MANAGER, LIC MUTUAL FUND Vs. GUDIPUDI RAMAIAH
ANDHRA PRADESH STATE CONSUMER DISPUTES REDRESSAL COMMISSION
MANAGER, LIC MUTUAL FUND
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MAMATA LAKSHMANNA,MEMBER -
(1.) THIS appeal is filed by
the opposite party Nos. 2 and 3 in C.D. No. 34/1996 on the file of
District Forum, Prakasam at Ongole.
(2.) THE complaint was filed to direct the opposite parties to pay Rs. 17,582/ - as compensation and also issue share certificates of Dhana
Vikas -I. The complainant sent a demand draft dated 9.2.1993 for Rs.
4,988/ - for issue of 500 share certificates of Dhana Vikas -I Mutual Fund floated by opposite parties. He neither received the mutual fund unit
certificates nor was the amount refunded, hence he sustained loss in
foregoing the further benefits, hence the complaint.
Opposite Party No. 2 filed its counter and denied the allegations
stating that the certificates were despatched on 13.7.1993 by registered
post and hence there was no deficiency. The District Forum however found
deficiency in service and directed opposite party Nos. 2 and 3 to pay Rs.
4,988/ - with interest at 10 per cent per annum from 9.2.1993 till the date of payment and Rs. 500/ - towards costs. Hence the appeal.
(3.) GOING through the records, we find that the complainant submitted draft as stated to the collection centre of first opposite
party at Ongole. After encashing the draft, the application was forwarded
to third opposite party for issue of L.I.C. Mutual Fund Share
Certificates known as Dhan Vikas -I. The contention of the complainant is
that he never received the share certificates. On the other hand the
second appellant/opposite party No. 3 by its letter dated 18.4.1996
addressed to the District Forum stated that they had already despatched
the share certificates on 13.7.1993 to the complainant vide registered
No. 78599. Since as per the appellants the shares have been despatched,
the complainant is a consumer since he had already paid for the share
certificates and the amount has been collected by the appellants. It
would be in the fitness of things that shares are allotted to the
respondent No. 1, we, therefore, direct the appellants to send the
duplicate share certificates after getting an indemnity bond from the
respondent/complainant. In case they are not in a position to allot the
share certificates, they should return the amount of Rs. 4,988/ - paid by
the complainant with interest at 9 per cent per annum from the date of
allotment i.e. 13.7.1993 with costs of Rs. 1,000/ -.
The appeal is partly allowed and the order of the District Forum is modified. Time for compliance six weeks.
Appeal partly allowed. ;
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