UNIT TRUST OF INDIA Vs. SARLA DEEPENDRA LALAN

JUDGEMENT

(1.) Unit Trust of India (for short 'uti') has filed this revision aggrieved of the order dated 14.11.1994 passed in Case No.1672/93 by the District Consumer Disputes Redressal Forum, Indore (for short the 'district Forum' ).

(2.) Admittedly, the complainant on the public issue applied for 2,000 Master Gain vide application form No.9153018 and deposited the same alongwith cheque No.205646 dated 7.5.1992 for Rs.20,000/- with the Indore Branch Office of UTI. The UTI instead of allotting 2,000 shares issued only 200 shares initially. Hence, the complainant filed a complaint to claim compensation of Rs.26,000/- in all, which was resisted. The District Forum after appreciation of material on record awarded damages worth Rs.200/-per month from 13.10.1992 to 12.10.1994 the date on which 1,800 units were issued. It was also ordered that if the UTI fails to comply with the order within 30 days then it shall also be liable to pay Rs.2,000/- as further damages. Rs.200/- as costs of the proceedings were also awarded.

(3.) Mr. Vivek Agrawal, learned Counsel for the applicant submitted that the District Forum erred in awarding damages of Rs.200/- per month on account of non-delivery of unit certificates is a presumptive loss. Admittedly, UTI has issued all unit certificates with retrospective effect that is with all the benefits from the date of enforcement of the scheme. The scheme in which the complainant had invested was not a compensation paying scheme. It was a rather accumulative gain scheme of which net value per unit on 13.12.1993 was Rs.15.70, therefore, even if 1,800 Units were not sent to the complainant in time, even then she was not eligible for Rs.200/- per month as compensation as the scheme being an accumulative paying scheme based on net asset value calculated from time to time, hence, actually no loss was suffered by the complainant. Counsel placed reliance on a decision of the National Commission in Unit Trust of India V/s. Kavita Gupta,1997 1 CPJ 37.