Pacha Kiran Kumar, S/o.Trimoortulu,

Age:23 years, Occ:Student,

R/o.Housing Board Colony, Adilabad,

District.Adilabad.

//AND//

1. Reliance Mutual Fund,

Rep.by its Managing Director,

Door.No.6-1-73, IIIrd floor, Sayeed Plaza,

Somajiguda, Hyderabad.



2. Reliance Mutual Fund,

C/o.Karvy Computer-share Pvt.Ltd.,

Unit-21, Avenue-4, Street No.1,

Banjara Hills, Hyderabad – 500 034. …Opp.Parties.


1. The complainant is resident of Adilabad and the Opp.Party is dealing with Mutual funds business transaction and at the request of agent of the Opp.Party the complainant has obtained shares of Rs.10/- each total 1000 units on 28.03.2006 from the company of Opp.Party and the same become Rs.14,950/- as Gross redemption as on 03.10.2007. Thereafter the Opp.Party has sent a cheque for Rs.14,913/- dated.8.10.2007 of H.D.F.C. Bank through Andhra Bank, Adilabad branch in favour of the complainant, payable in A/c.No.40101 belongs to father of the complainant. When the complainant has deposited the said cheque for collection in S.S.G. Bank Branch Adilabad in the account of his father vide A/c.No.40101 but it was returned unpaid saying that the account number is not tallied.

Actually the complainant has no account in his name but the account is lying in the name of his father as such in this connection the complainant came to your office personally and requested your officials to take the above cheque and issue fresh cheque in the account of the complainant, further the complainant says that one of the broker of Opp.Party namely Motilal Oswal firm branch Adilabad also wrote a letter to Opp.Party to issue a fresh cheque in favour of complainant in his account number by taking back the cheque issued on the account of father of complainant, but till today there is no responde thereby the complainant has suffered a lot mentally and financially. Complainant vexed with the attitude of the Opp.Party he got issued a legal notice to the Opp.Party on 7.02.2008 calling upon to issue fresh cheque for Rs.14,913/- in favour of the complainant within 8 days, in turn the Opp.Party has refused to receive the said notice but keep quite which amounts to deficiency of service on its part.

Hence the complainant prayed this forum may kindly be pleased to allow the complaint as under:

a). Direct the Opp.Party to pay a sum of Rs.14,913/- (Rupees Fourteen thousands nine hundred and thirteen only) to the complainant towards cheque amount and also Rs. 20,000/- towards compensation for deficiency of service on the part of Opp.Party and charges for Hyderabad.

b). Direct the Opp.Party to pay interest @ 18% p.a. upon the awarded amount from the date of complaint till its realization.

c). The costs of this complaint may be awarded to the complainant, in the interest of justice.

2. On behalf of complainant Ex.A1 to A5 are marked. No documents are filed on behalf of Opp.Parties.

3. Now the point for consideration is whether there are grounds to allow the petition?

4. Heard. As seen from Ex.A1 the complainant submitted the Bank Account No.40101. The Opp.Parties sent Cheque payable to the account number mentioned by the complainant. When the cheque was submitted for encashing before the concerned bank the name did not tally. So the complainant could not gent encashed the cheque.



5. As seen from records we do not see any defective service on the part of Opp.Party. Under the circumstances complainant has to get his account number properly mentioned and try for his remedies.

Sir,

My name is Vijayakumar S and my permanent address is :

Jeevasankaram,
Vadakkadathucavu(P.O)
Adoor
Pathanamthitta (Dist)
Kerala-691529

I am working in Wipro technologies, Chennai.

I had paid Rs.35,000/- towards the Reliance mutual fund scheme through the
financial service company "Growthway Capital P.Ltd". I gave the cheque of my
ICICI bank account(Cheque num: 329180) to pay for Reliance Golden year plan
and the cash was debited from my account on 11th July 2009. The cheque was
collected from me by U. Manikandan who introduced himself as the Branch
Manager(Sales) of Growthway capital. However, till date(26th October 2009),
I have not received my Bond paper to my permanent address.

