DILIPKUMAR V.LAKHI Vs. KOTAK INVESTMENT ADVISORS LTD

JUDGEMENT

(1.) Heard Ms.M.D.S.Sinh-Advocate for the complainant at length. Perused the complaint and the accompanying papers. This complaint is pressed as far as complainant no.1- Mr.Dilipkumar V.Lakhi & complainant no.2- Mr.Chirag D. Lakhi.

(2.) O.P. has floated one Kotak India Growth Fund-II and satisfied with the presentation thereof through one Ms.Priyanka Shah in the month of December 2007, these complainants, amongst others, agreed to be contributed to the said fund and entered into tri party agreement known as Kotak India Growth Fund-II Contribution Agreement, which was executed between Kotak Mahindra Trusteeship Services Ltd. (As the Trustee) and Kotak Investment Advisors Ltd. (As Investment Manager) and the complainants (As Contributors) and the management of the fund is to be carried out as per the Agreement referred above. According to complainants, due to some demands, they induced a mis-trust about the managers of the fund and therefore, narrating certain grievances, they perhaps stopped further contributing to the fund as per demand by the managers of the Fund. They claimed further that their grievances are genuine. They fear loss if they go on contributing further and have also simultaneously fear that if they do not contribute, they will be declared as defaulters and had to face consequences accordingly. Therefore, they have filed this consumer complaint with the following reliefs:-

(3.) Contribution Agreement referred above, which is attached as Annexure 3. Clause no.7 of said Agreement deals with Profits and Distribution. Clause no.8 speaks about Termination. Clause no.11 defines Limitation on Liability, while clause no.12 mentions about the Conflict of interest. Miscellaneous clause 13.1 also deals with the case of any conflict between interruption of the provisions of this Agreement and the Indenture and in that case provisions of Indenture are to prevail.