LATEST UPDATE HERE: http://sardarsarovernigamdeepdiscountbond.blogspot.in/2016/03/latest-update-jan-2016.html
SOME OF YOU WERE ASKING ME HOW TO REDEEM AMOUNT FROM THE BOND. I WAITED , WAITED FOR LONG TIME AND THIS COURT CASE IS TAKING LONGER TIME. AND I DONT' KNOW WHETHER IT WILL BE UNDER WHOSE FAVOUR. RIGHT NOW THERE'S NO NEWS ON THAT. HENCE, I DECIDED TO REDEEM THE BOND AND GET 50,000/- MONEY ONLY. MY FATHER HAD INVESTED EARLIER AND NOW MY FATHER TOLD TO REDEEM WHATEVER AMOUNT WE ARE GETTING INSTEAD OF NOTHING. HENCE , TO HELP YOU ALL WHOEVER WANT 50,000/- RS I THOUGHT OF TELLING YOU THE PROCEDURE. DETAILS ARE BELOW.. IF YOU HAVE ANY QUESTIONS ASK.
I HAVE GIVEN THE FORM WHICH YOU CAN DOWNLOAD, PRINT AND FILL AND ATTACH BELOW MENTIONED DOCUMENTS.
Please note that the scheme is under redemption w.e.f.10/01/2009 i.e. at the end of 15 years with redemption amount of Rs.50000/- per bond certificate, instead of 20 years.
SEND BELOW SAID DOCUMENTS ONLY BY INDIAN POSTAL OFFICE BY REGISTERED POST.
List of documents to be sent to Office:
1) Please send original Bond certificate /s of face value of Rs.3600/- OR Letter of Allotment duly discharged by all bond holders on the back side of the certificate. Sign at the back side of bond.
2) PAN card and bank details of 1st bond holder.(Please note that copy of pan card no.of 1st bond holder is compulsory.)
If you don't submit PAN Card:
20 % tax will be deducted .
If you submit copy of pan card no. and Form No.15 G, tax will not be deducted subject to the holding up to 4 DDB Bonds under one folio. If you are holding more then 4 bonds under one folio, Form No.15 G will not be applicable and 10 % tax will be deducted, subject to submission of copy of pan card no.
3) Form No.15 G in duplicate copy as amended (new) from 01/04/2013 for redemption.
4) Attach xerox copy of passbook and cancelled cheque. Take your bank cheque..write on that cheque as CANCELLED and cross mark on the check.
5) some of bondholders were staying in some location and now they are staying in different location. such cases, If you are address is changed or you would like cheque to send to new address, you need to attach address proof xerox copies like aadhar card.etc.
Redemption amount is Rs.50000/- per bond certificate, subject to deduction of tax. After receipt of documents fro redemption, redemption warrant will be sent to you in physical form at your address within one month.
Please send all documents only at MCS Limited, 101, Shatdal Complex, Opp. Bata Show Room, Ashram Road, Ahmedabad – 380 009.
If there is any change in your address, please attached address proof. Please upload procedures and forms from our website www.mcsdel.com.
DOWNLOAD THE FORM HERE https://drive.google.com/file/d/0B0ciAH6Lo_4aU2VoU0JCZnBER28/view?usp=sharing
THanks for sharing the valueable information but the URL to download form is not working. Please post the correct URL once again.
ReplyDeleteThis comment has been removed by the author.
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Deleteyou are welcome.
ReplyDeletehere it is:
http://www.sardarsarovardam.org/document/performa.pdf
Thank you :)
DeleteAfter sending the document does any body gets the amount?
ReplyDeleteplease give contact number
ReplyDeleteyes Vivek. I got.
ReplyDeleteYes I have got my money in 25 working days.
ReplyDelete8687312233
Hello Rahul Gupta
ReplyDeleteAfter 25 days how much did you get cheque for 50,000 or 1,00,000
http://wap.business-standard.com/article/pti-stories/act-allowing-premature-redemption-of-ssnnl-bonds-illegal-hc-116011501302_1.html
ReplyDeleteAny idea on which Civil court (Gujarat or Maharashtra -Mumbai where residing) should investor who has already redeemed should approach to collect loss incurred due to this Act ?
