INDFUND MANAGEMENT LTD Vs. K CHATURVEDI

JUDGEMENT

(1.) This revision is directed against the order dated 21.2.2005 of State Commission, Delhi dismissing appeal against the order dated 13.9.2001 of a District Forum whereby petitioner/opposite party No. 1 was ordered to pay to respondent/ complainant amount of Rs. 15,746/ - with interest @ 9% p.a. w.e.f. 30.11.1999 as also cost.

(2.) RESPONDENT purchased 14,000 units in Ind Prakash Scheme floated by the petitioner, in his name and also that of his wife and mother on 30.11.1990. Date of maturity of units was 30.11.1999. Respondent alleged that under the scheme, the petitioner is liable to refund amount of Rs. 42,500/ - but only an amount of Rs. 26,754/ - was refunded and that too on 20.12.1999. Petitioner pleaded that only the net realised value was to be distributed to the unit holders and calculating the net realized value @ 19.11 per unit, said amount of Rs. 26,754/ - was refunded.

(3.) RELYING on above sub -para (b) of para 15 of Offer Document, the contention advanced by Mr. Himanshu Munshi for petitioner was that the respondent is entitled only to the net realised value of Rs. 19.11 per unit and payment of Rs. 26,754/ - made to respondent was based on that value. According to him, District Forum fell in error in ordering further payment of Rs. 15,746/ - with interest and State Commission acted erroneously in affirming the order of District Forum. Submission is, however, without any merit.