SANTOSH BANSAL Vs. UNIT TRUST OF INDIA BOMBAY

JUDGEMENT

(1.) Santosh Bansal possessed 1500 master gain units and she approached the UTI and handed over the aforesaid units on 4.10.1995 and obtained acknowledgement and wanted the refund. However, it was made on 9.5.1997. The District Forum-I ordered on 21.7.1998 a compensation for harassment and costs in the sum of Rs.500/ Aggrieved against it, the present appeal has been preferred by the unit holder.

(2.) Briefly the facts are that 1500 mastergain units were handed over to the UTI at their local office situate in Sector 17b, Chandigarh on 4.10.1995. The respondents noticed some difficulty in comparing the specimen signatures and after the required formal attestation, the papers for refund were again submitted on 15.2.1996. In appeal the appellant has demanded interest @ 18% p. a. and not merely 12% p. a. After giving a margin of 45 days for processing to which the respondents were lawfully held entitled, there was deficiency in the unexplained delay by making the payment of Rs.17,685/- on 9.5.1997. So far as the period of delay from 1.4.1996 to 9.5.1997 was concerned, the District Forum-I was of the view that it was on account of deficiency, yet formal order regarding payment of interest in respect of this period was not specifically made in the operative part of the impugned judgment. After hearing the learned Counsel for the appellant and perusal of the record, this appeal is accepted and it is ordered that Santosh Bansal is entitled to interest @ 12% p. a. for the period 1.4.1996 to 8.5.1997. However, the compensation of Rs.500/- ordered by the Forum is considered adequate and no enhancement is called for in this regard. Thus the appeal is partly accepted and we order accordingly. Announced.