CAN BANK MUTUAL FUND (TRUSTEE CANARA BANK) vs Rajni

MISS Rajni, D/o Sh. D.D. Abrol invested a sum of Rs. 10,000/- with the Canara Mutual Fund (Trustee Canara Bank), Orient House, Adi Marzban Path, Ballard Estate, Bombay, on 17.9.1990 and obtained 1,000 Canstar Units bearing Certificate Nos. 3068359 to 3068368 and distinctive Nos. 0701947281 to 0701947380. She applied for the repurchase of Canstars by the opposite party, but the request was declined. In 1997, Can Bank repurchased the said units at a price of Rs. 23/- per canstar. The grievance of the complainant is that the payment was delayed and she had to arrange money from other sources at a higher cost and that she be compensated for the same. The District Forum on 9.10.1998 ordered that the complainant was entitled to interest @ 15% p.a. for the period 10.11.1997 to 30.12.1997. Aggrieved against it, the present appeal has been preferred by the Can Bank Mutual Fund.

THE learned Counsel for the appellant contends that the units were re-purchased by the Canara Bank and not by the Canara Bank Mutual Funds and that the Can Bank Mutual Funds was not in the picture. THE deficiency, if any, was on the part of Canara Bank which has an altogether separate identity and was not impleaded as a party. After perusal of the record, we find that the contention of the appellant is correct. It was Canara Bank who had made this announcement that the amount had been received by the aforesaid Bank. If there was delay in disbursement, it was on the part of Canara Bank and not the appellant. Thus, the conclusion is that the appeal succeeds. THE impugned order is hereby set aside. THE parties are left to bear their own costs. Order set aside.