Farm Enterprises Pref Shares- Automatic Redemption ?- Message Received

My farm enterprises got automatically exercised from my icicidirect account!! They were recently transferred to ICICI. On asking the icici officials said that the 12% pref shares were to be automatically redeemed at 275 /share as I had not exercised the option. Is it so? I am not sure if this should have been automatically exercised without my consent.

 Please guide what should I do.

 Regards,

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http://www.rareindianshares.info/2009/12/farm-enterprises-limited.html