Criminal Trident Pack: IPC, CrPC and IEA by Sr. Adv. G.S Shukla and Adv. Raghav Arora
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

radha (freelancer)     25 March 2011

Mutual fund and courier company harrassment

Dear Sir,

X- a female client submitted form with self attested copy of PAN Card,Driving License as Address proof with pin code, cheque and showed the originals to the executive of the company who compared the copies with the originals and marked OSV( Original Seen and Verified)on the copies, and filled the form and got signed from female client and submitted to company.
Mutual funds were issued by the big Indian Multinational company.
The lady submitted form for redemption of the mutual fund due to her financial need.
The payment was not received.Lady asked her husband to inquire from local financial adviser of the company whose name id printed by the company on the statement.This financial adviser made a phone call and stated cheque shal be sent in a few days.Since cheque was not received for many days, lady searched for status at website of company and copied the auto response which stated" No return of cheque/redemption warrant by courier to company" as on say ..1st march,2011,and wrote email to company.
1. Company stated cheque has been returned by courier ( Big MNC) stating " Incomplete address" on 1st march,2011. Lady copied the courier website response stating the same.
2. Lady sent email to company that she has provided correct I, address proofs and showed the originals and she stays at highly developed urban area and the family gets on average 10 couriers from the same courier every month for the last 5 years.
3. Company replied by giving re dispatch courier docket number.
4. Lady checked at courier website and found this docket number does not exist.
Lady wrote email and attached courier website response.
5. Company claimed by email docket number is not fake and that re dispatched courier has also been returned due to same reason " Incomplete address"
6. lady demanded certified copy of :
-form submitted by her, ID proof,Address proof under fair practices code.
- address published by mutual fund company to courier.
Does fair practices code apply on mutual fund company?
How to obtain copies if company does not supply?
7. Mutual fund and courier company started sending emails asking for new phone numbers and started claiming that they are investigating thoroughly and shall revert.
Result of investigation was never supplied.
8. Lady authorized by email , her husband to take up the matter on her behalf and her husband started communications by email.
9.Emails to email id Head Office at courier web site bounced.Mutual fund company claimed their local representative is trying to get in touch with investor and asked for telephone numbers.
10 Husband prohibited telephone contact and demanded :
-form submitted by her, ID proof,Address proof under fair practices code.
- address published by mutual fund company to courier.
-copy of cheque/ DD of redemption warrant.
-copy of 1st and 2nd docket of courier and original report of the delivery staff of courier declaring address as incomplete and untraceable.
- copy of the report of investigation conducted by courier and mutual fund company.
and that courier and mutual fund company should seek appointment for meeting should write minutes of meeting after meeting in place of telephone contact, and demanded penalty payment, surcharge,expenses in occurred by them, principle amount with interest.
-courier company and mutual fund company started asking for telephone contact.
- The local representative of mutual fund company somehow obtained phone number and started coercing the husband to visit courier company office and collect envelope, and report that they are satisfied.
Husband declined and escalated the complaint to MS/company secretary of mutual fund company on email.
Mutual fund company sent email that the courier company has stated during their investigation that the investor declined to sign on run sheet of the courier during both attempts of delivery and hence courier has not delivered the redemption warrant.


Later the mutual fund company changed their statement to:

In 1st attempt the courier declared the adress incomplete and untraceable and in 2nd attempt courier declared investor refused to sign on the run sheet.
The lady and the husband feel duped and cheated and want to take the best possible recourse to bring the matter to a logical conclusion.

The investor has asked the mutual fund company to supply statement from date of purchase to  redemption and to disclose the companies where their money was invested and how their principle amount reduced to 1/3rd while the mutual fund company has been earning profits.

Do they have a right to obtain this detail.How to get it? 
Consumer complaint is one.
but they want to initiate criminal proceedings.
Kindly advice



 2 Replies

M.Sheik Mohammed Ali (advocate)     25 March 2011

best way you can approach consumer court for deficiency service in courier people

radha (freelancer)     26 March 2011

Dear Sir,

Thanks a lot for your response.

Kindly help and clarify to proceed further:

The mutual fund company has supplied the address to courier and has not been supplying the certified copy of the mutual fund application form , copy of Id and address proof collected from investor,despite written reminders.Is it violation of fair practices code set by RBI. Does fair practices code apply on mutual fund companies.The copy shall make it clear  whether the address given by company to their courier was correct or wrong.

The mutual fund company is also not supplying the copy of airway bills.The copy of airway bills shall make it clear what address was recorded at the time of booking the envelope.Is it also violation of the fair practices code.They have simply supplied the copy of depatch summary from courier website whcih does not have the address of consignee and address of consignor.The mutual fund company is also not supplying the envelope whcih was returned to them by courier.

The mutual fund company is trying their level best to wash their hands from any responsibility and to pass on the total blame o courier.

How to obtain the documents from mutual fund company.

The mutual fund company should be made a party or not.

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Post a Suggestion for LCI Team
Post a Legal Query