UTI TECHNOLOGY SERVICE LIMITED Vs. TIRATH GOYAL

JUDGEMENT

(1.) THIS appeal by opposite parties is directed against the order dated 21.8.2009 passed by District Consumer Forum -II, U.T. Chandigarh whereby complaint bearing No. 1432 of 2008 filed by Dr. Tirath Goyal, respondent/complainant was allowed with costs of Rs. 2,500 and OPs were directed to refund Rs. 49,900 to the complainant along with interest @ 9% p.a. with effect from 1.12.2007 till its refund. OPs were further directed to pay compensation of Rs. 10,000 on account of mental agony and harassment suffered by the complainant. The order was directed to be complied within a period of one month from the date of receipt of copy of the order, failing which OPs were made liable to pay penal interest @ 18% on the amount of Rs. 49,900 from the date of filing complaint i.e. 2.12.2008 till its realization.

(2.) THE parties hereinafter shall be referred to as per their status before the District Consumer Forum.

(3.) IN nutshell, the facts as set out in the complaint are that the Complainant was having total 1149 numbers of US 64 bonds vide two certificatescertificate No. 16404322 for 1124 units and certificate No. 50713938 for 25 units and the same were due for maturity in June 2008. OPs launched a scheme in which option was given to the bond holders to redeem the bonds before the date of maturity and further investing the same into different UTI mutual fund schemes. The total value of the units was Rs. 1,14,900 @ Rs. 100 per bond and as per offer of the OPs the Complainant submitted original bonds certificates along with application forms duly filled in as required by OPs on 20.12.2007. As per applications, the Complainant applied for investing Rs. 65,000 in UTI Infrastructure Fund vide application No. 3285841 and vide another application No. 3235151 applied for investing the balance value of redemption of bonds in UTI Leadership Equity Fund. As per rules, OPs were required to do the needful at the earliest i.e. within 10 days of the receipt of application but statement of account dated 11.2.2008 regarding application for UTI Infrastructure Fund revealed that the application was processed on 17.1.2008 i.e. after 17 days whereas other application for investing the balance amount in UTI Leadership Equity Fund had not been processed till that date and the rates of the equities were going down day -by -day, which caused great financial loss to the Complainant. Complainant wrote letters dated 7.4.2008, 28.4.2008 and sent e -mail dated 9.3.2008 but to no effect. Even legal notice dated 23.8.2008 served upon OPs could not get any tangible result. The OPs had delayed the conversion of Rs. 65,000 into UTI Infrastructure Funds by more than 17 days and did not return the balance amount of US 64 Bonds. Hence, alleging deficiency in service on the part of OPs, complainant filed complaint before the District Forum.