BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM
CACHAR :: SILCHAR
Con. Case No. 36 of 2012
Sri Jyotsnamoy Chakraborty, ……………..……………………… Complainant.
-V/S-
1. The Fund Manager, UTI Infrastructure Fund,
UTI Mutual Fund, UTI Towers, GN Block,
Bandra Kurla Complex, Bandra (E) Mumbai - 400051 O.P No.1.
2. M/S Karvy Computershare Pvt. Ltd.
Registrar and Transfer Agent for UTI Mutual Fund,
21, Avenue – 4, street No.1 Banjara Hills, Hyderabad-500034 O.P No.2.
3. The Chief Manager, UTI Office, Silcar,
N.N. Dutta Road, Silchar,
P.O.- Silchar-1, Dist- Cachar, Assam O.P No.3.
4. Smt. Uma Roy Choudhury (ARN-12480)
Broker/Dealer, UTI Office, Silchar,
N.N. Dutta Road, P.O- Silchar-1,
Dist- Cachar, Assam O.P.No.4.
Present: - Sri Bishnu Debnath, President,
District Consumer Forum,
Cachar, Silchar.
Mrs. Chandana Purkayastha, Member,
District Consumer Forum,
Cachar, Silchar.
Shri Kamal Kumar Sarda, Member,
District Consumer Forum,
Cachar, Silchar.
Appeared :- Nihar Ranjan Das, Advocate for the Complainant.
Debadatta Paul, Investors’ Relations Officer for the O.Ps.
Date of Evidence……………………….. 10-12-2012, 20-03-2015
Date of written argument……………… 27-06-2017
Date of oral argument………………….. 25-08-2017
Date of judgment……………………….. 08-09-2017
JUDGMENT AND ORDER
Sri Bishnu Debnath,
- Sri Jyotsnamoy Chakraborty, (the Complainant) brought the instant case against the Fund Manager UTI Infrastructure Mutual Fund, Mumbai, M/S Karvy Computershare Pvt. Ltd., Hyderabad, The chief Manager, UTI, Office, Silchar and Smti. Uma Roy Choudhury, the broker of UTI, Silchar for award of Compensation for deficiency of service in respect of the Investment of fund to UTI.
- He brought the following fact:-
The Complaint invested Rs.2,00,000/- in UTI infrastructure Advance Fund series - 1 Growth Plan being Policy No.560209708253 dated 17/12/2007. The investment was for 3 (three) years. After completion of above period on 14/01/2011, his invested amount of Rs.2,00,000/- reduced to Rs.1,70,000/-. But without the consent of the Complainant at the sweet will of the O.Ps on 14/01/2001 switched over the said balance amount of Rs.1,70,000/- to UTI infrastructure Fund Growth Plan and on 03/02/2012 send a cheque of Rs.1,36,647.25/- on request of redemption. From the statement attached with the cheque the Complainant came to know that on 14/01/2011 balance amount of Rs.1,70,000/- was switched over to UTI Infrastructure Fund Growth Plan. Accordingly, he suffer a loss of Rs.50,353.75/-. That is why the Complainant several times informed the O.Ps about the above facts and demanded compensation but the O.Ps did not compensate loss. Hence, served legal notice on 15/03/2012 but the O.P. did not reply. Therefore, he prayed for relief of award of compensation of loss of Rs.50,353.75/- with 16% interest per annum and further compensation of Rs.25,000/- for mental agony and cost of the proceeding.
- The O.P.No.1 to 3 in their joint W/S stated inter alia that the intention to switch over of the fund to UTI Infrastructure Fund Growth Plan was published in the newspaper and invited option from the investor and subsequently served notice to each investor for giving option but the Complainant did not send option. That is why the balance maturity amount of Rs.1,70,000/- has been switched over to UTI Infrastructure Fund Growth Plan.
- During hearing, the Complainant adduced evidence on oath and also exhibited as many as 9(Nine) documents. The O.P.NO.1 to 3 examined Sri. Debadutta Paul as D.W and exhibited Notice cum and addendum and notice of merger of UTI infrastructure Fund and other documents.
- Both the Ld. Advocate of the Complainant and the Ld. Advocate of the O.P.No.1 to 3 submitted written argument. The O.P.No.4 did not take part in hearing. Anyhow we have perused the evidence on record, the written argument and also heard the Ld. Advocate of the Complainant.
- In this case the fact of switch over the UTI Infrastructure Advance Fund Series-1 Growth Plan to UTI infrastructure Fund Growth Plan is admitted fact but the O.P. by adducing oral evidence of D.W and by exhibiting the notice cum addendums vide Ext.1 tried to established the fact that the matter of intention to switch over the fund and inviting option of the investor were published and personally served the notice to the investor vide Ext. B. They took plea that the Complainant did not give his option to the O.Ps. for which the amount has been switched over. But on careful perused of the Ext. B. we do not find any clue as whether the said letter was issued to the Complainant. Name of the Complainant and the balance amount of Rs.1,70,000/- to be invested to the UTI Infrastructure Fund Growth Plan were not available in the Ext.B That is why, in our considered view the complete information regarding switch over the balance amount to the UTI Infrastructure Fund Growth Plan were not send to the Complainant prior to switch over the invested amount.
- Hence, we find deficiency in service. The Complainant pleaded that due to switch over his investment he suffer monetary loss of Rs.50,353.75. The contesting O.P. denied the said plea. Nevertheless, we do not find any material in the record regarding calculation of the above mentioned amount of loss. Hence, the plea of the Complainant regarding the said amount is not accepted. However, considering all aspect, we are of opinion that including loss of switch over the investment and loss for disservice a lumpsum amount of Rs.50,000/- is a justified amount. Accordingly, applying our prudent mind Rs.50,000/- is awarded as compensation. So, the O.P.No. 1 to 4 are jointly and severally liable to pay compensation of Rs.50,000/- (Rupees Fifty thousand) only with pendente lite interest @ of 10% per annum with effect from the date of filing of this case till today. The O.Ps. are also both jointly and severally liable to pay cost of the proceeding of Rs.2,000/- (Rupees Two thousand) only to the Complainant. They are also directed to satisfy the award within 45 days from today. In default, further interest to be charged on aforesaid awarded amount @ 10% per annum.
With the above, this case is disposed of on contest. Supply free certified copy of the judgment to the parties. Given under the hand of the President and Members of this District Forum and seal of the Office of the District Forum on this the 8th day of September, 2017.
