Consumer Issues
Del Monte '10 Grapefruit' Claim is the Pits

Product labelling claims 64-ounce container has 10 grapefruit but our citrus test revealed only four would fit

 

Ten is a nice round number. It’s a decade, a bill, a strike in bowling, and the best place to start a countdown. Make no bones about it, we like 10.


We also like fruit. Del Monte sells fruit and makes the labeling claim that there are 10 grapefruit in its 64-ounce container of Sun Fresh Red Grapefruit. That’s a grapefruit for every 6.4 ounces but more importantly it’s 10(!), our darling digit. There is one problem, though: The 10 grapefruit claim is misleading — at best. In fact, if we were to put it on an accuracy scale of 1 to 10, we’d have to give it a 4.


TINA.org took a trip to the store this week in an effort to follow up on a tip about the issue from a reader. We checked out with the 64-ounce Del Monte container and 10 grapefruit.
 

Back at the office, we emptied out the contents of the jar and got to work peeling and segmenting the individual grapefruit, which we then dropped into the empty Del Monte container. After packing down the flesh of the fourth fruit, we could add no more. Six unpeeled grapefruit stood idly by.


The results of our citrus test closely mirrored those of a reader who said the Del Monte container could only hold five grapefruit when she put it to the test.


“Stating with emphasis and even highlighting the ‘Contains 10 Grapefruit!’ definitely seems to me to be false and misleading,” the reader wrote in an email. “I should have been getting one jar free with each one that I purchased.”
 

 

While the pieces of grapefruit we deposited into the empty container were less meaty (but larger) than the “dismembraned” Del Monte pieces we took out, the original Del Monte jar held at least a couple cups of water with the grapefruit pieces. So the area gained by the larger “membraned” slices we put in was in effect offset by the removal of the liquid.


The reader said she bought Del Monte because she considered 10 grapefruit for the cost a “fair price.” Indeed, at the Connecticut grocery store where we made our purchases, the big container went for $7.99 while the loose grapefruit cost $1 each. Presumably, that’s a savings of a couple bucks — a nice markdown for one item on a grocery list.


But employ our citrus test and the savings turn into a loss.


Click here for more of our coverage on fruit-related products.

 

Courtesy: TruthInAdvertising.org

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Micro Technologies to be wound up to repay depositors

Unable to pay its debts, the High Court had ordered that Micro Technologies deserves to be wound up and money refunded to depositors. However, small depositors are still finding it difficult to get their hard-earned money

 

The Bombay High Court has directed to wind up Micro Technologies Ltd to repay money to its depositors and lenders. However, despite filing affidavits to the liquidator’s office in Mumbai, several small depositors are yet to get a single penny back from the company or the liquidator. There is also no reply from officials of the Ministry of Corporate Affairs when small investors file multiple complaints asking their money. This has left small investors, who were lured with a higher yield for investing in Micro Technologies’ fixed deposit (FD) scheme, in the lurch.

 

Many companies, such as Micro Technologies, those belonging to the Yash Birla group – Zenith Birla (India) Ltd and Birla Power Solutions, Plethico Pharma and Ind Swift delayed the payment of interest and principal on their fixed deposits (FDs). Moneylife has written about Yash Birla group companies extensively. We received several complaints from depositors of Micro Technologies and decided to investigate.

 

Investors should have smelt something fishy when Micro Technologies started offering deposits with an interest yield of up to 14.89% in 2012. According to the company’s Annual Report 2013, the company took deposits worth Rs54 crore from investors as on 30 September 2013.

 

Micro Technologies, established itself in the software solutions space, providing security products, support systems and web-based software to its clients. The company website mentions that it won contracts for ‘Aadhaar’ and ‘City Surveillance’ projects. Further, it states that it provides security solutions to Navaratna public sector units (PSUs) as well as public sector banks.

 

The company, which sought capital from various sources, defaulted on almost all payments to not only small retail investors, but big lenders as well. After several complaints to Micro Technologies, 144 depositors filed complaints to the Company Law Board (CLB). The Bank of New York Mellon and Canara Bank also filed petitions in the High Court. After the hearings, it was ordered that Bombay High Court to be appointed as the Official Liquidator to take charge of the assets, properties and records of Micro Technologies and repay the lenders.

 

The big question is—what has Micro Technologies done with the huge deposits? On 20 July 2007, Micro Technologies made an offer to US-based banking company—The Bank of New York Mellon’s London Branch of $15 million 0.5% unsecured foreign currency convertible bonds (FCCBs) due 2012. As on October 2014, bonds with a principal amount in the aggregate sum of $12 million (Rs74.19 crore) are outstanding.

 

Similarly, in February 2012, commercial paper with a tenure of 178 days was issued to Canara Bank with a maturity value of Rs15 crore. The discounted value was around Rs14.11 crore at a rate of 13% per annum. The credit rating of the commercial papers was A1, granted by CARE Ltd. Micro Technologies filed to pay back Canara Bank. Canara Bank approached the court and on 12 June 2014, the Bombay High Court ordered that Micro Technologies should pay a sum of Rs15.91 crore and appointed a Provisional Liquidator. The equity shares of Micro Technologies were suspended for trading from 17 June 2014 based on the above court order.

