To,

1. Manager, Idbi Bank,

Idbi tower, Ground floor,

World Trade Centre Cuffe Parade,

Mumbai- 400005,

Maharashtra

2. Manager, Idbi Bank,

S.C.O 72-73

Sector 17-B, Bank Square

Chandigarh-160017

Sub: Legal Notice

Dear Sir,

Under Instructions from my client Mrs. Rajesh Gupta alias

Ranjna Goel Wife of Late Sh. Sushil Kumar Goel, resident of
House No. 925, Sector 79, SAS Nagar, Mohali, Punjab. I do
hereby serve you with this notice as under :-

1. That it was on 31st March 1992 that my client along with her

husband had purchased a Deep Discount Bond (Series I)

from your registered branch at Chandigarh. The registered

folio No. of the same is DD00822290, Certificate No.

00988768, Issue Price was Rs. 2700 and face value as

mentioned on the bond on the day of maturity i.e. March 31,

2017 is Rs. 1,00,000.

Copy of the same is hereby annexed as Annexure A-1

2. That by the said bond it was promised by your bank to pay a

sum of Rs. 1,00,000 upon the maturing date.

3. That it was on 4th April, 2017, that my client approached

your branch at Sector 17, Chandigarh for encashment of the

said bond as the maturity date of the same was due past. My

client was shocked to find out that your bank had already

invited a call option to all the investors by exercising its

option to redeem the bonds. Further, it was told to my client

that the call option was communicated to all the investors

(including my client) in the year 2002 through letters and

print media.

4. That your bank had further intimated my client that value of

the redemption amount in the year 2002 was Rs. 12,000 for

10 yrs as per the terms and conditions of the bond and at

present the amount of the said bond is around Rs. 20,000

i.e. Rs. 12,000 along with an interest at the rate of 6% per

annum.

5. That my client’s grievance is such that no notice was ever

received by my client either in the year 2002 or thereafter

from your bank therefore the abovesaid termination of the

bond without giving proper notice to my client is illegal in the

eyes of law. As such the termination is of no effect and the

bond is still existing between the parties. Therefore you are

liable to encash the said bond as per its maturing value i.e
 Rs. 1,00,000 alongwith with interest.

6. Till Date, my client has not received any satisfactory reply

from your bank regarding her bond encashment. She

approached all the officers working under your supervision

but to no satisfaction whatsoever. My client has chosen to

approach you as a last resort to take action at the earliest.

Please therefore take notice that you encash my clients

bond as per the face value i.e. Rs. 1,00,000 maturing on date

31st March, 2017 along with interest at the rate of 20% per

annum till the date of realization of the amount, failing which I

have Specific Instruction from my client to Proceed against you

for relief in Court holding Jurisdiction over matter both civil and

criminally and on that account you will be liable for all costs of

Litigation and damages and compensation.

Copy Kept for Neccesary Action.

ADITYA PRATAP SINGH

ADVOCATE
To
The Manager,
Idbi bank Branch S.C.O 72-73
Sector 17-B,
Bank Square
Chandigarh-160017

Sub: Complaint against Idbi bank Branch Sector 17, Chandigarh branch of
IDBI bank.
Sir,
Being aggrieved the complainant named herein has submitted a
complaint with the above referred bank. Details of the complaint are
as under:

1. NAME OF THE COMPLAINANT: Mrs. Rajesh Gupta alias Mrs.

Ranjna Goel

2. ADDRESS OF THE COMPLAINANT: House No. 925, Sector 79, Mohali

PIN CODE 140308
PHONE NO. 9888588899

3. COMPLAINT AGAINST: Idbi bank Branch S.C.O 72-73

Sector 17-B,
Bank Square
Chandigarh-160017
PHONE NO.…………………….
4. PARTICULARS OF BOND:
Deep discount Bond Series 1 with Registered Folio No. DD00822290
Dated 31/03/1992.

5. DETAILS OF THE COMPLAINT:

a) It was on 31st March 1992 that I along with my husband had

purchased a Deep Discount Bond (Series I) from registered IDBI Bank
branch at Chandigarh. The registered folio No. of the same is
DD00822290, Certificate No. 00988768, Issue Price was Rs. 2700 and
face value as mentioned on the bond on the day of maturity i.e. March
31, 2017 is Rs. 1,00,000. Copy of the same is hereby annexed as
Annexure A-1
b) That by the said bond it was promised by the said bank to pay a sum
of Rs. 1,00,000 upon the maturing date. It was on 4th April, 2017,
that I had approached the said branch at Sector 17, Chandigarh for
encashment of the said bond as the maturity date of the same was
 due past. I was shocked to find out that the said bank had already
invited a call option to all the investors by exercising its option to
redeem the bonds. Further, it was told to me that the call option was
communicated to all the investors (including my client) in the year
2002 through letters and print media. The bank had further intimated
me that value of the redemption amount in the year 2002 was Rs.
12,000 for 10 yrs as per the terms and conditions of the bond and at
present the amount of the said bond is around Rs. 20,000 i.e. Rs.
12,000 along with saving account interest.
c) My grievance is such that no notice was ever received by my client
either in the year 2002 or thereafter from your bank. On 26th October
1992, I had written to the bank a letter requesting change of address
from House No. 1350, Sector 20/B, Chandigarh to House No. 8, Goel
Niwas, Tubewell Colony, Mahesh Nagar, Ambala Cantt. Copy of the
letter and the UPC receipt of the same is Annexed as Annexure A-2
and Annexure A-3 Again on 12th January, 1993 I had again written a
letter in continuance to my earlier request for change of address. The
Copy of the same is Annexure A-4. Despite my utmost sincere effort
no steps were taken by the bank to change my address of
correspondence.
d) Thereafter, On 20th of May, 2018, I had served legal notice upon the
respondent Bank mentioning my grievances and praying for relief. The
copy of the same is annexed as Annexure A-5. In their reply
(Annexure A-6), I was shocked to find out that they had sent the
notice regarding the call option, as exercised by them in the year
2002, on the address that was mentioned as “House No. 1350, Sector
20-B, Chandigarh”. Clearly they had not changed my address of
correspondence in their records despite my repeated request as
mentioned earlier. By their own admission this proves that the notice
could not have reached me as I was not residing in the said address at
the time of service of notice.
e) Therefore the abovesaid termination of the bond without giving proper
notice to me is illegal in the eyes of law. As such the termination is of
no effect and the bond is still existing between the parties. Therefore
the bank is liable to encash the said bond as per its maturing value i.e
Rs. 1,00,000 alongwith with interest.