BABULAL GODIKA Vs. UNIT TRUST OF INDIA

JUDGEMENT

(1.) Heard.

(2.) The appellant complainant was the holder of 2000 units of respondents UGS Scheme. The units were to be repurchased by the respondent trust as and when such units were surrendered to it by the unit holder. The appellant surrendered his holding of 2000 units on 18.11.1993 although a cheque for the amount payable to the appellant by the trust in respect of the value of the surrendered units was prepared on 24.12.1993, but the cheque could be delivered by the respondent to the appellant not before 28.1.1994. Alleging deficiency in service in making payment of the repurchased value of the units, the appellant filed his complaint before the D. F.

(3.) The respondent appears to have contested the complaint of the appellant mainly on the ground that on 16.11.1993 the respondent had taken policy decision regarding giving additional facility to the investors by formulating the repurchased pricing structure. It was submitted that due to such decision taken by the trust, the payment of the value of the units would not be timely made by the trust to the appellant. The D. F. accepted the version of the respondent and dismissed the complaint of the appellant.