1996 (2) TMI 371

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..... r disposal since 1994. UTI is sending a new representative every time just to seek an adjournment. Under these circumstances, we are not inclined to grant any further adjournment. 2. Arguments heard. It appears that the complainants were holders of Mastershares and the same were to be redeemed in November 1993. The respondent issued a circular, asking the unit holders to deposit their certif .....

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..... ders, the UTI has not paid interest for the delayed period. He has, however, admitted that UTI did send a sum of Rs. 612.74 as interest in the month of April, in respect of Folio No. 409877. 3. In the reply filed on behalf of UTI it has been contended that the complainants notion that the redemption amount was to be paid within 30 days from the date of despatch of units for redemption is a tot .....

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..... t the complainants have duly been compensated for the delayed despatch of cheques for the amounts due to the investors. 4. We have heard the parties and have considered over the matter. There can be no denial of the fact that the redemption value voucher were despatched to the complainants much after the date on which they should have been sent. As per the own policy of the UTI, complainants w .....

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