2001 (10) TMI 1050

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.... Act'). It was the complainant's case that he held one certificate of 280 units, another certificate of 260 units and third certificate of 1270 units in the Unit 1964 Scheme of the opponent Unit Trust of India (UTI). The complainant applied for reinvestment of the dividend under the reinvestment Plan but his application was granted for the first two certificates and it was not granted for the third certificate concerning 1270 units. He, therefore, moved the opponent as well as the opponent's officers at Ahmedabad requesting to include the third certi-ficate also under the Reinvestment Plan. His request proved futile. Instead, the opponent sent dividend for the year 1993 in respect of third certificate of 1270 units, the complainant deposite....

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....plan due to some technical reasons and dividend in respect of the said certificate for the year 1993 amounting to Rs. 3,312 was sent to the complainant who accepted the same but tried to explain saying that he returned the dividend amount by cheque. The opponent denied having received the cheque and requested the complainant to produce bank certificate to show such payment by cheque. The complainant failed to establish such payment and, therefore, the learned Forum came to the conclusion that the complainant failed to prove that he repaid the dividend for the year 1993 so as to avail of Reinvestment Plan. The learned Forum came to the conclusion that on the complainant's facts about he having accepted the dividend and then having sent the c....

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....ncome. If the applicant desires to join the Plan at the initial stage, he can indicate the same in the application form. The applicant may also join the Plan later by writing to concerned office of the Trust by quoting the Unit Certificate Number." 4. It is not in dispute that in 1995 the complainant had sold the units covered by the certificate in question. Therefore, the dispute which remains to be resolved is concerning the aforesaid two dividend warrants which the complainant wanted to reinvest in the reinvestment plan [RIP]. In this connection, the opponent Unit Trust of India contended before the learned Forum that on account of some technical reasons, the request for reinvestment of the dividend for the unit certificate in question ....