I provide excerpts of emails sent to the person-in-charge of FDs at Avon Corporation: With reference to Fixed Deposit no. C0039999 for Rs. 10,000 deposited with you on 28/07/2011, I have received a letter (and a FD certificate) intimating me that the fixed deposit has been auto-renewed to 28/06/2017 since the company is experiencing financial difficulties. I am astonished that you presume that you have my permission to auto-renew my fixed deposit without my permission. I have no intention of renewing or extending my fixed deposit and hence request you to return the principal amount since it was due on 28/07/2013. Pursuant to my conversation this morning the 6th of March, 2014 with Mr. Pandya of your company, I fail to see what a conversation with your General Manager will achieve. My fixed deposit (C0039999 ) with your company was for two years which elapsed on 28/07/2013. I did not receive any intimation then of either a renewal or redemption. That you hope to return to profitability within a year is of no consequence especially since you have chosen to auto-renew my FD till 2017. I am also aware that your company has come to the notice of Consumer Courts because of failure to discharge your fixed deposit obligations. Also, your company has been unprofitable for the last three quarters till Dec 2013 with declining sales of almost 100% in every quarter. Furthermore, your stock is not held by any registered mutual fund. Does that not point to lack of faith in your management? Furthermore, I have to point out that your financial statements for the last three quarters and last year’s financial statements are not listed on your website. How will your investors know the financial state of your company when you are not transparent about it? What is your turnaround strategy, if any? Where is the trust? Are investors to rely on financial analysts to discover your results? Also, there appears to be no truth in your claim that your accounts have been frozen by the Income Tax department. Where is that publicly listed as the cause of your current financial troubles?

I will need the following amount reimbursed : Rs. 13277. This is the cumulative amount for Rs. 10,000 compounded quarterly at 11.5 % per annum (8+2=10 quarters). As to any further damages for emotional distress caused, I will let the court/forum decide

Complainant Information
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