BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM-I, U.T. CHANDIGARH

========

Chamkaur Singh Brar son of Khushal Singh, r/o H.No.3224, Sector 21-D, Chandigarh.

…..Complainant

                                      V E R S U S

1.       State Bank of India Mutual Funds, Address, near K.C.Cinema, Sector 17, Chandigarh.

2.       State Bank of Patiala, High Court Branch, High Court through its Manager.

3.       Computer Age Management Services (P) Ltd. Unit : SBI Mutual Fund, 148, Old Mahabalipuram Road (Adjacent to Hoter Fortune), Okkiyam Thuraipakkam, Chennai – 600097.

                                                ……Opposite Parties

CORAM:     SH.P.D.GOEL                                    PRESIDENT

                   SH.RAJINDER SINGH GILL             MEMBER

Argued by:      Sh.Arun Singla, Counsel for the complainant.

                        Sh.Gaurav Bhardwaj, Counsel for OPs NO.1 & 3.

Sh.Kuldip Singh, Counsel for OP No.2.

PER P.D.GOEL,PRESIDENT

              Briefly stated, the facts of the case are that the complainant invested a sum of Rs.1 lac through OP No.2 in SBI Mutual Fund in the month of February, 2008, with maturity dated on 31.3.2011. 

              It is the case of the complainant that it was the duty of OP No.1 to credit the maturity amount on 31.3.2011 along with the value of the unit i.e. approx. Rs.1,35,000/-, but it credited only a sum of Rs.1,10,000/- in May, 2011. As such, he approached the office of OP No.2 but to no avail. Hence, this complaint.

2]           OPs No.1 & 3 filed the joint reply, wherein, it has been pleaded that the investment made by the complainant was in a Close Ended Mutual Fund and there was no understanding that the maturity amount will be credited to the account of the comdplainant on 31.3.2011.  It has been replied that it ws not the responsibility of the Ops to credit the maturity amount on 31.3.2011.

              It is further replied that the complainant submitted the request for redemption on 16.5.2011, and thereafter, the OPs processed the papers and an amount of Rs.1,10,124/- had been credited directly to the SB A/c No.65019100671 of the complainant. Denying all the material allegations of the complainant and pleading that there has been no deficiency in service on their part and prayer for dismissal of the complaint with exemplary costs has been made. 

              OP No.2 also filed the reply, wherein, it has been pleaded that as per the request of the complainant, the OP No.1 &3 directly credited the amount in the account of the complainant.  It has been further pleaded that it was not the duty of replying OP to credit the amount in the account of the complainant. Denying all the material allegations of the complainant and pleading that there has been no deficiency in service on its part and prayer for dismissal of the complaint has been made.  

3]           Parties led evidence in support of their contentions.

4]           We have heard the learned Counsel for the parties and have also perused the record. 

5]           The ld.Counsel for the complainant has contended that the complainant invested a sum of Rs.1.00 lakh in S.B.I. Mutual Fund in the month of Feb., 2008 with maturity date on 31.3.2011.  It was also contended that it was the duty of OP No.1 & 3 to credit the maturity amount along with value of the units, approx. Rs.1,35,000/-, but it credited only Rs.1,10,000/- in May, 2011.

6]           The ld.Counsel for OPs raised the arguments that the complainant made the investment in a Close Ended Mutual Fund. That the complainant submitted the request for redemption on 16.5.2011 and thereafter, the papers were processed and the amount of Rs.1,10,114/- had been credited directly to the saving bank account of the complainant  bearing No.65019100671.

7]             The complainant has claimed that the maturity as on 31.3.2011 of the invested amount of Rs.1.00 lakh in SBI Mutual Fund with OPs NO.1 & 3 was approximately Rs.1,35,000/-.  To prove this fact, he has produced on record the Statement of Account (Ann.C-2), wherein the NAV as on 31.3.2011 has been recorded as 1,17,200/- (Ann.C-2).  The said limb of argument is not available to the Complainant, as he had made the request for redemption on 16.5.2011, therefore, he is entitled for the N.A.V. as on 16.5.2011.    

8]           The OPs No.1 & 3 has raised the plea that the complainant submitted the request for redemption on 16.5.2011 (Ann.-III) and thereafter a sum of Rs.1,10,124/- has been credited directly into his saving bank account as per the NAV Rate as on 16.5.2011, which is proved from Statement of Account placed on record by the OPs No.1 & 3 as Ann.IV. 

9]           The OPs No.1 & 3 had also placed on record the Highlights of the Scheme as Ann.-I wherein the formula to arrive at the redemption price had been depicted i.e. Redemption Price = applicable NAV*(1 – Exist Load, if any).

10]         As a result of the above discussion, it is held that as on 16.5.2011 the complainant was only entitled to an amount of Rs.1,10,124/-, which already stands credited in his account by OPs No. 1 & 3. Thus, it is held that the OPs have not rendered any deficient service.  Therefore, the complaint stands dismissed with no order as to costs.

              Certified copies of this order be sent to the parties free of cost.  The file be consigned, after compliance.