TRUSTEES CANBANK MUTUAL FUND Vs. SAVITA DAHIYA

JUDGEMENT

(1.) Aggrieved by the order of the State Consumer Disputes Redressal Commission, Union Territory, Chandigarh, in Appeal Case No. 1363 of 2000/ RBT No. 75 of 2006, the Trustees (Canbank Mutual Fund) Petitioner in this case have filed this revision petition.

(2.) Briefly, the facts of the case according to the Respondent in this case - Savita Dahiya (and Anr.) who was the original complainant before the District Forum, is that, in 1990 she had purchased 2000 units at Rs.10/- each amounting to Rs.20,000/- in a Capital Growth Scheme launched by the Petitioner called Candouble. As per the offer and schedule of this scheme it was stated that at the end of the 5th year from the date of allotment, a Candouble unit holder shall get back atleast twice the amount of the face value of each Candouble unit held and at the end of the 10th year from the date of allotment, the Candouble unit holder shall get atleast four times the amount of the face value of the Candouble unit held. In 1997 i.e. after 7 years when the Respondent surrendered the units for re-purchase she was astonished to note that instead of Rs.53,000/- the Petitioner paid the Respondent an amount of Rs.35,540/- which was even less than what had been assured by the Petitioner under the Candouble Scheme, after a period of five years. Treating this as deficiency in service, the Respondent filed a complaint against the Petitioner in the District Forum and sought the following reliefs:

(3.) The Petitioner in its version has confirmed that, it is a fact that it had launched a Capital Growth Scheme called Candouble in 1990 for a period of five years and that the object of the Candouble fund was to cumulate the capital fund in such a manner that at the end of the 5th year when the fund is terminated Candouble unit holders would get back at least twice the amount. The Petitioner has however, denied the Respondent's contention that the scheme had also provided for giving back alteast four times of the face value at the end of the 10th year to its unit holders. Also it is a fact that the Respondent subscribed and was allotted 2000 units @ Rs.10/- per unit for a total consideration of Rs.20,000/-. As redemption of the scheme was due on 15.02.1995 i.e. at the end of the 5th year, Petitioner offered the following four options to its Candouble unit holders: