discount. The relevant clause relating to premature option for early
redemption reads as follows:-
"(2) Early Redemption.
The holder(s) of the Bond ... Company shall
have the option of Early Redemption of the Bond
only at the date and at the Deemed Face Value
mentioned below
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
default dated 06.04.2011 calling upon the
respondent to remit the early redemption amount together with the accrued
and unpaid interest as contemplated under condition ... terms of the Bond and the Trust Deed to seek the early
redemption amount. The petitioner as the Trustee of the Bond holders had
issued
having any exit load on the
borrower whether called by early redemption charge, prepayment penalty or
any other name.
As regards the violations under
that complainant, vide his letter
dated 4.10.1999, surrendered original
debenture certificate for redemption
payment. However, Company did not make
payment in the year 1999. Subsequently ... letter dated 6.9.2000, intimated the
complainant that the Company had announced
early redemption on 1.10.1999 and then on
1.10.2000 and Company had received the
complainant
foreign currency convertible bonds. The respondent company, however, disputed the early redemption price, thus, disputing right of the petitioner to recall the amount deposited
granted conditionally including inter alia on payment of
premium for early redemption of the account as may be decided by
Lender/Lead Institution.)"
After
complainant
as well as the OPs had the option to redeem bond early ... learned District Forum that the OPs had qualified for early redemption
of bonds, from the date of exercise of
call option by publication of notice
complainant as well as the OPs had the option to redeem bond early ... learned District Forum that the OPs had qualified for early redemption
of bonds, from the date of exercise of
call option, by publication of notice
submitted that since the OP had
failed to inform him regarding the redemption of bonds, there was deficiency,
in service, on its part ... established that the OP did not satisfy the condition
for early redemption of the bonds. The said bonds purchased by the complainant,
were not redeemed
