complainant vide letter dated 31.08.12 as Annexure-C wherein the OP had clearly informed the complainant that “ In this context, it may also be noted that your letter/fax dated September 24, 2008 requesting procedure for the issue of duplicate bond certificates due to the loss of original certificates was received by us on January 8, 2009. As the redemption amount had already been transferred to IEPF, we informed you about the same vide our letter dated January 14, 2009. It is to be mentioned here that as per the record available with us, excepting this letter/fax dated September 24, 2008, there had been no communication received from your end. Under the circumstances, we regret our inability to do anything at this stage in the matter, as the redemption amount is no more with the Bank.”
In view of the above the complainant himself accepted that his bonds were lost and correspondence with the OP after lapse of 7 years from the date of the maturity. The complainant has failed to prove any deficiency in service on the part of the OP. Accordingly, we dismiss the complaint with no order as to costs.
Let a copy of this order be sent to the parties as per regulation 21 of the Consumer Protection Regulations. Thereafter file be consigned to record room.
Announced on 12.12.2018
