BEFORE THE HYDERABAD
F.A.No.1448 OF 2008 AGAINST C.C.No.354 OF 2007 DISTRICT FORUM-I,VISAKHAPATNAM
Between:
1. Visakhapatnam
2. nd
3.
A N D
Kum Chandrika Naghata D/o Shreyans Nahata
aged 12 years, being minor rep. by Mother
and Natural guardian Smt Suma Nahata
W/o Shreyans Nehata, aged 34 years,
R/o Flat No.301, Narayan Towers, New Colony,
Visakhapatnam
Counsel for the Appellant
Counsel for the Respondent
AND
SRI R.LAKSHMINARASIMHA RAO, HON’BLE MEMBER
.
WEDNESDAY, THE TWELFTH
TWO THOUSAND ELEVAN
Oral Order (As per Sri R.Lakshminarasimha Rao, Hon’ble Member)
1.
2.
3. `20,000/- with the opposite parties for purchase of 2000 units @`10/- per unit on 16.10.1999 in the name of her minor daughter, Chandrika Nehta, under UTI Children’s Gift Growth Fund Unit Scheme. `20,000/- for 2000 units. st `60,000/- as on 1st
4. `20,000/- together with dividends accrued thereon. `87,739/-.
5.
6.
7. `87,739/- besides`15,000/- towards compensation as also interest @ 12% per annum on the amount of`20,000/-.
8. `61,156.91 and that no dividend can be legally paid to the complainant.
9.
1) Whether the opposite parties are liable to pay the amount of Rs.87,739/- after termination of the scheme on 31.12.2006?
2) To what relief?
10.
11. `20,000/- with dividends. The contention of the opposite parties is that they had sent the option letter to the complainant in the month of December 2003 seeking her consent for either redemption amount or 6.60% tax free Govt. of India Assured Bonds against her investment.
12. `61,156.91 of the investment of the complainant and that no dividend can be legally paid to her.
13. `15,000/- awarded under the head compensation and reduce the interest from 12% to 9%.
`87,739/- with interest @ 9% per annum from the date of complaint and`2,000/- towards costs.
KMK*
