Nisha Singhal vs Unit Trust of India

1.

THE claimants have purchased U.T.I. Units, which were matured in 2001, but the dividends are said to have been paid in 2003. Different dates of maturity have been given in different applications. For example in the case of Nisha Singhal v. Unit Trust of India, the date of maturity was 20.6.2001 but the demand drafts were issued vide letter dated 28.7.2003. It is said that these payments have been delayed. Even after the delay in payment of about 2 years, the claim was not allowed by the Consumer Forums for interest of the delay although the U.T.I. was directed to make the payment along with dividend up to the date of maturity. Being aggrieved by this order each of the complainant filed separate appeal and in all these appeals common question of law and facts are involved that is the claim of interest from the date of maturity till the date of actual payment.

It is settled principle of law as well as fact that the delay in payment is also deficiency in service. The U.T.I. has got no right to delay the payment for about 2 years. They must have earned profit on the amount detained with them. Had the amount been paid to the claimants, they should have deposited it somewhere and should have got interest thereon. Therefore, for the period of delay as well, the claimants were legally entitled for interest or compensation. The opposite party admitted that the dividend has been paid @ about 10% but the claimants desired to get interest @ 18%, therefore, interest could not be given.

WE find that the interest @ 10% could have been the proper interest for the delay in payment. ORDER The order under appeal is to be modified to the extent that each of the appellants will get interest @ 10% at the maturity amount from the date of maturity to the actual date of payment. The rest part of the order as passed by the learned Forum shall stand confirmed. All the 8 appeals are disposed of accordingly. Copy shall be placed in the records of each case. Appeals disposed of.