Wednesday, August 22, 2007

July 13, 2007

Date: Fri, 13 Jul 2007 13:32:56 -0700 (PDT)

From: ********

Subject: Banking Cust escalation - *****- Unable to redeem mutual fund

To: uday.kotak@kotak.com, gaurang.shah@kotak.com, c.jayaram@kotak.com, dipak.gupta@kotak.com, ajay.sondhi@kotak.com, swati.singh@kotak.com

Dear Sirs,

It is with a heavy heart that I again have to write you again.

I continue to remain a loyal customer of Kotak with relationships in Bangalore and Ahmedabad. I am now a student of ***** at *****, Ahmedabad. I have investment account number ***** with 5000 units of the Standard Chartered Enterprise Equity fund currently valued at Rs. 64,025. My savings and investments with Kotak have been redeemed at regular intervals to pay my tuition fees at *****. I need to redeem these funds to pay the balance of my tution fee for my *****.

I approached your Brach at Sardar Patel Marg, Jaipur during my summer training at *****, Jaipur in the month of May to redeem these units. I was told that this was an online portfolio and had to be redeemed online. I then told them that it was not possible as the system did not permit it. I then called the Kotak Helpline from there and the people at the helpline said that I had to drop off a physical letter at the branch whereupon an argument ensued between the Helpline and the Branch. The Customer Services Manager at the desk, Mr. Apoorv, with impeccable presence of mind dialed StanChart who confirmed that these units could be redeemed only on June 30th or on December 31st as it was a closed ended scheme with only these two redemption dates. I thence received two calls from your disgusting helpline where they told me that I had to walk into a branch to get the units redeemed whence I had to educate them on the nuances of this fund.

I dropped off a written application since all my attempts to place a redemption request online were met with a simple "We are sorry we are unable to proceed with your request as you do not have any online units to redeem". This redemption request was placed on June 25, 2007 and again on June 30, 2007 with my efficient relationship manager, *****, at Satellite Branch, Ahmedabad. Mr. *****and the Satellite Branch at AHmedabad have always provided me excellent service similar to what I have come to expect from Kotak after my happy experience with the Lavelle Road, Bangalore Branch. The redemption funds did not hit my account, however. I called up Mr. Dave earlier this week and he gave me the contact details of the StanChart office in Ahmedabad who informed me that the redemption request had been rejected as this was converted to an online fund and could only be redeemed online. The next possible date on which this can be redeemed is December 31, 2007.

I have always been a loyal customer of Kotak and have enjoyed a considerably good banking relationship with Kotak. I currently need access to funds, which due to the unfortunate turn of events due to the limitations of your online software are unavailable. I have followed the instructions of your branch officers and your call center in dropping off a written request, since the online request could not be accepted, which has been rejected by StanChart because apparently only a online redemption request can be accepted for this. You have in place a MOU that clearly allows you to execute all transactions on my investment account on my behalf based on instructions received from me and could have placed this request at your end once you received the written request.

I need these funds urgently. Please redeem these funds ASAP. If StanChart refused to redeem the same, please arrange to have a line of credit / overdraft attached to my account using these units as collateral. The face value of these units is Rs. 50000 and they have already delivered a return of 25.46%. I hence request that you extend to me a line of credit at 0% interest in lieu of these extraordinary circumstances, keeping in my existing relationship with yourselves and the potential that this relationship will hold in the future once I obtain my *****from *****.


Warm regards
*****

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