Suman Kumar Chakraborty: Complaint against Prabhu Dayal Memorial Religious and Educational Association (PDMREA), Karvy Wealth Mgmt., Karvy Capital limited and Milestone Trusteeship Services Pvt Ltd. for Unfair Trade Practice, Suppression of facts, financial fraud, Default of Principal and Interest and Deficiency of service. Kindly note Karvy Wealth Management had advertised and induced me to invest in the Unlisted, Unrated, Secured, Redeemable Non-convertible Debentures issued by Prabhu Dayal Memorial Religious and Educational Association (PDMREA). Mr. Santosh Kumar, Assistant Vice- President, Karvy Wealth Management promised that it is a safe investment similar to fixed deposit. Additionally, he promised me of high-interest rate. (Attached Annexure_01_Brochure - Prabhu Dayal Memorial NCD PPM). The financial product was mis-sold and misrepresented to me as a guaranteed return financial product like bank fixed deposit. Kindly refer Attached Annexure_01_Brochure - Prabhu Dayal Memorial NCD PPM. I, Suman Kumar Chakraborty had subscribed to above-mentioned scheme and paid Rs10, 00,000 (Ten Lakh) to Karvy Capital Limited on 31 Dec 2014. (Attached Annexure_02_Suman Chakraborty - PDM - Cheque payment copy). Karvy Wealth Management acted as Customer Service Representative. Karvy Capital Limited acted in the capacity of Debenture Holders Representative (DHR). Milestone Trusteeship Services Pvt. Ltd acted as Debenture Trustee & Escrow Agent. Kindly note detailed payout schedule of principal + interest was according to Annexure 1 of Brochure. Till date, I have received interest as per attached Annexure_5.2_Suman Chakraborty - PDM Interest payment details. I have not received any more amount till now. I have requested for information regarding the default but received no response. Attached Email trail as per annexures 6.4, 6.5, 6.6, 6.7, 6.8 and 6, 9. Kindly note, I am in great physical and mental distress due to above fraudulent act of above-mentioned respondents. I am in great financial distress and hereby request your good office to take STRICT ACTION against PDMREA, Karvy Capital, Karvy Wealth Management and Milestone Trusteeship Services Pvt. Ltd so that they make necessary arrangement to pay up all dues. I had posted my problem in your facebook id but received no reply. Kindly inform your contact no to my email id - [deleted] Brgds, Suman Kumar Chakraborty
First answer received in 30 minutes.
Lawyers are available now to answer your questions.
Kindly ADVICE the best legal option: 1. Consumer court 2. West Bengal Protection of Interest of Depositors in Financial Establishments (WBPIDFE) Act 3. Civil money suit against Karvy Wealth Management Also advice how can I send you all other documents to you for further action Brgds
1. consumer court will not entertain your complaint since an investment element is involved
2. you can take protection under the WBPIDFE
3. before civil money suit, write a complaint to the Securities and Exchange Board of India (SEBI) and mark a letter to the defaulter
4. civil suit takes time. so its better to try other options first
All these options you have mentioned can be exercised simultaneously.
Since Karvy is registered with SEBI, the second option does not apply to it.
Please refer to the agreement papers as it is likely to contain Arbitration clause whereby a listed person is to be appointed as Arbitrator to adjudicate the dispute though you can also proceed with the consumer case as well.
issue legal notice to karvy and Prabhu Dayal Memorial Religious and Educational Association (PDMREA).
2) enclose copy of correspondence exchanged with karvy and PDMERA
3) contact local lawyer
1. Consumer court --- No consumer complain made out,
2. West Bengal Protection of Interest of Depositors in Financial Establishments (WBPIDFE) Act --- available.
3. Civil money suit against Karvy Wealth Management -- No use , litigation cort.
File criminal FIR u/s 420, 406 IPC.
the investments in stock market, mutual funds are subject to market risk.
the above issue has been very clearly advertised in all the brochures.
you should have analysed all the risk factor before making an investment.
the broker will approach you with sweet words, it is your prudence which makes your investment wise or a mistake.
you may decide to approach consumer forum if the deficiency in service is observed.
you cannot file any recovery suit for recovering your money or investment.
1. Consumer court
2. West Bengal Protection of Interest of Depositors in Financial Establishments (WBPIDFE) Act
3. Civil money suit against Karvy Wealth Management
out of the three options you have proposed, in my opinion, you may approach consumer forum alone for speedy action and a positive result.
Hi
You should immediately send them a legal notice through your lawyer and if within 30 days they do not give you a reply for the same, then, file a consumer complaint against them before the State Commission
Hi
First of all send them a legal notice for their act. If you do not receive their reply within 30 days then, straight away file a consumer complaint before the State Commission.
1. It appears that Karvy Wealth Management was the Issue Manager of the said NCD issued by PDMREA.
2. You shall have to carefully study the brochure issued by the above parties inviting applications from the public for investing in the said NCD with the stated promises of return.
3. If you detect and act of deficiency in service and/or unfair business practice on the part of the associated parties in dealing with you, then file a complaint case before the local District Consumer Dispute Redressal Forum against all those parties named by you in your post alleging deficiency in service and unfair business practice claiming refund of the amount paid by you with the assured interest/return, damage and cost.
1. This is a case of non payment of dues assured by the Company in the NCD issued by them.
2. Consumer Court shall be the right forum to agitate before.