9911796707
TMI Blog1996 (9) TMI 490X X X X Extracts X X X X X X X X Extracts X X X X ..... ER S.P. Bagla, Member - This Revision Petition No. 612 of 1995 has been filed by the Unit Trust of India (UTI) against the order of the West Bengal State Commission dated 4-8-1995. The admitted facts in this case are that Smt. Bandana Roy Chowdhury and Kum. Anita Roy Chowdhury applied for 3,000 units of Master Gain, 1992 on 12-5-1992 and paid for the same through cheque drawn on the ANZ Grin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... um of Rs. 2 lakhs by the respondents. They filed an appeal before the State Consumer Disputes Redressal Commission, West Bengal in November 1994 which passed an order on 4-8-1995 directing the UTI to pay interest at the rate of 15 per cent on the amount of Rs. 30,000 effective from June 1992 and until the said 3,000 units of Master Gain Shares, 1992 are issued and delivered to the respondents. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of these units. This letter was sent by the UTI after the filing of the appeal before us. The explanation of the UTI is that the application made by the respondents could not be traced, and, therefore, the units could not be sent to them in time. We, however, find from the record that the respondents have made repeated requests, through their letters to Datamatics Financial Services Ltd., the au ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h a facility to realise cash, if required, at any point of time. However, it is difficult to quantify the loss as the NAV keeps on fluctuating from time to time. The only other method to compensate the loss of any appreciation in the capital value of the units would be to give interest, on the amount invested, at a rate which is normally charged by the banks for advances and loans or on long-term ..... X X X X Extracts X X X X X X X X Extracts X X X X
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