UNIT TRUST OF INDIA Vs. K NALINI KURUP

JUDGEMENT

(1.) ALLOWING the complaint filed by the complainant/respondent herein the Forum below (Consumer Disputes Redressal Forum, Pathanamthitta in O. P. No.16/2001) passed the impugned order. The operative portion of the order reads thus: "the opposite parties are directed to pay a sum of Rs.16,839/ - (Rupees sixteen thousand eight hundred and thirty -nine only) with 12% interest per annum from date of termination till date of payment to the petitioner within one month from the date of receipt of this order. The opposite parties are also directed to pay a sum of Rs.10,000/ - (Rupees ten thousand only) as compensation for mental agony and to pay a sum of Rs.1,000/ - (Rupees one thousand only) as cost of proceedings to the petitioner. "

(2.) THE facts undisputed are that the respondent purchased 500 units worth Rs.5,000/ - from Rajalekshmy Unit Scheme of Unit Trust of India Office at Pathanamthitta in the name of her grand daughter Sneha. That scheme provided for an investment that will cover 21 times in 20 years and the complainant was given a cash receipt for Rs.90,000/ - with bonus and special incentive. Letter dated 20.8.2000 was sent by the 3rd opposite party to the complainant informing that Rajalekshmy Unit Scheme (RUS -92) was terminated with effect from 1.10.2000 and on termination the complainant's grand daughter would be getting only a sum of Rs.16,680/ -. Asserting that the complainant is entitled to get Rs.35,625/ - from the opposite parties the complaint has been filed before the Forum below.

(3.) THE sustainability of the order passed by the Forum below is challenged by preferring this appeal by the opposite parties 1 to 3 and the contention urged by the learned Counsel for the appellants before us is that the Forum below was not justified in passing the impugned order directing the opposite parties to pay a sum of Rs.16,839/ - with 12% interest per annum from the date of termination and also awarding to complainant compensation on the ground that Rajalekshmi Unit Scheme, 1992 was terminated under the provisions of Unit Trust of India Act, 1963 and the provision of the scheme also carried the authority to terminate the scheme. It is also contended that termination was in the interest of unit holder. According to appellants the scheme indicated only an implicit return varying between 16.16% and 16.75% on an annualised basis and Clause XXVII of the scheme authorised the Unit Trust of India to terminate the scheme. The amount of Rs.16,680/ - which accrued benefits is the amount actually due to the complainant. Appellants also contended that there is no deficiency of service on the part appellants.