tag:blogger.com,1999:blog-2734789417055436988.post6160525649105829407..comments2023-09-21T02:56:21.687-07:00Comments on Sardar Sarover Narmada Nigam Ltd. (SSNL) Deep discount Bonds (DDB) : Latest as on June 26 2013 -- SAROVER NIGAM BOND CASE HEARINGmehttp://www.blogger.com/profile/00503916149724817331noreply@blogger.comBlogger353125tag:blogger.com,1999:blog-2734789417055436988.post-71803392494047106302016-02-29T22:45:46.046-08:002016-02-29T22:45:46.046-08:00Brief note on Sardar Sarovar Bond:
The Gujarat Hi...Brief note on Sardar Sarovar Bond:<br /><br />The Gujarat High Court has stayed its judgment of January 15 for a period <br /><br />of eight weeks giving time to the Gujarat state and Sardar Sarovar Nigam <br /><br />Ltd (SSNL) to appeal against the judgment in the Supreme Court.<br /><br />On January 15, the HC said that it was beyond the legal jurisdiction of the <br /><br />state legislature in conferring the right to SSNL for lowering the committed <br /><br />rate of interest and seeking premature redemption of a deep discount bond <br /><br />issue. dna was the first to report on the judgment that termed the state-<br /><br />legislature enactment “ultra-vires” on January 21 before the copy was <br /><br />made available on public domain 10 days later.<br /><br />After the pronouncement of the order an oral plea was made by the <br /><br />Advocate General and senior counsel, Mihir Joshi, requesting the operation <br /><br />of judgment to be stayed for some time so as to enable the Gujarat <br /><br />government and SSNL to approach the higher forum. The requested was <br /><br />granted on the same day of the judgment.<br /><br />A detailed understanding of the order released on the public domain now <br /><br />reveals only investors who have accepted the redemption amount under <br /><br />protest and subsequently filed the petition before the HC can now approach <br /><br />the civil court for recovery.<br /><br />The case dates back to SSNL's Rs 250-crore IPO through 20-year deep <br /><br />discount bonds in November 1993. The money was raised to fund the <br /><br />Sardar Sarovar dam project. The bonds were backed by a state guarantee <br /><br />and priced at Rs 3,600 with redemption value of Rs 1.11 lakh at the end of <br /><br />the tenure. For the company, the outflow at the end of the 20-year tenure <br /><br />was estimated at Rs 7,500 crore but it subsequently changed the terms of <br /><br />agreement and forced early redemption at lower rates. With premature <br /><br />redemption, the outflow stood reduced to Rs 4,500 crore, said a legal <br /><br />expert.<br /><br />The recourse to approach the civil court was also not available to investors <br /><br />because of the state enactment that empowered SSNL in March 2008 to do <br /><br />so.<br /><br />SSNL subsequently redeemed the bonds prematurely in 2009 at Rs 50,000 <br /><br />when the secondary market rates on the bourses were above Rs 60,000.<br /><br />Speaking to dna, advocate Masoom Shah, who represented the <br /><br />Maharashtra State Electricity Contributory Provident Fund case through <br /><br />Little & Co, said: “The HC has struck down the SSNL Act but at the same <br /><br />time it has given the remedy to file a civil suit to only limited investors who <br /><br />had protested and approached the court later. The HC has not given the <br /><br />same remedy to the remaining investors for recovery. Aggrieved investors <br /><br />will now need to approach the Supreme Court.”<br /><br />Many investors have cried foul over SSNL's high-handedness in not only <br /><br />redeeming the bonds prematurely at lower-than-committed interest rates <br /><br />but also refraining them from approaching the civil court after the state-<br /><br />legislature enactment took away this right.