GAGANDEEP KAUR GILL Vs. UNIT TRUST OF INDIA

JUDGEMENT

(1.) This is an appeal filed against the order of District Consumer Disputes Redressal Forum-II, U. T. , Chandigarh [hereinafter, for short, referred to as District Forum-II], dated 9.9.2004 of 2004, Gagandeep Kaur Gill V/s. The Unit Trust of India and Another.

(2.) Briefly the complaint is that 5100 units under the Children's Gift and Growth Fund, 86 (CGGF 86) were held by the complainant. These units matured on 9.7.2003. The complainant submitted these unit certificates to O. P. No.1 Chandigarh on 9.7.2003 for payment. Since the payment was not made in a reasonable time, the complainant gave a reminder dated 12.8.2003 to the O. Ps. and finally the maturity value was paid to the complainant on 22.8.2003. The complainant has alleged delay in payment of the maturity amount as the O. Ps. took the total of 44 days to pay the maturity value instead of taking normal period of 10 to 11 days. Conceding an allowance of 14 days for processing the units for payment, the complainant avers that there is still a delay of 30 days in the payment and the O. Ps. are liable to pay interest @ 12% per annum on the maturity value of these certificates amounting to Rs.1,85,442/- in addition to pay Rs.5,000/- as compensation for mental and physical harassment and Rs.1,000/- as costs of litigation.

(3.) Version of the O. Ps. is that the delay of 44 days occurred due to introduction of new cash management system due to which payments of the maturity value were centralized at Mumbai. It further stated that under the system a draft dated 1.8.2003 for the maturity amount of Rs.1,85,442.20 p. in favour of the unit holder was received by the O. Ps. and the same was received by the complainant on 22.8.2003. The O. Ps. thus claimed that there is no deficiency on their part.