UTI Mutual Fund, 29-37-123, 1st Floor, Vijaya Talkies Road Centre, Dr. Sridhar Complex, Eluru Road, Vijayawada - 520 002
...........Respondent(s)
BEFORE:
Complainant(s)/Appellant(s):
OppositeParty/Respondent(s):
OppositeParty/Respondent(s):
OppositeParty/Respondent(s):
ORDER
BEFORE THE DISTRICT CONSUMERS FORUM AT KHAMMAM Dated this, the 21st day of July, 2010 CORAM: 1. Sri Vijay Kumar, B.Com., L.L.B. - President, 2. Smt.V.Vijaya Rekha, B.Sc. B.L. - Member 3. Sri R. Kiran Kumar, B.Sc. L.L.B - Member C.C. No.101/2009 Between: Vasikarla Ramakrishna, s/o.Kotaiah, age:65 years, occu:Business, r/o.Latha complex, Aziz lane, Khammam. complainant and UTI mutual fund, 29-37-123, First floor, Vijaya Talkies Road center, Dr.Sridhar complex, Eluru road, Vijayawada- 520002. Opposite party This C.C. is coming on before us for final hearing in the presence of Sri.D.Venkateswarlu, Advocate for complainant; Notice of opposite party served and called absent; upon perusing the material papers on record; this forum passed the following: O R D E R (Per Smt.V.Vijaya Rekha, Member) 1. This complaint is filed under section 12(1) of the Consumer Protection Act, 1986. The brief facts of the complaint are that the complainant had purchased UTI mutual fund shares from the opposite party for an amount of Rs.49,999/- through D.D. bearing No.071030, dt.27-2-2007 and on the same day he had also paid an amount of Rs.49,999/- through another D.D.No.071031, and those were acknowledged by the opposite party. The complainant also submitted that among those amounts, the opposite party had allotted the shares for only Rs.50,000/-, and failed to allot the shares for another sum of Rs.49,999/- and intentionally avoided to allot the shares even after so many approaches made by the complainant, it clearly amounts to deficiency of service and as such it is the liability of the opposite party to compensate the complainant for Rs.49,999/- together with interest from the date of purchase of shares. The complainant further submitted that the opposite party did not respond to allot the shares in the name of the complainant and having no other alternatives, approached the Forum for redressal and prayed to direct the opposite party to allot the shares for Rs.49,999/- or to pay the amount of Rs.49,999/- with interest from the date of purchase of UTI mutual fund shares and to pay Rs.20,000/- towards damages and costs. 2. Along with the complaint, the complainant filed his affidavit and also filed the following documents and the same were marked as exhibits. Ex.A.1 - Carbon copy of Legal notice, dt.10-1-2009 along with courier receipt. Ex.A.2 - Reply letter, dt.2-2-2009 issued by the opposite party Ex.A.3 - Account statement pertaining to the complainant, dt.2-2-2009 Ex.A.4 - carbon copy of reply to the letter, dt.2-2-2009, addressed by the counsel for the complainant along with courier receipt. Ex.A.5 - Acknowledgment receipt bearing No.2587490 for Rs.49,999/- Ex.A.6 - Acknowledgment receipt bearing No.2587495 for Rs.49,999/- Ex.A.7 - Photostat copy of D.D. bearing No.071030, dt.27-2-2007 Ex.A.8 - Photostat copy of D.D. bearing No.071031, dt.27-2-2007 Ex.A.9 - Bhadradri cooperative bank receipt, dt.27-2-2007 for Rs.49,999/- Ex.A.10 - Bhadradri cooperative bank receipt, dt.27-2-2007 for Rs.49,999/- Ex.A.11 - UTI mutual fund Account Statement, dt.2-4-2007, issued in the name of the complainant Ex.A.12 - Photostat copy of UTI mutual fund Account Statement, dt.2-6-2008, issued in the name of the Complainant. 3. Despite notice, the opposite party neither appeared nor contested the matter even after giving sufficient adjournments. 