<br /><br />“The bonds from my demat account one fine day just vanished without my <br /><br />consent and an amount of Rs 50,000 per bond was credited directly into <br /><br />the account by SSNL. So where is the question of protest,” said an <br /><br />aggrieved investor who planned to approach the Supreme Court along with <br /><br />several other small investors.<br />Hindu Dilip Kumar Agrawalhttps://www.blogger.com/profile/16183329018615540993noreply@blogger.comtag:blogger.com,1999:blog-2734789417055436988.post-79537032675510226022016-02-29T22:44:19.604-08:002016-02-29T22:44:19.604-08:00Brief note on Sardar Sarovar Bond:
The Gujarat Hi...Brief note on Sardar Sarovar Bond:<br /><br />The Gujarat High Court has stayed its judgment of January 15 for a period <br /><br />of eight weeks giving time to the Gujarat state and Sardar Sarovar Nigam <br /><br />Ltd (SSNL) to appeal against the judgment in the Supreme Court.<br /><br />On January 15, the HC said that it was beyond the legal jurisdiction of the <br /><br />state legislature in conferring the right to SSNL for lowering the committed <br /><br />rate of interest and seeking premature redemption of a deep discount bond <br /><br />issue. dna was the first to report on the judgment that termed the state-<br /><br />legislature enactment “ultra-vires” on January 21 before the copy was <br /><br />made available on public domain 10 days later.<br /><br />After the pronouncement of the order an oral plea was made by the <br /><br />Advocate General and senior counsel, Mihir Joshi, requesting the operation <br /><br />of judgment to be stayed for some time so as to enable the Gujarat <br /><br />government and SSNL to approach the higher forum. The requested was <br /><br />granted on the same day of the judgment.<br /><br />A detailed understanding of the order released on the public domain now <br /><br />reveals only investors who have accepted the redemption amount under <br /><br />protest and subsequently filed the petition before the HC can now approach <br /><br />the civil court for recovery.<br /><br />The case dates back to SSNL's Rs 250-crore IPO through 20-year deep <br /><br />discount bonds in November 1993. The money was raised to fund the <br /><br />Sardar Sarovar dam project. The bonds were backed by a state guarantee <br /><br />and priced at Rs 3,600 with redemption value of Rs 1.11 lakh at the end of <br /><br />the tenure. For the company, the outflow at the end of the 20-year tenure <br /><br />was estimated at Rs 7,500 crore but it subsequently changed the terms of <br /><br />agreement and forced early redemption at lower rates. With premature <br /><br />redemption, the outflow stood reduced to Rs 4,500 crore, said a legal <br /><br />expert.<br /><br />The recourse to approach the civil court was also not available to investors <br /><br />because of the state enactment that empowered SSNL in March 2008 to do <br /><br />so.<br /><br />SSNL subsequently redeemed the bonds prematurely in 2009 at Rs 50,000 <br /><br />when the secondary market rates on the bourses were above Rs 60,000.<br /><br />Speaking to dna, advocate Masoom Shah, who represented the <br /><br />Maharashtra State Electricity Contributory Provident Fund case through <br /><br />Little & Co, said: “The HC has struck down the SSNL Act but at the same <br /><br />time it has given the remedy to file a civil suit to only limited investors who <br /><br />had protested and approached the court later. The HC has not given the <br /><br />same remedy to the remaining investors for recovery. Aggrieved investors <br /><br />will now need to approach the Supreme Court.”