The only proof which I have now is the receipt from Growthway capital. I
have the contact address of them as specified here (
growthwaycapital.com/contactus.html

I contacted them multiple times regarding my Bond paper in the numbers
09788982957(Manikandan) and 09443651714(Vinoth), but they were just making
me to get confused saying its the problem of courier and asked me to wait 10
days. But, this was continued again and again after 10 days period

After a serious of call, the details provided by Growthway capital through
mail on 09th August 2009 is given below.

plan name:super golden years plan
free fund switch balance:0051
contract no:14848811,
premium paid:35000,
fund name:sgr-equity fund&capital secure fund,
nav as on 11/07/09:8.80060,
no of units allocated:3757.669
nav as on 07/08/09:11.5345,
total value as at 07/08/09:43342.83.

I told them, this is not the information I am expecting and I need solid
proof, but there was no action.

Finally they provide me the contact number of a person and told me he is a
reliance staff(Sasi-09380699166). When I called him, he was very much aware
about my issue and promised me he will collect the details from Mumbai
office and inform me immediately. But there was no repsonse from him. So I
called him again, but the attitude was same like the growthway staff, he was
trying to delay the situation as much as possible. Then, everyone started
ignoring my calls without attending it. So, I have sent a message before 4
days that I will be forced to move legaly. Then I got another call on the
same evening. He introduced himself as a staff of Reliance(09150122854) and
told he has my bond paper which returned back due to the wrong address. I
had given right address with all proof, but the details seem to have entered
wrongly by Growthway capital staff. He collected my office address and
informed its sent via Express Courier on the same day. He has sent the
courier from within Chennai to my office in Shollinganallur, Chennai, but, I
have not received it. When I asked about this on last Saturday(24th October
2009), he told, he has all details of courier and he will enquire. I asked
him to give those details to me, but he didnt and take the responsibilty
himself. He told, he will call me back in the same Saturday evening, but it
was just a trick and noone called me on this case. Today is the 5th day
after senting courier like he said, but still I have not received the
courier and when I called to this finally contacted person, he started
ignoring without attending it.

I strongly feel doubt whether my cash was invested properly or a team is
just playing around to fool a customer. Could you help me to overcome this
situation.

Hopefully
Vijayakumar S

Dear Sir,

I gave a redemption request in your Gwalior branch on 8/09/2009. but due to non cooperation of Mr. Vaibhav and Mr. Prashant I did not receive my redemption till date. Whenever I talk to them they give me some more working days time I am in trouble I have spent more than Rs. 2000/- on telephone, courier, traveling and postage in last 2 and half month. I have become hopeless.

You tell me what is my fault. Is it that I invest in your company. Is it my fault. And if not for which fault I am getting punishment.

Sir plz help me out. And do something so that my money could be released and take corrective action against Mr. Vaibhav, Mr. Prashant and Mr. Anurag (indore)

Ghanshyam Rathore
ph. no. 9229687818
9589306388

Hi,

I have an SIP with Reliance Mutual Fund with the below Folio and Fund name

Folio/Account : 40582852023
Fund Name: Vaithianathan R

I have applied partial redemption of my funds upto Rs. 20,000/- on 16-Nov-2009
Below is the acknowledgement number for the redemption request

RMFTBM16Nov200911:42 B02735

The redemption should have got completed in 3 working days.

However I did not get my money till one week.

When I contacted their Support cell on 23 Nov 2009 , I was told the request has got
rejected , due to signature mismatch.

When I asked when was the rejection done, it was on 16 Nov 2009

No one called me or emailed me to tell that the request has been rejected , until I called them. This is the worst kind of customer service quality I have ever experienced.

I was kept in dark for 1 week, had I called them 10 days later, I wouldnt have been updated until then.

