shrigopal sharma (business) 14 May 2010

consumer court.........

We are a cooperative society regd with Raj. coop. Act. We purchased UTI Mutual Fund.Accordingly dividend was declared on it but we did not recd the same and came to know during our audit through their a/c statement which is showing Dividend declared with its amount for Rs. 9.63 Lacs. We approched to Local UTI office and we were informed that we have to complete certain formallities,we did it, meanwhile they gave us lost warrant's no. and confirmed in their letter that as the dividend was declared from previous registrar and after confirming from them and verifying from bank for non -payment they will issue duplicate. warrant.

Now we got a letter from UTI and its Registrar that we are not eleigble for dividend as we have switch over the amount in another MF with UTI .

So please help us .....Can we get dividend from them and can we go to consumer court for getting dividend v?????

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2 Replies

Kiran Kumar (Lawyer) 14 May 2010

In 2009 Hon'ble SC said that even a Company can be a consumer.

if this view is to be accepted then you are entitled to approach Consumer Court.

otherwise also your case is based upon documentary evidence only, in my opinion you can, lets c what other Ld. members opine.

R.R. KRISHNAA (Legal Manager) 14 May 2010

Dear shrigopal sharma,

If you have made the MF switch over to another MF account which disentitles you for dividend then there is no question of deficiency of service on the part of UTI and the UTI has acted well under the clauses of MF agreement / clauses.

Though the latest information from UTI denying you the MF divident is well contrary to their earlier letter declaring dividend (by the previous registrar) that itself does not amount to deficiency of service as the UTI has rights to check the veracity of the declaration of dividend and if any divident wrongly declared/ communicated to the client can be subsequently declared as not eligible.

In my opinion there is no deficiency of service to approach the consumer forum... or claim any relief...

Best regards,...

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