PAMILA ROY Vs. GENERAL MANAGER UNIT TRUST OF INDIA

JUDGEMENT

(1.) The complainant purchased 5000 Units under Growing Income Unit Scheme 1987 (III) (Clause XII) of Unit Trust of India bearing Certificate No. F87434860. These units were to mature on 1.7.1993. The complainant lost this certificate and requested Unit Trust of India's office to issue her duplicate certificate. The UTI took a stand that they had sent her cheques encashing her certificates in July, 1992 i. e. prior to the date of maturity. The case of the complainant is that she never applied for pre-mature encashment of her certificates. Her request was only for the issuance of duplicate certificates which she had lost. However, UTI paid her Rs.82,625.26 saying that she is entitled to the amount upto July, 1992. The case of the complainant is that she never asked for pre-mature encashment and since she received amount on 30.9.1994 she is entitled to the full maturity amount alongwith interest for delayed period i. e.1.7.1993 to 30.9.1994. The Unit Trust of India has failed to bring on record any request by the complainant for pre-mature payment in July, 1992 i. e. before the maturity of the scheme and the plea that she is entitled to Rs.82,625.26 is not tenable. Withholding of record by the UTI shows that it has nothing to support its version.

(2.) We, therefore, hold that the findings of the Forum that respondent is to pay interest on the amount of Rs.87,625.26 only @ 12% p. a. for the period of 15.8.1993 to 30.9.1994 and costs of Rs.250/- are not tenable as against the facts on record and requires modification.

(3.) The result of the above discussion is that the appeal succeeds and the appellant is entitled to entire amount for which she was entitled at the time of maturity of the scheme i. e.1.7.1993. After allowing 45 days for the processing of the case, the appellant is also entitled to interest @ 18% per annum from 15.8.1993 to 30.9.1994 when payment was actually made to her.