<br /><br />Many investors have cried foul over SSNL's high-handedness in not only <br /><br />redeeming the bonds prematurely at lower-than-committed interest rates <br /><br />but also refraining them from approaching the civil court after the state-<br /><br />legislature enactment took away this right.<br /><br />“The bonds from my demat account one fine day just vanished without my <br /><br />consent and an amount of Rs 50,000 per bond was credited directly into <br /><br />the account by SSNL. So where is the question of protest,” said an <br /><br />aggrieved investor who planned to approach the Supreme Court along with <br /><br />several other small investors.Hindu Dilip Kumar Agrawalhttps://www.blogger.com/profile/16183329018615540993noreply@blogger.comtag:blogger.com,1999:blog-2734789417055436988.post-31402844446792320062016-02-28T05:57:52.937-08:002016-02-28T05:57:52.937-08:00Please send me the updates to email bgktobacco@gm...Please send me the updates to email bgktobacco@gmail.com nagendra guptahttps://www.blogger.com/profile/10201953480477520124noreply@blogger.comtag:blogger.com,1999:blog-2734789417055436988.post-5584315387606392042016-02-18T21:28:02.532-08:002016-02-18T21:28:02.532-08:00I'm holding 2 units of SSNNL Deep Discount bon...I'm holding 2 units of SSNNL Deep Discount bonds. Please tell me the process of claiming. my mail id is kcswami.57@gmail.comAnonymoushttps://www.blogger.com/profile/07478552930231437016noreply@blogger.comtag:blogger.com,1999:blog-2734789417055436988.post-70841871481259907732016-02-18T21:23:57.264-08:002016-02-18T21:23:57.264-08:00I'm holding 1 units of SSNNL Deep Discount bon...I'm holding 1 units of SSNNL Deep Discount bonds. Please tell me the process of claiming. my mail id is kcswami.57@gmail.comAnonymoushttps://www.blogger.com/profile/07478552930231437016noreply@blogger.comtag:blogger.com,1999:blog-2734789417055436988.post-26205509550200933772016-02-03T08:33:48.346-08:002016-02-03T08:33:48.346-08:00Can Gujarat Govt appeal in Supreme Court if yes th...Can Gujarat Govt appeal in Supreme Court if yes then again it will takes years ?? Basis of HC decision can we get full amount? Anonymoushttps://www.blogger.com/profile/13059921503044901726noreply@blogger.comtag:blogger.com,1999:blog-2734789417055436988.post-9522276066627998572016-01-31T05:46:22.487-08:002016-01-31T05:46:22.487-08:00Actually I have redeemed my bonds in 2015 i.e aft...Actually I have redeemed my bonds in 2015 i.e after redemption date. I received only Rs.50,000 per bond instead of Rs.1,11,000. That was sheer cheating on SSNNL,s part. Lets hope this decision brings cheers to Bondholders. Check CNBC Awaz site for 16-18 Jan,2016. There was news on CNBC Awaz. I saw the news.Anonymoushttps://www.blogger.com/profile/10399211720551523512noreply@blogger.comtag:blogger.com,1999:blog-2734789417055436988.post-149085087224872552016-01-28T23:49:08.825-08:002016-01-28T23:49:08.825-08:00I have mailed to registrar M/s MCS Ltd. ssnnl2008@...I have mailed to registrar M/s MCS Ltd. ssnnl2008@gmail.com and reminded about decision taken by court, but no reply recd. yet and phone no. 079 26582878 is responding. moreover details are not laid by Gujrat High-court, it takes time nearly 15-20 days.<br />Hindu Dilip Kumar Agrawalhttps://www.blogger.com/profile/16183329018615540993noreply@blogger.comtag:blogger.com,1999:blog-2734789417055436988.post-47343604958620825582016-01-28T23:39:16.595-08:002016-01-28T23:39:16.595-08:00I have mailed to registrar M/s MCS Ltd. ssnnl2008@...I have mailed to registrar M/s MCS Ltd. ssnnl2008@gmail.com and reminded about decision taken by court, but no reply recd. yet and phone no. 079 26582878 is responding. moreover details are not laid by Gujrat High-court, it takes time nearly 15-20 days.