N.KANNADASAN, J. - (1.) The appellants are the opposite parties and the respondents are the complainants.
(2.) The complaint is filed under the following circumstances: The complainants have purchased shares from UTI for a sum of Rs.2,20,000/- on the Master Growth 1993 Scheme. As per the scheme, they are entitled to get dividend and bonus on completion of 10 years. The opposite parties have repurchased the shares on 5.5.2003 from the complainants. The cheques were signed on 19.5.2003, for a sum of Rs.2,94,635/-, but the cheques were received by the complainants only on 16.6.2003. It is their further case that the opposite parties have made false claim to the effect that the investment would earn more money. More particularly, an offer of 15% as dividend on completion of 6 years period, which is nothing, but to lure the investors. There was also delay on the part of opposite parties. There is no reply on the part of the opposite parties to the correspondences, as well as the legal notice. There was also poor services on the part of the appellants and there are several other deficiencies. Therefore, filed the complaint before the District Forum, claiming Rs.1 lakh towards compensation for mental agony and a sum of Rs.2000/- towards cost.
(3.) Opposite parties resisted the claim that there is no deficiency on their part. If at all the opposite parties could be faulted, it is only for one reason viz. there is delay of 6 weeks in their sending the cheque, which was due to the process of purchase of application and administrative reasons. Hence, the opposite parties have come forward to pay interest @ 15% for the belated delivery of cheques, and the complaint is liable to be dismissed in all other respects.;