I was asked to submit a fresh request, which has to attested by the banker along with the
employee id and bank address details of the person who is attesting.

This is the worst part, why do they want to get the employee id of the banker, when the bank is attesting. Are they trying to make sure, investors dont take their money when the market is recovering?

Along with Reliance, I have invested in 4 other funds for SIP and they are far better.

I have an SIP Reliance Growth fund - retail plan - Growth plan Account number - 40546094076. I submitted my redemption on Dec 21st and the amount was not credited till DEc 30th. I contacted the customer care and realised the applicaiton got rejected due to signature mismatch. The executive asked me to get an authorized letter from my bank and submit a fresh redemption form. I donot know what will be the value of my SIP when i submit it next time. Reliance is one of the biggest cheaters. When i became a customer of Reliance, i had very bad experience, being it Net connection, Reliance money, Mutual fund.

I have taken a HDFC SIP at the same time along with Reliance SIP. Both the application i submitted on the same date. The HDFC SIP money got credited to my account on 24th of Dec. The signature i put on both the applications are same. This is one of the worst tactics they play to most of their customers. My friend also had the same issue. The do this wisely to keep the money with them for another 10 to 15 days.

Sir/ Madam,

Please find my details below...

Fund : Reliance Mutual Fund
Folio No : 40122060344
Name : Pranav Premshankar Suthar
Address : 14, Jalpa Society, Nr. Mother's School, Gotri Road, Vadodara - 390021
Contact No. 9426973637
E-mail Id : pranav_suthar@rediffmail.com

I have invested in reliance Mutual Fund.
reliance Equity Fund vide Folio No. 40122060344.
Reliance Mutual Fund Wrongly debited 2.51 units.
with reference to this transaction i gave complaint no:06701010 with reliance & they provided resolution in 30th Nov'09 that it will be Reversed in Next 15 Working Days.

Till now I don't have any evidence for any reversal.
I already raised complaint for the same to Reliance Mutual fund for more than 10 times till date.

Today as I want the justification for the same, they are failed to do so & requested for more time.

Even they are not ready to provide me evidence for the conversation with Reliance Mutual Fund as i talk with Shikha, Monika Balwani & Monika Lal. They refuse to provide the same.

No one called me or emailed me to tell that the request has not been processed even after providing the resolution, until I called them.

Please reversed the same as i don't want to remain invested with this type of hopeless fund house as they provides resolution but not initiate the actions for it for very long period of time.

This is the worst kind of customer service quality I have ever experienced.

Kindly take strong & Strict actions for the same.

Awaiting for positive reply.

Sir/ Madam,

Please find my details below...

Fund : Reliance Mutual Fund
Folio No : 40122060344
Name : Pranav Premshankar Suthar
Address : 14, Jalpa Society, Nr. Mother's School, Gotri Road, Vadodara - 390021
Contact No. 9426973637
E-mail Id : pranav_suthar@rediffmail.com

I have invested in reliance Mutual Fund.
reliance Equity Fund vide Folio No. 40122060344.
Reliance Mutual Fund Wrongly debited 2.51 units.
with reference to this transaction i gave complaint no:06701010 with reliance & they provided resolution in 30th Nov'09 that it will be Reversed in Next 15 Working Days.

Till now I don't have any evidence for any reversal.
I already raised complaint for the same to Reliance Mutual fund for more than 10 times till date.

Today as I want the justification for the same, they are failed to do so & requested for more time.

Even they are not ready to provide me evidence for the conversation with Reliance Mutual Fund as i talk with Shikha, Monika Balwani & Monika Lal. They refuse to provide the same.

No one called me or emailed me to tell that the request has not been processed even after providing the resolution, until I called them.

Please reversed the same as i don't want to remain invested with this type of hopeless fund house as they provides resolution but not initiate the actions for it for very long period of time.

This is the worst kind of customer service quality I have ever experienced.

Kindly take strong & Strict actions for the same.

Awaiting for positive reply.

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