In  the  Court  of  the

Consumer Disputes Redressal Forum, Unit -I, Kolkata,

8B, Nelie Sengupta Sarani, Kolkata-700087.

CDF/Unit-I/Case No.   169 / 2010.

1)                   Sri Pradip Kumar Majumdar,

2, Mohunbagan Lane, Kolkata-700004.                                       ---------- Complainant

---Versus---

1)                   ING Investment (India) Pvt. Ltd. (Optimix),

Registered office- 601/602, WINDSOR, Off CST Road,

Kalina, Santacruze, Mumbai-400098.

And also having office at

Sukhsagar Estate, A/Ag, 2/5, Sarat Bose Road, Kol-20.

2)                   Standard Chartered Bank,

44, Chowringee Road, Kolkata-700007.                                      ---------- Opposite Parties

Present :           Sri Sankar Nath Das, President.

                        Dr. A. B. Chakraborty, Member

Order No.  1 7     Dated  3 0 / 0 1 / 2 0 1 2 .

               The petition of complaint u/s 12 of the C.P. Act, 1986 has been filed by Pradip Kr. Mazumdar against the o.p. ING Investment Management (India) Pvt. Ltd. (Optimix) and another. The case of the complainant in short is that o.p. no.1 having advantage of he complainant’s trust unilaterally without informing the complainant redeemed securities invested by the complainant on 3.3.09 ignoring the (Securities and Exchange Board of India) SEBI’s circular dt.27.2.09 inflicting loss of Rs.6,36,112.87 of the complainant and o.p. wrongly levied management fee of Rs.31,607.84 and service tax of Rs.3903.57 and this has caused profuse loss to the complainant and complainant has stated that this is clear case of deficiency on the part of the o.p and complainant had to incur huge loss and being allured by o.p. no.1, complainant was compelled to approach o.p. for availing necessary service from the o.p. by investing IIM OptiMix Priority Aggressive, product under the Discretionary Portfolio Manager Services of 2006 and the agreement was executed on 16.8.06 between o.p. no.1 and the complainant wherein OptiMix was appointed by the complainant as a Portfolio Manager for providing services for the funds deplore by the complainant with Portfolio Manager as per said agreement dt.16.8.06 and o.p. no.1 accepted the said appointment. Complainant executed a Power of Attorney in favour of  o.p. no.1 but o.p. no.1 asked complainant for opening a D Mat A/C and sought to take the act of non confirm nation on the part of the complainant as a ground for such wrongful act of o.p. no.1 of termination redemption of securities. Hence the instant case filed by complainant with a prayer contained in the prayer portion of the petition of complaint.

               O.p. no.1  had entered its appearance in this case by filing w/v denying all the material allegations labeled against them and prayed for dismissal of the case. O.p. no.2 did not contest this case by filing w/v.

Decision with reasons:

We have gone through the pleadings of the parties and evidence and documents in particular and we find that a sum of rs.6,36,112.87 complainant had to incur including Rs.31,607.84 as well as management fees and Rs.3903.57 as service tax by o.p. and thereafter without assigning any reasons as per SEBI’s circular dt.27.2.09  and o.p. did not act upon subsequent agreement dt.16.8.06 in its proper perception and complainant made several endeavour to get things sorted out with o.p. no.1 but o.p. no.1 did not pay heed to it being a service provider to its consumer / complainant and we are of the view on perusal of the entire materials on record that o.p. no.1 had sufficient deficiency on its part to its consumer and complainant is entitled to relief as prayed for.

Hence, ordered,

               That the petition of complaint is allowed on contest with cost against the o.p. no.1 and ex parte against o.p. no.2. O.p. no.1 is directed to pay sum of Rs.6,36,112.87 (Rupees six lakhs thirty six thousand one hundred twelve and eighty seven paise) only the loss incurred by the complainant together with an interest as prevalent from time to time from the date of redemption till the date of realization. O.p. no.1 is further directed to pay a sum of Rs.31,607.84 (Rupees thirty one thousand six hundred seven and eighty four paise) only and Rs.3903.57 (Rupees three thousand nine hundred three and fifty seven paise) only being management fee and service tax in terms of the said rate of interest as above till the realization. O.p. no.1 is further directed to pay compensation of Rs.50,000/- (Rupees fifty thousand) only for harassment and mental agony and litigation cost of Rs..2000/- (Rupees two thousand) only within 45 days from the date of communication of this order, i.d. an interest @ 9% p.a. shall accrue over the entire sum due to the credit of the complainant till the date of realization.

               Supply certified copy of this order to the parties.

   _____Sd-_____                                                    _____Sd-______

     MEMBER                                                           PRESIDENT