 

However, pursuant to the order dated 12 June, 2014, and a notice under Rule 28 of Companies (Court) Rules, 1959 being served on Micro Technologies, it did not come forward to defend the Company Petition. On 8 October 2014, the Bombay High Court (Company Petition 190 of 2013) ruled that Micro Technologies is commercially insolvent, is unable to pay its debts and deserves to be wound up.

 

In reply to grievances received, the CLB mentions in its order that, “Deposit holders can approach the Official Liquidator, High Court of Bombay at 5th Floor, Bank of India Building, Mahatma Gandhi Road, Fort, Mumbai- 400 023 in respect of the recovery of their fixed-deposit amount and the accrued interest thereon if any payable to them, in accordance with law”.

 

NOTE:

Survey on Company Fixed Deposit (FD) Defaults

Based on scores of requests from senior citizens and others, Moneylife Foundation intends to take up the issue of non-payment of fixed deposits by companies with the Ministry of Corporate Affairs.
 
If you have invested in a company fixed deposit which has defaulted on interest or repayment, please complete this survey. Please share this survey with those who are facing similar issues.
 
Help us fight for better policies by taking this survey here Based on scores of requests from senior citizens and others, Moneylife Foundation intends to take up the issue of non-payment of fixed deposits by companies with the Ministry of Corporate Affairs.
 
If you have invested in a company fixed deposit which has defaulted on interest or repayment, please complete this survey. Please share this survey with those who are facing similar issues.
 
Help us fight for better policies by taking this survey. Here is the link
https://www.surveymonkey.com/r/Corporate_FDs

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COMMENTS

N.Hanumanta Rao

1 month ago

All the authorities and EOW and police must jump into action and arrest the Chairman,MD, and other Directors and attach all their assets both moveable and immoveable and put them for E-auctioned and whatever amount is realised to be distributed to all FD holders.

Phani Bhushan Athlur

1 month ago

Has anyone got their money back, yet?

R Sankara Narayanan

3 months ago

It is extremely disappointing to note, no update on the fate of refund of Fixed Deposit to the small investors. What should we all do now to speed up the process of settlement ? Official receiver was appointed three years back , but , no news yet on the progress??

N.Hanumanta Rao

4 months ago

The Government which claims as "people's government" should take up the case where senior citizens have invested in FD of their hard earned money for their survival in rainy days. I do not know whether I will get the money back during my life time. I am aged 67 years.

N.Hanumanta Rao

4 months ago

Thanks to Money Life. I bam 67 years and retired from a private company. I have serious health problems like Diabetes,B.P etc. I have no source of income. All my retirement funds were invested in Elder Pharma, Mumbai,, Plethico Pharma,Indore. I am in deep financial crisis and unable to even pay my medical bills. The worst part is even my family including my wife have deserted me. I am in a desolate and destitute condition. I am on the Street with a begging bowl in my old age. Please help. Please take up our pathetic condition to the notice of PM, FM,MCA, SEBI,RBI etc.

k.mohanarangam k.mohanarangam

1 year ago

thank you Moneny life for
the update

Valliappan Ramanathan

1 year ago

I AM ALSO ONE AMONG THE DEPOSITORS. I HAVE ALSO DEPOSITED A SUM OF RS.25000/- FOR A PERIOD OF ONE YEAR FROM 16.08.2012. AFTER A PROLONGED FIGHT ALSO THE DEPOSITORS WILL NOT GET EVEN A SINGLE PAISE FROM THE COMPANY. I HAVE ALSOREADY FILED A COMPANY WITH REGISTRAR OF CO MPANIES, MUMBAI. WE WILL FIGHT FOR GETTING THE REPAYMENT.

Pandurang Parab

1 year ago

Pl. keep on updating the latest news of FDs of micros .Mr.P.D.UTEKAR advocate is looking this issue for Bajaj capital . can you get some information from him.
thanks
parab

k.mohanarangam k.mohanarangam

1 year ago

as a last resort i can only rely on moneylife for any positive result
and hope moneylife will continue its crusade.

ss makhni

1 year ago

it is taking a long time to get some relief, that makes all the efforts a waste

k.mohanarangam k.mohanarangam

1 year ago

thanks moneylife for instant updates on microtechnologies
please keep it up.

k.mohanarangam k.mohanarangam

1 year ago

i am greately impressed by moneylif"s efforts to help gullible depositors like me

k.mohanarangam k.mohanarangam

1 year ago

i am greately impressed by moneylif"s efforts to help gullible depositors like me

Pandurang Parab

1 year ago

I am 70 years old citizen and deposited rs. 300000 on 11-7-2012 deposit l.f.no. 3946 in micro technologies ltd but till today I did not received any information from official liquidator HIGH COURT of Bombay office . I had submitted my details with them and also complaint through ADVOCATE P.D.UTEKAR.
Pl. help me
thanks

Sriram Ranganathan

1 year ago

If you read the judgement in the case, it is clear that no one has objected to the Official Liquidator's Report. Only an SFIO enquiry has been ordered. After almost 3 years of the event, what can SFIO find out now? So for us it seems a fruitless exercise meant to be a face saving exercise just to prove that the Directors were very honest guys and actually lost monies in business!!!! This appears fixed to investors like us.

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