1996 (2) TMI 371

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.... LAL, MEMBERS   ORDER Sangal, President - We feel it is a very petty matter, and the complaint is pending for disposal since 1994. UTI is sending a new representative every time just to seek an adjournment. Under these circumstances, we are not inclined to grant any further adjournment. 2. Arguments heard. It appears that the complainants were holders of Mastershares and the sa....

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....ion. After revalidation it was received on 26-3-1994. Complainant's grievance is that in spite of their requests and reminders, the UTI has not paid interest for the delayed period. He has, however, admitted that UTI did send a sum of Rs. 612.74 as interest in the month of April, in respect of Folio No. 409877. 3. In the reply filed on behalf of UTI it has been contended that the complainants n....

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....nnot be acceded to, and in any case it may not exceed 15 per cent p.a. In the written statement it has been averred that the complainants have duly been compensated for the delayed despatch of cheques for the amounts due to the investors. 4. We have heard the parties and have considered over the matter. There can be no denial of the fact that the redemption value voucher were despatched to the ....