complainant never
opted for early redemption of the bonds, nor he ever received any
notice from the OPs for redemption of the said bond ... redeemed the said bond early and paid a sum of Rs.16901/-
only, whereas he never opted for early redemption of the bonds
date of
redemption as on 16-12-2003 the amount payable per bond is Rs.15,135/-. Payment on redemption/Early Redemption ... condition reads as follows:
Payment on
Redemption/Early Redemption
Payment
on redemption or early redemption of the Bonds will be made only on the
surrender
name. As per the Bonds, maturity
value of it on early redemption by either party was as under ... complainant never exercised the option of early redemption
of the Bond at any time. However, she was shocked to receive a letter
dated 29.4.2009 from
complainant never opted for early redemption and waited to
redeem the bonds at the maturity date i.e. 31.03.2017. After the date
of maturity ... conclusion that
the complainant was not informed about the early redemption of bonds
by it and accordingly had held the appellants deficient in service
premium. The OP by
letter dated 18.12.05 informed the proposer that early redemption charge was
mentioned in the key features brochure.
Heard Mr. D. Dutta ... indexation or any other increase to the regular
premium. The Early Redemption Charge
has been defined as a deduction to the value of units based
premium. The OP by
letter dated 18.12.05 informed the proposer that early redemption charge was
mentioned in the key features brochure.
Heard Mr. D. Dutta ... indexation or any other increase to the regular
premium. The Early Redemption Charge
has been defined as a deduction to the value of units based
following dates at
the deemed face value:
Early Redemption date Deemed Face Value
(Rs.per bond)
On September 6, 1999 Rs. 7,750/-
On September ... following
dates at the deemed face value:
Early Redemption date Deemed Face Value
(Rs.per bond)
On September 6, 1999 Rs. 7,750/-
On September
notice by registered post dated 2-2-2005
stating that the early redemption of Millionaire Bond is illegal and as per the
terms and conditions ... prospectus. Thereby the opposite
parties were vested with the authority of early redemption and exercise call
option in whole or part as and when decided
issued notice dated 03.11.2008 to all the investors individually
regarding early redemption. The complainant did not receive any
such notice, as alleged ... issued notice dated 03.11.2008 to all the
investors individually regarding early redemption. The complainant
did not receive any such notice, as alleged
holders as well as the Company has the right to exercise
early redemption option and in terms of the resolution passed in the
meeting ... respondents aware of procedure as laid down
in the prospectus regarding early redemption of bonds. After issuing the
redemption intimation/notice to the respondents, respondents
