Indiabulls guilty of causing mental agony

The District Consumer Disputes Redressal Forum has directed Indiabulls Securities to refund Rs 10,000 and pay Rs 3,000 for causing mental agony to a complainant, after they allegedly demanded money from him, even after he had closed his account.

It has also been directed to pay Rs 1,100 as litigation costs. The complainant, Ranjit Singh Chandhoke, had taken a membership of Indiabulls Securities in April 2006, for which, he had deposited a cheque for Rs 10,000.

Singh said he received a call from the assistant relationship manager, a day later, telling him the cheque had been misplaced. He requested for another cheque of the same amount. He later requested the company not to trade on his behalf, as the amount of Rs 10,000 invested by him was reduced to Rs 7,319. He then requested for a refund and Rs 7,319 was refunded to him. The complainant alleged that, in January 2007, he found that even after closing his account, the company was still trading on his behalf.

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