Reliance Not Returned My Money

Discussion in 'Investors Grievances' started by aijaz159, Nov 13, 2007.

  1. aijaz159

    aijaz159 Active Member

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    Dear friends
    kindly help, support and advise me how to pursue to recover this amount.

    Subject ; Reliance Ind. F Series debentures Folio no. 364313 - 363583

    In 1985 I bought Reliance debentures non convertible, for Rs.20,000/- I did not redeem in right time as I lost the original certificates after the 1st Gulf War when Iraq invaded Kuwait on 2nd Aug. 1990 I was residing in Kuwait.

    Im not getting my money, Reliance has transferred my money to Investor Education and Protection Fund. (IEPF full details of communications are mentioned below.

    Beginning of this year when I was shifting my house in kuwait, I found the original certificates and submitted the same to Karvy stock brokers for redemption, Karvy informed me that the unclaimed/unpaid amounts were transferred to IEPF Department of Company Affairs, Shastri Bhawan, Rajendra Prasad Road, New Delhi 110 001
    Karvy replied me as follows;
    quote
    Dear Sir/Madam, This has reference to your below mentioned mail. Folio no.9285091, 9332901 In this regard, we would like to inform you that the company, Reliance Industries Limited had redeemed F-Series Debentures in favour of the respective registered holders on 30/09/1992, only upon surrender of original debenture certificates by the registered holders. The erstwhile registrars to the Company, M/s. Reliance Consultancy Services Ltd., (RCS Ltd.), vide their circular to the debenture holders dated 26/08/1992, had informed all the debenture holders of F-Series about the due date of redemption and the scheme of Roll-over of debentures of Series F interalia, by extending the redemption period upto 31/8/1999. The erstwhile registrars, M/s. RCS Ltd, had informed you about the due date of redemption of F-Series debentures vide their letters dated 17/12/1992, 07/06/1993, 15/03/1995, 18/3/1996 as you have not opted for roll-over of debentures. We have received your letter in the year 2005. On verification of our records, we find that you have not surrendered the debenture certificates for redemption with in the stipulated period. Hence, we are unable to accept your request for sending the redemption amount to your bank a/c. Please note that pursuant to the provisions of Section 205C of the Companies Act, 1956, every Company is required to credit all amounts which have remained unclaimed/unpaid/unencashed for a period of seven years from the date they became due for payment to the "Investor Education and Protection Fund (IEPF)", constituted by the Central Government. It has been specified that no claim shall lie against the IEPF or the Company in respect of individual amounts so credited to the IEPF and no payment shall be made in respect of any such claims. In view of the aforesaid explained reasons, the F-Series Debenture redemption proceeds that remained unclaimed/unpaid for a period of seven years has been credited to the IEPF on 30/9/2002. The debenture certificate(s) in respect of the said folio no., stands cancelled. Please note that the IEPF is falling under the Department of Company Affairs. We are furnishing the address of the same for your perusal. Department of Company Affairs Shastri Bhawan, Rajendra Prasad Road, New Delhi- 110 001 We regret for our inability to help you in this regard. Regards, Neeraja Karvy ComputerShare Private Limited 46, Avenue 4, Street No. 1, Banjara Hills, Hyderabad 500 034. Ph.No. 040-23320666, 23320711 Fax No. 040-23323058. ----Original
    unquote

    Thanx for your time to read and suggest the correct action to be taken.

    Aijaz
     
  2. amarsharma

    amarsharma New Member

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    Hello,

    I am in the same boat. Till today I have not been able to find out how to get the Maturity Pasyment for REliance Debentures Series F.
    Will appreciate if dsomeone knows how to go aboutv it.

    Amar Sharma
     
  3. Capricorn

    Capricorn Well-Known Member

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    It seems from the correspondence that you have lost your money.
     
  4. hitesh_vts

    hitesh_vts New Member

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