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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.
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.
Consumer complaint is one.
but they want to initiate criminal proceedings.
Kindly advice
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