Shri Vivek Dattaram Phadte
H. No. 630, Karanjal Madkai,
P.O. Mardol Goa 403 404. …………………..Complainant

V/S

Birla Sunlife Asset Management Co. Ltd.,
Ahura Centre,
2nd Floor, Tower-A, 96/A-D,
Mahakalicaves Rd.,
Andheri (East) Mumbai 400 093. …………………Opposite Party-1

Birla Sunlife Asset Management Co. Ltd.,
3G, Sesa Ghor, EDC Complex,
Patto, Panaji-Goa 403 001. …………………Opposite Party-2


ORDER

1. To direct the Opposite Parties to pay to him the amount of Rs.23,890.24/- with interest thereon at 60% p.a. effect from 18th August 2005 till payment.


2. To direct the Opposite Parties to pay Rs. 1,50,000/- towards harassment, mental tension, nightmares, inconvenience, frustration and mental agony.

1. The grievance of the Complainant who has come before us is that he had purchased 300 units of Apple Mutual Fund @ Rs.10/- each for a total cost of Rs.3,000/-. It is his case that he has been underpaid and has received delayed payment from the Opposite Party at the time of redemption.

2. The case of the Opposite Party is that there has been no deficiency in service on their part and that they have paid the Complainant a correct amount at the time of redemption. That payment has been delayed is an accepted fact by them and hence as a gesture of goodwill they have expressed that they were willing to pay interest @ 15% for the period of delay in receipt of the redemption.


3. An amount of Rs.200/- was received on 5.02.2000 and encashable after 5 years.


We have gone through all documents and evidence that has been placed before us. This matter has also been placed before the Lok Adalat on 30/11/07 wherein the Opposite Parties have agreed to settle and pay interest @ 15% for the period of delay in receipt of the redemption.


OBSERVATION


1. There has been a delay in the payment received by the Complainant from the Opposite Party. This fact has been admitted by the Opposite Party himself as expressed in the last line of his letter dated 21.09.05 to the Asst. Registrar of this Forum.

2. In the light of the above admission the element of deficiency in service stands proved.


Hence we pass the following

ORDER


1. Opposite Party to pay interest @ 15% on the shares redeemed by the Complainant. Interest to be paid from date of redemption requested by the Complainant till date of actual payment received.


2. Rs.5,000/- awarded towards mental tension, harassment, frustration and legal fees.