No allotment

I had applied for 1,000 shares of the IPO of Power Trading Corporation of India, vide the application number 0458724 through Amolakshaya Trade & Credit Pvt. Ltd, Guwahati. The bid registration was 671. The payment of Rs 16,000 was made through ICICI bank, cheque number 480125 dated 01.03.2004. I have not heard anything from the registrar M/s M.C.S Ltd, Mumbai. Repeated letters, e-mails and complaints to SEBI have not yielded any response. Please advise.

Sunil Kumar Virmani
151, Army Base Hospital,
Basistha, Guwahati 781029

The company: No response.

The expert: In this case, the shares have not as yet been allotted in the name of the complainant and, as such, the complainant cannot place the dispute before the Consumer Fora since he is a prospective investor as per law.

Double trouble

I had deposited Rs 10,000 on 5.5.2001 in Century Marine Venture Limited, situated at 3D, Everest House (third floor), 46C, Jawaharlal Nehru Road, Calcutta 700071. The maturity value of my certificate was Rs 13,690, the date of maturity being 5.5.2003. I had deposited my certificate along with the cheque for the matured amount to the company on 6.5.2003 for payment but no action has yet been taken by the company. I want to get the amount at the earliest. What do I do now?

Tarit Kanti Pal
Palit Bagan, PO Bankura,
Pin Code 722102

The company: No response.

The expert: Upon investigation it appears that the company has closed down its office at 46C, Jawaharlal Nehru Road, Calcutta 700071. So, before taking any legal step, the complainant will have to make necessary queries at the company affairs department at Nizam Palace, Calcutta, to find out more about the status of the company and other details. Admittedly, the amount matured on 5.5.2003 and two years have elapsed. To avoid the obstacle of the limitation of Section 24A of the Consumer Protection Act, the complainant is requested to take legal advice for his relief and redress.

Vanishing act

I had deposited Rs 25,000 in Century Marine Venture Limited situated at 3D, Everest House (third floor), 46C, Jawaharlal Nehru Road, Calcutta 700071. The maturity value of the deposit certificates is Rs 26,609. I have deposited the certificates along with the maturity cheque to the company for payment but no action has been taken as yet. Can I get any relief under the Consumer Protection Act?

Suman Banerjee
Behind Saraju Hospital,
PO Bishnupur, Pin Code 722122

The company: No response.

The expert: It appears that the company has closed down its office at the above mentioned address. So, before taking any legal action, it is necessary to ascertain the status of the company and details thereof from the company affairs department at Nizam Palace, Calcutta. If it transpires that the company has gone into liquidation, then the complainant will have to stake his claim before the official liquidator to get back his money.

In a fix

We deposited our fixed deposit amount on its maturity at Morepen Laboratories Ltd so as to get back the principal amount along with interest. Despite several requests, we haven’t been paid as yet. What should we do now?

Mansukhlal R. Mehta & Manekchand Javerchand,
13 Noormal Lohia Lane, First floor, Calcutta 700007

The company: For payment of the fixed deposit amount on its maturity through instalments, we approached the Company Law Board (CLB). Satisfied with the scheme placed before it, the CLB accepted the scheme with a note that while repaying the deposit as per the scheme, “all individual deposits will be treated as such and shall not be clubbed if any depositors hold more than one deposit” for the purpose of arriving at the amount as fixed in the scheme.

In accordance with the said directive, we are making payments to the fixed deposit holders. In the present case, we have sent two cheques dated 5.8.2005 for Rs 4,000 favouring Mansukhlal R. Mehta and another dated 14.08.2005 for Rs 2,600 favouring Sanjay Kumar Mehta drawn on State Bank of Indore, New Delhi, to their respective addresses representing 20 per cent of the amount invested. The balance amount will be returned over the next three to four years as per the CLB order.

The expert: From the reply of the company, it appears that at the moment the company is sincere about complying with the order of the CLB and has started making payments to the fixed deposit holders in accordance with the order dated 19.08.2003. If the complainant has any grievances with regard to such payment of money in instalments, he can move the CLB. For information, the file number in which the order was passed before the CLB, Northern Region Bench, New Delhi is 25.03.2000-CLB.

All in vain

I deposited Rs 60,000 in a three-year fixed deposit scheme with M/s Modern Denim Ltd on 16.01.1996, which matured on 16.01.1999. Since then, I have received one instalment of Rs 6,000 i.e. 10 per cent of the principal amount as per the Company Law Board order of 7.9.1999. I have not received any further amount. In this regard, I have written several letters but in vain. Please suggest a way to get back my deposited amount with interest as per the contract.

Manoranjan Kanungo
Namjola, PO Tatanagar,
District: Singbhum (E), Pin Code 831002

The company: No response.

The expert: It appears from the complaint that the company is reluctant to comply with the scheme as framed by the Company Law Board. Thus, to get relief the complainant will have to approach the Law Board immediately with an application showing how the company has violated its order.

Waiting for the last instalment

I had deposited my fixed deposit receipt upon maturity at C.F.L. Capital Financial Services for getting back my principal amount with interest. As per the order of the Company Law Board, the company paid me a portion of my matured amount and that too in instalments. I am yet to receive the last instalment from the company. It has not paid up as yet. Would you please take up the matter with the company so that I may get back my remaining amount as soon as possible.

A.B. Mohanty, A-D/5 Aasha Complex, 93 Deshapran Shashmal Road, Calcutta 700033

The company: In connection with the complaint, we would like to inform you that the remaining amount will be paid to him as per the Company Law Board order dated 30.04.2004.

The expert: Going by the reply of the company, the complainant should be relieved to learn that the company will pay the remaining dues as per the order of the Company Law Board dated 30.04.2004. If the order is not complied with, then the complainant will have to move the Company Law Board for redress.