We had purchased MIP-98 (V) with notes printed on the certificate that ‘under cumulative option, the income will be cumulated such that Rs 5,000 will become at least Rs 10,016 on maturity’. The plan is going to terminate next month. In the meantime, Unit Trust of India (UTI) has sent us a notice to effect premature redemption of the plan with the options conversion to tax-free bonds or redemption. Accordingly, we have submitted our claims for redemption on February 4, 2004. But UTI did not honour the option requested for and sent us the bonds on May 15, 2004. What can we do now? Who will bear the loss we have incurred on the money we invested in UTI?

Jaysree Dan,
Calcutta 700037

No response from company

ROUNDUP

Prabir Basu of Consumers Unity and Guidance Forum advises:

Please find out if any government decision or change in policy has led to this situation. If yes, then you cannot seek any relief before any consumer forum. Otherwise, you have to collect details that can prove deficiency in service on the part of the company. Once you think you have enough material to strengthen that argument, you should consult an advocate. Alternatively, you can write to the UTI authorities demanding an explanation for their conduct.