ReplyDeleteThere was a news on CNBC awaz few days back that Gujrat Govt has lost the case and Gujrat High Court has instructed SSNNL to give full 19% interest on Bonds to Bondholders who have redeemed after 2008 till date of redemption. So cheers ...bondholders who redeemed after 2014 will get full amount Rs.1,11,000 less Rs.50,000 if you redeemed after due date. Somebody please confirm this. No news on net
ReplyDeleteSomebody please confirm. Even I saw news on CNBC Awaz on 16/17 Jan. 2016 about SSNNL to pay full 19% to Bondholders.Anybody can check.
ReplyDeleteSomebody please confirm. Even I saw news on CNBC Awaz on 16/17 Jan. 2016 about SSNNL to pay full 19% to Bondholders.Anybody can check.
ReplyDeleteAct allowing premature redemption of SSNNL bonds illegal: HC
ReplyDeleteIn a setback to the Gujarat government, the high court today ruled that an act passed by the state assembly in 2008 to empower Sardar Sarovar Narmada Nigam Ltd (SSNNL) to redeem its bonds before maturity was illegal.
A bench of acting Chief Justice Jayant Patel and Justice N V Anjaria termed the SSNNL (Conferment of Power to Redeem Bonds) Act, passed in March 2008, as "ultra-vires" and "void".
However, the court also said that its order would come into effect after two months.
The court further directed the petitioners as well as investors, who have already redeemed their bonds, to approach the civil court to collect the amount of loss they have incurred due to the Act.
The matter had reached the high courts of Gujarat, Maharashtra and Karnataka after the Gujarat government passed the Act in March 2008, which empowered SSNNL, a government company, to redeem the deep discount bonds (DDB) issued to investors before maturity, which was ending in January 2014.
These bonds were issued in 1994 to raise funds for the Sardar Sarovar project, comprising the dam and canal network. Through these bonds, which had a 20-year tenure, government raised Rs 257 crore in 1994.
The bonds offered a lucrative 18.9 per cent interest. Thus, total amount payable to investors against each bond of Rs 3,600 came to Rs 1.11 lakh in 2014.
However, the new Act empowered the government to terminate the bonds prematurely by making a payment of Rs 50,000 per bond in 2009. Thus, investors suffered a loss of Rs 61,000 per bond. As per the rough estimate, around 4.1 lakh people across India had invested in these bonds.
With this premature termination, Gujarat government aimed at saving around Rs 4,500 crore, as the final figure would have been Rs 7,000 crore at the end of maturity in 2014, as argued in the court by the lawyers of petitioners.
As several cases were filed in various high courts
over the years by investors and subsequently reached the Supreme Court in December 2013, the apex court clubbed all the cases and transferred them to Gujarat High Court for a combined hearing.
During the arguments here, investors, who became petitioner, stated that framing such Acts is the prerogative of the Parliament, not of state Assembly, as it falls in the purview of Company Laws and Acts related to Security and Exchange Board of India (SEBI).
Petitioners further stated that the bonds were issued across India and investors from across the country have invested their hard-earned money in the bonds.
It is also argued that the government became a guarantor in these bond scheme and there was no clause in the prospectors about premature termination.
In its defence, Gujarat government through Advocate General Kamal Trivedi argued that the Act related to bonds falls into the category of 'Public Debt' and hence the state government can frame laws regarding it.
Countering these arguments, investors' lawyers stated that SSNNL is a company and its debt does not fall into the category of 'state debt'.
Thanks. latest details here http://sardarsarovernigamdeepdiscountbond.blogspot.in/2016/03/latest-update-jan-2016.html
DeleteGujarat Govt and SSSNL have appealed to SC against HC order of JAN 2016. So again will have to wait..... http://www.livemint.com/Politics/qlgvdr80FJ3IOhcfJEzsRO/Supreme-Court-admits-appeal-against-Gujarat-HC-ruling-on-Sar.html
ReplyDeleteDid anyone get the money? How many does it take?
ReplyDeleteI would love to know if you received that 50,000 rupees per bond at least. If you haven't received that, there's a chance that I won't receive it either. Please reply.
ReplyDeleteCan anybody guide,I have receipt of SSNNL deep discount bonds,but original bond is not traceable,how to get duplicate & then claim amt.email I'd razdan_1955@yahoo.co.in.mob no 9419277025
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