BHARGAVA REFRIGERATION INDUSTRIAL PVT. LTD. Vs. UTI

JUDGEMENT

(1.) This O.P. No. 95/2003 has been filed by the complainant "Bhargava Refrigeration Industrial Pvt. Ltd." against the opposite parties "Unit Trust of India" (in short "UTI") and "Ministry of Finance". O.P. No. 358/2002 has been filed by the complainant "Dr. P.N. Bhaskaran" against the opposite parties "UTI" and "Union of India". FACTS OF O.P. NO. 95/2003

(2.) The complainant purchased US-64 unites from UTI as per the following details:

(3.) It has been alleged in the petition that in the bulletin issued by Unit Trust of India, they were giving a very rosy picture of the units whereas the fact was that a Committee was already appointed to examine the affairs of the UTI which were in bad shape and the report of the Committee was also under consideration by the Joint Parliamentary Committee (in short "JPC"). Ultimately, sale and repurchase of units was suspended in the year 2001. Thus, clearly the opposite party is guilty of unfair trade practice for attracting investments.