What happens to my savings?

I am a housewife. I have deposited my hard-earned savings of Rs 5,000 in IFB Finance Limited Fixed Deposit Scheme on March 20, 1996, which had matured in March 2001 and the gross amount repayable on maturity is Rs 10,535. I was in Delhi when my FD matured. After I came to Calcutta, I went to their offices to submit my FD receipt but found them both closed. Now I am at a loss as to what to do. As a last attempt I went to the IFB Industries Ltd, Taratala factory but no one entertained me at all. I was not even allowed to talk to the reception. I am surprised to find how such persons are allowed to operate openly in our country.

Krishna Dutta
Calcutta 700032

the COMPany: No response

the expert: This is really unfortunate that a company with the reputation of IFB has failed to pay the fixed deposit amount of the complainant. To find out the present position of the company, the complainant will have to approach the registrar of companies at Nizam Palace situated beside Hotel Hindustan International. If it transpires that the company is in liquidation, a claim will have to be made before the official liquidator only.

This is my demand

I sent a demand draft no. 0107762666 drawn on State Bank of India dated March 24, 2004 enclosing an amount of Rs 1,005 in favour of Bank Issue Department, 2CA Ventures Pvt. Ltd to subscribe for a list of comics books issues. In a letter with the DD, I mentioned that if the issues I ordered are not available or if the amount so sent in the draft is inadequate, my draft should be returned. Three months have passed since the DD was sent to the company. But neither have I received the comic book issues, nor has the said DD been returned. I tried to contact the company by a letter but I did not receive any response. I want the company to send me the ordered issues as quickly as possible or return the DD to me. Please suggest what I should do.

Ark Dhar Bhowmick
Jalpaiguri 736123

the COMPany: No response from the State Bank Of India

the expert: According to the complainant, he sent the DD to the company as subscription for a list of comic book issues. But in the said complaint, the complainant has not disclosed how the said DD was sent. Whether the same was sent by registered post, speed post or by ordinary post. In absence of the same, it would be difficult to say what steps are to be taken. If the demand draft so posted by the complainant was lost in transit, the postal department can be blamed, but in spite of due receipt of the said draft, if the company fails to send the books, the company is at fault. Any way under COPRA, the complaint for deficiency in service is to be lodged within a period of two years from the date of cause of action. As such there is still time for the complainant to take steps in accordance with law.

Magic number

I applied for 500 shares of PAL-PEUGEOT Ltd, through KARVY Consultants Ltd and was allotted 200 shares. After the second annual meeting in July 1996, there has been no communication from the company. I had been writing to the company, the last letter being in December 1999. No reply has been received till date and the status of the company is not known. What am I to do now?

M. Ahsan Ubaid
Ranchi 834001

the COMPany: No response

the expert: Admittedly, 200 shares were allotted to the complainant but thereafter he did not receive any information from the company. Unfortunately, almost five long years have elapsed but the complainant did nothing. Now at this belated stage, he wants to know the status of the company. If he still wants to know, he may enquire from the Registrar of Companies, New Delhi.

Off balance

I am holding 250 equity shares of M/s Essar Steel Ltd, folio no. ADE 362346. The company payed dividends regularly till March 1997. Against my letter dated December 24, 1998, the company informed me that no dividend has been recommended for 1997-1998. Thereafter, I have not received either dividends or balance sheets. Also, I have not heard from the company in spite of repeated reminders. What can I do now?

Rina Dasgupta
Jamshedpur 831011

the COMPany: No response

the expert: Payment of dividend to its shareholders is not the statutory duty of a company. Usually, if a company makes profit, it pays dividends to its shareholders. This depends upon the policy of the company. Consumer fora cannot compel a company to pay dividends to its shareholders.

Ripe for maturity

I have deposited Rs 30,000 in a quarterly income scheme on April 19, 2001 in Century Marine Venture Ltd. The maturity date was April 19, 2003. I have deposited my certificate along with maturity cheque and three-quarter income cheque to the company on July 28, 2003 for maturity payment but no action has been taken by the company. I want to get my maturity amount at the earliest so I need your help.

Sisir Kanti Mukherjee
Bankura 722122

the COMPany: No response

the expert: The company which receives the fixed deposits is under an obligation to repay the same on its maturity with interest as agreed, and failure to pay the same not only speaks of deficiency of service on its part but also points out its approach towards unfair trade practice. In the present case, the complainant can very well initiate a proceeding against the company before the Calcutta District Consumer Dispute Redressal Forum, U-1, which is situated at the present on the 7th floor 8B, Nelie Sengupta Sarani, Calcutta (7th Floor of Lindsay Hotel) and can claim compensation for harassment and mental agony apart from the maturity amount of the fixed deposit.

Hear my plea

I applied for 1,220 shares in UTI Growth Sector Fund on September 7, 2001 and made a payment of Rs 5,000. In spite of repeated reminders, including a pleader?s notice, I have not received any redressal.

Birendra Kumar
Gaya 823001

the COMPany: No response

the expert: It has not been stated whether the money so sent had been duly accepted by UTI or not. The complainant has also not disclosed how he sent the money to UTI. If it transpires that the said money was sent by post but the same did not reach the UTI office, the claim will have to be made against the postal authority. Unless the shares are allotted in the name of the complainant he cannot claim to be a consumer and seek his relief from any consumer fora.