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Sardar Sarovar Bonds: Dinsha Patel accuses SSNNL of cheating

Union Minister of State for Petroleum and Natural Gas Dinsha Patel has accused the Sardar Sarovar Narmada Nigam Ltd (SSNNL) of cheating people who had put their money in the 1993 Sardar Sarovar Bonds.

Written by Expressnewsservice | Ahmedabad |
December 5, 2008 1:49:14 am

Union Minister of State for Petroleum and Natural Gas Dinsha Patel has accused the Sardar Sarovar Narmada Nigam Ltd (SSNNL) of cheating people who had put their money in the 1993 Sardar Sarovar Bonds.

He said the bonds were to mature in 2014 and the investors were to get Rs 1,11,000 at that time, but the SSNNL is asking them to accept early redemption offer and get Rs 50,000 at the end of 15 years in January 2009.

In a statement on Thursday, Patel said that the notice

issued to investors tells them that they will be paid Rs 50,000 only when they sign on a prescribed form.

Raising question marks on the method of redemption, he said it was a case of cheating at the hands of a government-owned corporation.

“The Gujarat government provided relief to the Tatas to the tune of Rs 31,000 crore for 20 years. But it is reluctant to

redeem the common man’s investment,” he said.

He said this was a fit case of seeking judicial intervention for ensuring full repayment at the compounded rate of interest due by 15-year maturity.

He said if all legislators in the state were aware of this, they must come forward to help the people get their due money.

SSNNL bonds were issued in 1993 after the Gujarat government, under the late Chimanbhai Patel, turned down a World Bank assistance because of its harsh conditions.

Against the purchase of one bond at Rs 3,600 at that time, the state government had promised to redeem it after 20 years at Rs 1,11,000 per bond.

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