A.K.ANNAMALAI J. - (1.) The opposite parties are the appellants.
(2.) The complainant filed a complaint against opposite parties praying for the direction for the refund of Rs.54,000/- towards the present value of 500 units of the master gain 92 investment Rs.1,00,000/- as compensation for his mental agony and deficiency of service and for the costs.
(3.) The brief details of the complaint are as follows :- The complainant on 16.5.92 invested in 500 Units of CAPITAL GROWTH UNIT SCHEME 1992 (Master gain-92) in his name and in the name of his son viz., Mr.Ramkumar Janardhanan and his daughter Mr.Ramya. This is a scheme run by M/s.Unit Trust of India, the first opposite party an organization under the Unit Trust of India Act 1963. The 2nd opposite party has been servicing the said scheme. The complainant has paid a total amount of Rs.5,000/- to the opposite parties as a consideration for the said investment scheme. Though the complainant was given the certificates in proof of such investment by the 1st opposite party, the 1st opposite party had not delivered even a copy of the Dividend and interest issued to the complainant despite his requests therefore. On an e-mail communication sent by the son of the complainant on 24.3.07 to the opposite parties complaining that he had not received any payment the opposite parties had replied that his 500 units have been purchased under warrant number 00583169 for Rs.6975/- vide MICR number 00580133 and the warrant stood encashed as per their record. Shocked over this the complainant sought details therefor. The said details have been sent by 3-mail by the opposite parties. The complainant is enclosing all the documents and print out of the said e-mail transmissions along with this complaint. The complainant did not receive any payment as claimed by the opposite parties. The complainant did not encash any warrant from the opposite parties. The opposite parties have to prove their claim of payment to the complainant. On 28.6.2007 for an e-mail sent by the son of the shocked to receive a reply e-mail form the opposite parties dated 4.8.07 stating that the records regarding repurchase lot had been destroyed. This amounts to grave deficiency in service of the opposite parties because the complainant did not ask for repurchase of the said units nor received any payment. The current value of the said units is Rs.54,000/- which the opposite parties are liable to pay the complainant besides the interest at the rate of 24% per annum on Rs.5,000/- invested by him from 16.5.1992. The complainant is badly in need of money which he planned to realize by selling his units. But the complainant is unable to sell them because of the gross deficiency in service of the opposite parties. The complainant is facing severe mental torture and financial hardship to meet his family expenses. The complainant estimates the compensation for his mental agony and sufferings at Rs.1,00,000/- which the opposite parties are liable to pay along with Rs.54,000/- being the current value of the said units.;