4. In view of the above circumstances, now the point for consideration is, whether the complainant is entitled the relief, as prayed for? POINT: As seen from the above facts and circumstances the complainant had purchased UTI mutual fund shares for an amount of Rs.49,999/- and also an amount of Rs.49,999/-, and those amounts were paid to the opposite party on 27-2-2007 through Bhadradri Cooperative Urban Bank, Khammam which is evidenced under Exs.A.9 and A.10 and in support of his payments, the complainant had also placed D.D. bearing Nos.071030 and 071031, which were marked as Exs.A.7 and A.8, and after receipt of said two demand drafts, the opposite party acknowledged the same through acknowledgment receipt bearing Nos.2587490 and 2587495 respectively for Rs.49,999/- each. In view of the acknowledgment receipts it is clear that the complainant had paid the amounts to the opposite party through D.D. bearing Nos.071030 and 071031, but as per the averments of the complaint, the opposite party allotted the shares for only Rs.49,999/-, paid under D.D. bearing No.071031 and failed to allot the shares for another amount of Rs.49,999/-, paid through demand draft bearing No.071030, and moreover as per the contents of Ex.A.4, it is clear that the complainant had already sent payment particulars to the opposite party under D.D. bearing No.071030. But the opposite party failed to allot the shares till the date of complaint and as such we are of the opinion that the attitude of opposite party in non-allotment of shares is definitely amounts to deficiency in service and it is the liability of the opposite party to allot the shares for Rs.49,999/- paid by the complainant vide D.D. bearing No.071030, as per the same share value, allotted to the complainant under D.D. bearing No.071031 or to refund the amount of Rs.49,999/- with interest at 9% P.A. from the date of payment till the date of deposit. 5. In the result, the C.C. is allowed in part, directing the opposite party to allot the shares in the name of the complainant for Rs.49,999/-, paid under D.D. bearing No.071030 with the same share value, already allotted under D.D. bearing No.071031 or to refund the amount of Rs.49,999/- together with interest at 9% P.A. from the date of payment i.e. from 27-2-2007 till the date of deposit and further directed to pay Rs.1000/- towards costs. Typed my dictation, corrected and pronounced by us in the open forum on this 21st day of July, 2010. PRESIDENT MEMBER MEMBER DISTRICT CONSUMERS FORUM, KHAMMAM APPENDIX OF EVIDENCE Witnesses examined for complainant: -None- Witnesses examined for opposite parties: -None- Exhibits marked for complainant: Ex.A.1 - Carbon copy of Legal notice, dt.10-1-2009 along with courier receipt. Ex.A.2 - Reply letter, dt.2-2-2009 issued by the opposite party Ex.A.3 - Account statement pertaining to the complainant, dt.2-2-2009 Ex.A.4 - carbon copy of reply to the letter, dt.2-2-2009, addressed by the counsel for the complainant along with courier receipt. Ex.A.5 - Acknowledgment receipt bearing No.2587490 for Rs.49,999/- Ex.A.6 - Acknowledgment receipt bearing No.2587495 for Rs.49,999/- Ex.A.7 - Photostat copy of D.D. bearing No.071030, dt.27-2-2007 Ex.A.8 - Photostat copy of D.D. bearing No.071031, dt.27-2-2007 Ex.A.9 - Bhadradri cooperative bank receipt, dt.27-2-2007 for Rs.49,999/- Ex.A.10 - Bhadradri cooperative bank receipt, dt.27-2-2007 for Rs.49,999/- Ex.A.11 - UTI mutual fund Account Statement, dt.2-4-2007, issued in the name of the complainant Ex.A.12 - Photostat copy of UTI mutual fund Account Statement, dt.2-6-2008, issued in the name of the Complainant. Exhibits marked for opposite parties: -Nil- President Member Member District Consumers Forum, Khammam
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