G. ARAVINTHAN
30 August 2009 at 06:58
X's wife died in due to snake bite.
X made a claim to the insurance company
Insurance company, for want of all original documents, making 'X' to pillar and posts, delaying the claim.
X fulfilled all the requirements and visited the office of Insurance company several times
Now two years gone, not even a single paise given to X.
What is the remedy for X?
Consumer Forum is defunct in many towns of Tamilnadu?
ABU FATEH
30 August 2009 at 05:15
Sir
Subject: Wrongful Buy-Back of shares by STERLITE INDUSTRIES (INDIA)LIMITED
in 2002.
As per the letter sent by STERLITE INDUSTRIES (INDIA) LIMITED in late June 2002,I had came aware to caution of buy-back scheme by the aforesaid company.Instinctly I was NOT interested in favor of the buy-back and was deliberating on the same.
In the meanwhile I was keeping ill health and encountering some personal family issues and travelling.But I did sent the option form along with the cheque on 21st June 2002.
I had NOT encashed the cheque and had returned the same. In late August I got a balance from my DP, The Stock Holding Corporation of India (SHCIL), stating clearly the debit of my shares, 190, directly from Demat A/c.I was much surprised at this. When I inquired, I got the remark that it was confirmed under some corporate actions.
Immediately I wrote a letter to the erstwhile Registrar, Sharepro Services demanding the explanation. For this I never got any correspondence. Further I stated
explanation from my DP, but they asked to refer to the company. It was, again, in December 2002 I got a cheque towards the settlement of share purchased by the company.
(Details of my DP and Demat A/c.
DP: The Stock Holding Corporation of India (SHCIL).
I was much irritated! They never explained the correct context. Again I wrote to the RTA, Sharepro Services. With no response in a month I was much piqued. Again I wrote to the RTA.On the contrary I got TWO cheques, ONE for the redemption of the NCD (non-convertible debenture), part of the scheme-of-arrangement of the buy-back offer, and the interest warrant too.
As in the spirit to point my TRUE concerns and get Justice I rejected that too and wrote a letter corroborating the same along with un-enchashed cheques.
Later I didn’t like the response from the RTA of the company. I made calls to the then secretary; Mr. Kahndalvala.He just promised that the RTA shall respond to me the sooner. Mean while I also wrote to the SHCIL.Besides that I wrote to the SEBI.
After ALL this I got the first response from the Sharepro Services along with new cheques.
In that they mentioned that they didn’t receive my Option form by the deadline of 21st June 2002.
Straight away I felt infuriated, at this concept of sending the cheques and NOT indulging into the core of the matter or proper explanation.
It was then that I escalated the matter and issued a Legal Notice to the company along with copy to SEBI.
Again the explanation and the text of the letter were same, with further issue of fresh cheques to settle the matter.
I never accepted ANY of the cheques and never encashed the same.
This was in tandem to my spirits waiting for justice.
Again when I started to correspond, the RTA changed to Karvy Computershare Private Limited.
This time when I wrote an email to Karvy, unearthing the same matter, I did come to know about the stir made by the Bombay High Court case of buy-back scheme of Sterlite Industries against the SEBI and even the ranks of Union of Government (India).
Also I came to know that the court ruling did provide for something,” safety-net" and had extended the last date by approx. 4(four) months.
The company never sent any communication for this! Also if this was the case then my exercise of Option form with return and further rejection of cheques becomes perfectly valid.
Above all, the company should have given priority to me for my exercise of NOT yielding to the buy-back of my shares.
But ALL the while neither did the company secretary nor did the RTA inform of ANY such developments.
Is this NOT a case of ill intensions (of the company) against the determined intentions (No encashment/rejection of cheques) of simple and true investors?
Under this context, the RTA and company should have NOTED that as per my Option form and subsequent rejection of cheques the debit of shares is legally wrong and NOT furnishing with full and correct i
prerna oberoi
30 August 2009 at 02:18
what's better from career point of view financially aswell as in growth terms:
a)doing C.S simultaneously with law??
or
b)doing ll.m from U.K in IPR after completing law??
prerna oberoi
30 August 2009 at 02:07
what's better from career point of view financially aswell as in growth terms:
a)doing C.S simultaneously with law??
or
b)doing ll.m from U.K in IPR after completing law??
debasis MANDAL
30 August 2009 at 00:04
I want to know under which law a gazetted officer or any group-A officer can attested a document i.e. mark sheet and certificate of examination etc.?
debasis MANDAL
30 August 2009 at 00:01
whether a sebait can sell a debottar property (i.e. deity property) as per Daibhag HINDU LAW?
Manish Bhardwaj
29 August 2009 at 23:46
Hi, My car a Maruti Swift ZXi meet with an accident. the car was sent to repairs to a authorised maruti Workshop. there are 3 issues bothering me
1. My car towing costed me 3000 Rs but the company has fixed the towing charges to re emburse in insurance by 1500 Rs only. Now why so as if the nearest service center is much far & towing charges are more whats my fault in that.
2. They (workshop) replaced the air bags in my car & billed me about 90000 Rs for that. The diffrence between maruti Swift VXi which comes withour air bags & ZXi which comes with air bag is 60000Rs which includes air bags + 17 other items on it costing nearly around 35000. so according to that the airbags should be just worth 25000 rs max so why 90000
3. They are saying that insurance will pay only 50% cost of the airbag as they say it comes under plastic or rubber. So there is a 50% depreciation on this thing. Now when its a item which is only used once in its whole life time then how can be there any depreciation on it.
I would be really greatfull if someone suggest something
A Truthseeker
29 August 2009 at 23:26
From small offence all serious ones emerge. first man insults then intimidation starts then attempts on person result. in this way all smaller causes give rise to bigger crimes. if all offences are made non-bailable but noncognizable and the upper limit is made life imprisonment and the lower as OR FINE and all offences are triable by experienced judges with at least 10 years experience can we expect better criminal justice and law and order situation?
pradeep kumar lalwani
29 August 2009 at 23:18
if a Person stand his bike without Handel lock then what will insurance co. do. Any rulling in favoue of person, claminet
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Constitution of a Managing Committee
Can somebody tell me whether an illegally constituted Managing Committee in a Group Housing Society, registered under Delhi Co-operative Act, can conduct Elections of the Managing Committee of the same society AND ALSO GET ELECTED IN THE ELECTED MANAGING COMMITTEE. (OUT OF 7 MEMBERS OF THE ELECTED MANAGING COMMITTEE, 5 MEMBERS PERTAIN TO THE PREVIOUS ILLEGALLY CONSTITUTED MANAGING COMMITTEE)
Also in such a case will the elections of the society will be set aside and fresh elections should be conducted.