1994 (9) TMI 271

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....Rs. 25,000 in February 1987. According to the scheme to OP was to return Rs. 52,000 after the termination of the scheme. It was to terminate on 31-7-1992. They had purchased another 700 units of the same scheme for Rs. 7,000. 3. It is further pleaded that the complainant and his sister surrendered the unit certificates for 2,500 units and 700 units to the OP duly discharged for payment, on 6-7-1992. The OP, however, sent a cheque relating to 700 units within 10 days but they did not send the payment relating to 2,500 units to them in spite of repeated requests. On 8-8-1992, he was informed that the signatures of the holders on the certificates did not tally. A letter dated 29-7-1992 to that effect was sent to his sister, which was receiv....

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....s if so advised. Both the parties have come up in appeal against the order to the Commission; the appeal of the complainant has been numbered as A-152/94 and that of the OP as A-217/94. 7. It is contended by the complainant that the UTI should have delivered to him the cheque of Rs. 52,000 matured value of 2,500 units before 1-8-1992 and if that had been done he could purchase US 64 preferential offer units with that amount. According to him as he was unable to purchase the said units he suffered loss of Rs. 48,000. 8. We have duly considered the argument but regret our inability to accept the same. It is no disputed that the maturity amount became due to the complainant on 1-8-1992 and the scheme relating to purchase of US 64 prefere....