TRUSTEE INDIAN PROVIDENT FUND OF BHARAT PETROLEUM CORPORATION LTD Vs. INDUSTRIAL FINANCE CORPORATION OF INDIA LTD

JUDGEMENT

(1.) Complaint is being taken up at admission stage.

(2.) The complainant is a Trust created to manage the Provident Fund contribution of the employees of Bharat Petroleum Corporation Limited and invest the surplus amounts in securities as per the statutory pattern of investment.

(3.) In order to enhance the provident fund, the complainant subscribed to the Industrial Finance Corporation of India Ltd. , private placement of Bonds XXII Series and XXXIII series in June 1998 and January 2000 respectively by investing on aggregate sum of Rs.6,90,00,000. It is alleged that respondent guaranteed the minimum interest @ 14.25%, 14.10% and 12.65%. It is also alleged that without receiving any instructions in writing from the complainant in terms of the agreement, the respondent varied the interest rate.