- (1.) THIS is an appeal under Section 15 of the Consumer Protection Act, 1986 (the Act ) against the order passed by the District Consumer Disputes Redressal Forum, Durg (hereinafter referred to as the District Forum for convenience) dismissing the complaint.
(2.) GIST of the complaint is that the complainant applied for Magnum Sector Umbrella IT Funds Units floated by the respondents/O.P. 1 by depositing Rs. 50,000/ - with the Rajnandgaon Branch of the State Bank of India, on 11.4.2000. It is averred that the intimation of allotment is to be provided within 42 days and in case of refusal to allot refund of the amount deposited is to be made within 10 days, failing which interest @ 15% is payable. Complainant did not get the intimation of allotment of units within 42 days resulting in deprival of the complainant to avail of the opportunity of repurchase/trading of the said units. Statement of accounts furnished to the complainant on 17.6.2000 also did not disclose allotment of said units. Complainant has prayed for refund of Rs. 50,000/ -, Rs. 3,437/ - towards interest, Rs. 5,000/ - as compensation for inconvenience and Rs. 300/ - as cost of notice invested as well as damages @ 15%.
(3.) RESPONDENT 1/O.P. 1 is the sponsor of the funds while respondent 2/O.P. 2 is the local Branch and respondent 3/O.P. 3 is the Registrar of the Mutual Fund. Respondent 2/O.P. 2 has in reply stated that the statement of account could not be sent in time owing to annual closing of accounts by the newly appointed Registrar. It is also averred that the time frame mentioned in the offer document for providing statement of account or certificate of allotment is only a proposal but no damages or interest is payable for any delay. A copy of the statement of accounts dated 10.2.2003 shows that the units were allotted on 7.4.2000 for the said fund.;