9911796707
TMI Blog1997 (1) TMI 421X X X X Extracts X X X X X X X X Extracts X X X X ..... Petition No. 809 of 1995 where Ms. Kavita Gupta and Revision Petition No. 810 of 1995 where Mrs. Sushila Dayal Mohan Gupta are the respondents being the same, all the three cases will be disposed of by this common order. 2. Briefly the facts are that the three respondents Maj. Gen. Dayal Mohan Gupta, his wife and his daughter applied for allotment of 5,000 units each of the master gain, 1992, floated by the Unit Trust of India. They gave their application forms along with cheques of the requisite amount of Rs. 50,000 each of the counter of UTI on 18-5-1992 and the same amount was credited to the account of the UTI on 15-6-1992. According to the scheme of master gain, the certificates were to be issued to the respondents by 30-9-1992 an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ates within 30 days of their Order or in the alternative refund of Rs. 50,000 with interest at the rate of 18 per cent per annum compounded annually from 15-6-1992 till the date of payment to each of them, along with costs amounting to Rs. 5,000 each. The respondents were not satisfied with this order of the District Forum and filed an appeal in the State Commission, Delhi, which after going through the affidavits of the parties held that the UTI shall pay Rs. 22,250 to each of the respondents on account of the loss suffered by the respondents, as indicated earlier. The State Commission also directed the payment of interest at the rate of 18 per cent on this amount from 25-2-1993 and on Rs. 2,000 from 10-7-1993 till the date of payment. Fur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... determined periodically after deducting the value of liabilities from the total face value of the securities held by the trustees of the scheme and it naturally fluctuates according to the value of the securities and liabilities. The speculative element in the market value of such growth oriented units is a matter of perception of the investors at any given point of time. In a capital growth oriented scheme, the money of the investor remains locked up for a period of 5 years. Though such units can be purchased and sold in the market on the prevailing price, after their listing in the stock exchange, the UTI can take them back only at the repurchase price, notified by them, at different intervals of time, which, normally, would be according ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a net assets value or repurchase price, so soon as March, 1993 when the units were listed in the stock exchange only in November, 1993. Assuming that the respondents had received their units certificates in time, and, there- fore, could deliver them, according to the contract of sale they had entered into, they would have earned Rs. 6,500 each and not more. That, in fact, is their loss because of the late delivery of unit certificates by the UTI. Another way of looking at the issue could be that the loss of Rs. 2,000 each by way of cancellation charges, which according to them they had to pay for want of units certificates was their actual loss. The unit certificates now have been delivered to them and that too with all the benefits accrued ..... X X X X Extracts X X X X X X X X Extracts X X X X
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