IFCI LTD. Vs. PRADIP KUMAR GHOSH AND ORS.

JUDGEMENT

(1.) The complainant/respondent purchased two family bonds called 'Millionaire Bonds', issued by the petitioner M/s. IFCI Ltd. The bonds were issued to the complainant on 06.09.1996. The bonds could be redeemed on the early redemption date specified thereon and they could also be redeemed at any point of time at the choice of the bond holder. The difference probably would be in rate of interest which presumably was higher in case option of early redemption at the date specified in the bonds were exercised and lower in case the redemption was sought at any date of the choice of the bond holder. The early redemption dates specified in the bonds were as under:- <FRM>JUDGEMENT_38_LAWS(NCD)1_2016_1.html</FRM>

(2.) Vide letter dated 06.08.2002, the complainant sought early redemption of the bonds as per their deemed valued as on 06.09.2002, which was Rs. 12,500/- per bond. The said letter was responded by M/s. MCS Ltd., Registrar of the petitioner. IFCI Ltd., vide its letter dated 16.09.2002, informing the complainant that as per the terms of the bonds, the request for early redemption was required to be submitted not more than three months and not less than two months prior to the early redemption date. Thus, the request for early redemption should have been submitted by 06.07.2002. The complainant was informed that either he could wait till the next early redemption date or he could submit the bonds under 'Any Time Liquidation Scheme' which carried interest @ 13% per annum on the principal amount from the date of allotment upto the date of redemption.

(3.) It is an admitted case of the parties that the complainant did apply for redemption under 'Any Time Liquidation Scheme' which carried interest @ 13% per annum. Therefore, on receipt of such a request alongwith original bonds duly discharged by the bond holder, the petitioner was required to redeem the bonds and pay the principal amount alongwith interest @ 13% per annum from the date of allotment till the date of redemption.