UNIT TRUST OF INDIA Vs. RAKESH RASTOGI

JUDGEMENT

(1.) THESE revision petitions are filed against the orders of the State Consumer Disputes Redressal Commission, U.P. whereby the State Commission upheld the order of the District Forum. Since the facts involved in all the revision petitions are similar, we dispose them of with a common order.

(2.) TO dispose of the revision petitions, it is not necessary for us to dwell on the facts in great detail as the limited point to be decided by us is as to the rate of interest. Still, to dispose of these matters we discuss the facts in brief which are as under : The complainant in these matters have purchased units of the Unit Trust of India (UTI) and applied for re-purchase on maturity. The UTI sent cheques for the requisite amounts to the complainants by registered post. Though the complainants had informed the UTI their Bank Account Numbers, the account numbers were not printed on the cheques sent to the complainants. Those cheques never reached the hands of addressees and were encashed by somebody else. On account of this fact, the complainants had suffered loss including loss of interest etc. Hence, the complainants approached the District Forum for a direction to the UTI to pay the amounts with interest at the rate of 18% p.a.

(3.) FEELING dissatisfied with the order of the District Forum the UTI went in appeal to the State Commission. The State Commission in its detailed order upheld the orders of the different District Fora with some minor modifications as to payment of compensation as awarded by different District Fora.