UNIT TRUST OF INDIA Vs. BIDYADHAR SAHU

JUDGEMENT

(1.) THIS appeal has been directed against the orders dated 28.1.2004 of the District Forum, Boudh in C.D. Case No. 57 of 2003 directing the sole opposite party viz., Branch Manager, Unit Trust of India to release Rs. 16,000 with 10% interest per annum from the date of surrender of the share certificates i.e. 15.4.2002 till actual payment of the complainant and also to pay him cost of litigation Rs. 2,000.

(2.) THE facts in brief is that the complainant/respondent had purchased share certificates of 650 units MEP -1995 from the opposite party/appellant vide No. 200951590156 -393. He surrendered 650 units of MEP -1995 in the office of the appellant on 15.4.2002. Appellant also granted receipt (Ext. -1) to the complainant and had promised to sent the surrender value of said share certificates within 5 to 6 weeks as per account payee cheque vide account No. 26/4113 of the S.B.I. Boudh. The approximate surrender value of all the aforesaid 650 units is Rupees 16,000. Though complainant/respondent waited as per his promise, yet opposite party/respondent did not pay the same through account payee cheque. He also turned a deaf year to complainant's request personally and over phone. Therefore, complainant sent opposite party notice dated 5.7.2003 through Advocate which opposite party received ort 9.7.2003. Still then, opposite party did not give him the surrender value. Complainant, therefore, filed the C.D. case challenging deficiency of service by the opposite party.

(3.) IN spite of notice in the C.D. case was served on the opposite party and he had enough opportunity to contest the case yet he neither appeared and filed written version nor contested the case. Thus, the allegation of the complainant remained unchallenged. In this end of the view and taking into consideration Exts. 1 to 5, the District Forum found opposite party grossly negligent and careless. Theref ore, he passed the impugned orders dated 28.1.2004. He did not direct opposite party to pay compensation as interest @ 10% per annum upon the surrender value is appropriate in lieu of compensation.