K M Singh vs UNIT TRUST OF INDIA

MR . K.N. Singh, Revision Petitioner appeared in person and presented his case before us. The grievance put forward by the Revision Petitioner relates to the quantum of compensation awarded to him by the District Forum which was confirmed by the State Commission. The compensation claimed was for the delay on the part of the Unit Trust of India in making payment of the maturity value of 2500 units which was paid to the complainant only after the expiry of 12 days.

THE main thrust of the grievance put forward by the complainant was that if he had been paid the maturity value of the units in time he would have been enabled to purchase U.S. 64 preferential offer Units with that amount and on account of his having been rendered unable to purchase those units he had suffered a loss of Rs. 48,000/ -. As rightly pointed out by the State Commission, the maturity amount in respect of the 2500 units in question became payable to the complainant only on 1.8.92 whereas the scheme relating to the purchase of U.S. 64 preferential offer had closed on 31.7.92. There is, therefore, no merit or truth in the contention that on account of the failure of the Unit Trust of India to make the payment of the matured value of the 2500 Units on the due date, the complainant had been denied the opportunity to purchase the U.S. 64 preferential offer Units. In regard to the claim for compensation on the ground of mental agony and pain, we are in complete agreement with the view expressed by the State Commission that the amount of Rs. 2,000/ - awarded to a complainant by the District Forum did not call for any modification. From the foregoing discussion it follows that this Revision Petition is devoid of merits and it has only to be dismissed. We do so, but do not make any order as to costs. Petition dismissed.