NCDs
valentine thakkar
(Querist) 12 January 2011
This query is : Open
NCDs purchased in 2003. Co. got the order from Bombay HC for Scheme of Arrangement under Cos. Act. The holder of the NCD contents that he was not covered by the scheme because he had sent Demand Note prior to Co. going into litigation. Trustees holding the money as custodians and no further agreement singed for extension although the Co. had come up with a request for renewal as facing financial crunch at that time. Consent form not signed. The holder moved Dist. Consumer Forum which passed order fixing liability but directed to contact the Special Committee which was non-existent. The holder preferred appeal in State Commission. Case pending since one year. Please advise whether the holder would succeed or not.Or should he go to National Commission in case of defeat?