<br />Hindu Dilip Kumar Agrawalhttps://www.blogger.com/profile/16183329018615540993noreply@blogger.comtag:blogger.com,1999:blog-2734789417055436988.post-76689366928456440022016-01-28T23:31:12.639-08:002016-01-28T23:31:12.639-08:00There was a news on CNBC Awaz on 16/17 Jan.2016 th...There was a news on CNBC Awaz on 16/17 Jan.2016 that Gujarat Govt has lost the case and Gujrat HC has ordered SSNNL to pay full 19 % Intt to Bondholders who redeemed after 2008. So all those who redeemed after due date i.e Jan 2014 will get full Rs.1,11,000. Please check thia on CNBC Awaz page and confirm. Still nothing available on net. Somebody please confirm.Anonymoushttps://www.blogger.com/profile/10399211720551523512noreply@blogger.comtag:blogger.com,1999:blog-2734789417055436988.post-86483886363898808662016-01-28T23:29:12.697-08:002016-01-28T23:29:12.697-08:00There was a news on CNBC Awaz on 16/17 Jan.2016 th...There was a news on CNBC Awaz on 16/17 Jan.2016 that Gujarat Govt has lost the case and Gujrat HC has ordered SSNNL to pay full 19 % Intt to Bondholders who redeemed after 2008. So all those who redeemed after due date i.e Jan 2014 will get full Rs.1,11,000. Please check thia on CNBC Awaz page and confirm. Still nothing available on net. Somebody please confirm.Anonymoushttps://www.blogger.com/profile/10399211720551523512noreply@blogger.comtag:blogger.com,1999:blog-2734789417055436988.post-13867642358799373372015-09-25T08:00:38.262-07:002015-09-25T08:00:38.262-07:00Thanks for update on sssnl bonds,I'm also bond...Thanks for update on sssnl bonds,I'm also bond holder,Please update me on the latest court proceeding at the mail id - prasi.rules@gmail.com<br /><br />Prasanth<br /> Anonymoushttps://www.blogger.com/profile/15256836097760422659noreply@blogger.comtag:blogger.com,1999:blog-2734789417055436988.post-59438940976925430462015-09-20T22:07:55.303-07:002015-09-20T22:07:55.303-07:00please read the process here http://sardarsarovern...please read the process here http://sardarsarovernigamdeepdiscountbond.blogspot.in/2015/09/redeem-sardar-sarovar-nigam-deep.htmlmehttps://www.blogger.com/profile/00503916149724817331noreply@blogger.comtag:blogger.com,1999:blog-2734789417055436988.post-27382786132652617812015-09-20T22:07:18.151-07:002015-09-20T22:07:18.151-07:00please read the process here http://sardarsarovern...please read the process here http://sardarsarovernigamdeepdiscountbond.blogspot.in/2015/09/redeem-sardar-sarovar-nigam-deep.htmlmehttps://www.blogger.com/profile/00503916149724817331noreply@blogger.comtag:blogger.com,1999:blog-2734789417055436988.post-11888684862103089772015-09-20T22:06:49.658-07:002015-09-20T22:06:49.658-07:00please read the process here http://sardarsarovern...please read the process here http://sardarsarovernigamdeepdiscountbond.blogspot.in/2015/09/redeem-sardar-sarovar-nigam-deep.htmlmehttps://www.blogger.com/profile/00503916149724817331noreply@blogger.comtag:blogger.com,1999:blog-2734789417055436988.post-84313515492320200492015-09-20T22:06:31.610-07:002015-09-20T22:06:31.610-07:00please read the process here http://sardarsarovern...please read the process here http://sardarsarovernigamdeepdiscountbond.blogspot.in/2015/09/redeem-sardar-sarovar-nigam-deep.htmlmehttps://www.blogger.com/profile/00503916149724817331noreply@blogger.comtag:blogger.com,1999:blog-2734789417055436988.post-44766910494943708102015-09-20T22:06:15.839-07:002015-09-20T22:06:15.839-07:00please read the process here http://sardarsarovern...please read the process here http://sardarsarovernigamdeepdiscountbond.blogspot.in/2015/09/redeem-sardar-sarovar-nigam-deep.htmlmehttps://www.blogger.com/profile/00503916149724817331noreply@blogger.comtag:blogger.com,1999:blog-2734789417055436988.post-22422033051643219592015-08-28T02:33:13.414-07:002015-08-28T02:33:13.414-07:00dear Sir
