IL&FS Milestone-1 Fund
Refusing to refund invested amoiunt on expiry of term

I invested 10 lakhs in IL&FS Milestone -1 Fund in 2006. The fund was launched in 2007 after they got their required capital from investors. Since then it is now over three years and I have been told that the Board of Directors have decided to increase the tenure of the funds by 2 more years. They have not consulted me, a shareholder in this decision. They have been giving dividends of less than 4% per annum and even this is fluctuating with the market conditions. IUnder the circumstances and the current economic situation in India, I wish to withdraw my funds from IL^FS and deposit these in an FD which is giving me 10% (0.5 percent for being a senior citizen). I am told by CAMS - the agents of this fund, that I cannot withdraw any amount from the fund and it is locked in for the tenure decided by the IL&FS board members. What this means is that they have taken my money and are squandering it on unreasonable business ventures and I have no control on them of any kind. There must some law in India against this type of misrepresentation and misuse of investor's funds.

Kindly advice what action I can take to recover my investment from the IL&FS Milestone-1 fund.

Thanks,

Suresh Doraiswamy

Company: IL&FS Milestone-1 Fund
Country: India
State: Maharashtra
City: Mumbai City

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