Asok Kumar, J. - (1.) Heard Counsel for the parties. The facts of the case are that the petitioner's father Sagarmal Bafna (since deceased) applied for 5000 equity shares of Masters Gain '92 and for the said purpose gave a cheque for Rs. 50,000/-. The grievance of the petitioner is that even though an application along with the cheque have been deposited on 14th May, 1992 with the Bank of Baroda, U.T.I. Service Centre, Calcutta, the Certificates were not allotted to him nor any communication was made to him. On 11th December, 1992 the father of the petitioner Sri Sagarmal Bafna died. Thereafter, there is no correspondence between the petitioner and the U.T. I. Authorities. In fact nothing has been disclosed in the writ petition.
(2.) The next correspondence which has been disclosed in the writ petition is a letter dated 12th January, 1999 which was sent by the petitioners through their Advocate to the U.T. I. Authorities, it appears that there was some exchange of correspondence between the petitioner's Advocate and the U.T.I. authorities and the U.T.I. authorities wanted the petitioner to comply with certain formalities and sign certain forms and other things and ultimately it is not in dispute that Certificates were issued and the stand of the U.T.I. authorities are that the petitioners, apart from the Certificates will be entitled to receive all the benefits including dividend as declared by the U.T.I. authorities against the said claim.
(3.) Learned Counsel for the petitioners submit that they have received the Certificates and the dividends but they are insisting on payment of interest @18% per annum for the period during which the money was held up with the U.T.I. Authorities and the Certificates were not granted to them.;