I am also holding one DDBond . Kindly inf...dear Sir<br />I am also holding one DDBond . Kindly inform me about the latest information about the same to me thru my email id vij72reddy@rediffmail.comREFLECTIONShttps://www.blogger.com/profile/12674907721106193608noreply@blogger.comtag:blogger.com,1999:blog-2734789417055436988.post-40869756470205792792015-04-17T02:49:45.602-07:002015-04-17T02:49:45.602-07:00Dear Sir
I have One Deep Discount Bond Certificate...Dear Sir<br />I have One Deep Discount Bond Certificate issued by SSNNL, which is due for Redemption on 20/1/2014. I did not receive any notice for Pre-mature redemption and came to know about it today when I was searching for Application Format for Redemption. Pl. advise me should I hold it or apply for redemption. I will get only Rs.50,000/- Pl. include me in your Mailing List and update me on the status of the case. My e-mail ID is as under:<br />sutariyakalpesh@gmail.com<br /><br />Thanks and regards<br />Kalpesh Sutariya, Mobile 9909287798Anonymoushttps://www.blogger.com/profile/14555014826271755774noreply@blogger.comtag:blogger.com,1999:blog-2734789417055436988.post-52039907911903194262015-01-15T08:27:15.355-08:002015-01-15T08:27:15.355-08:00First of all, i would like to thank you for a deta...First of all, i would like to thank you for a detail information on the past and ongoing status. Also, i would like to know the redemption / process to claim. Thank you very much, you have done a great work, by informing us about the status. Kindly keep me also posted regarding any information, My e-mail : ahsadpf@gmail.comAnonymoushttps://www.blogger.com/profile/04363222506543286769noreply@blogger.comtag:blogger.com,1999:blog-2734789417055436988.post-23403637277315634582015-01-07T04:02:40.873-08:002015-01-07T04:02:40.873-08:00maliksps@yahoo.co.inmaliksps@yahoo.co.inAnonymoushttps://www.blogger.com/profile/09679700273002489342noreply@blogger.comtag:blogger.com,1999:blog-2734789417055436988.post-28658530596551519042014-12-19T04:52:21.685-08:002014-12-19T04:52:21.685-08:00please send me the details, how to redeem my amoun...please send me the details, how to redeem my amount from the matured DDB of SSNNL. please send me details on rrsharma532@gmail.com. ThanksSharmahttps://www.blogger.com/profile/17916246245695644155noreply@blogger.comtag:blogger.com,1999:blog-2734789417055436988.post-50952130396617618392014-12-02T05:24:03.239-08:002014-12-02T05:24:03.239-08:00sir i m a holder and the time of my bond is comple...sir i m a holder and the time of my bond is completed i have done for 20 years sir how i process for taking the money. email id-chauhan051993@gmail.com and the no. is 9810103984Anonymoushttps://www.blogger.com/profile/11010105442933328548noreply@blogger.comtag:blogger.com,1999:blog-2734789417055436988.post-12890042926011560202014-11-25T03:43:26.037-08:002014-11-25T03:43:26.037-08:00latest update i found on ther website
The Writ Pet...latest update i found on ther website<br />The Writ Petition pending before the Hon'ble Supreme Court is titled 'HOTEL JANPATH EMPLOYEES P.F.TRUST Vs. UNION OF INDIA & ORS. - Writ Petition (Civil) No. 4 of 2009' hihttps://www.blogger.com/profile/16156832142567540447noreply@blogger.comtag:blogger.com,1999:blog-2734789417055436988.post-40930841124219965242014-11-12T23:47:01.860-08:002014-11-12T23:47:01.860-08:00Anybody has got latest news regarding case hearing...Anybody has got latest news regarding case hearing !!!!Anonymoushttps://www.blogger.com/profile/08337772906071875276noreply@blogger.com