Request ignored

We had purchased MIP-?98 (V) from the Unit Trust of India. On the certificate the following matter was printed: ?Under cumulative option, the income will be cumulated such that Rs 5,000 will at least become Rs 10,016 on maturity. The plan shall terminate on August 31, 2004.? The UTI sent a notice to effect premature redemption of the plan on March 31, 2004, with the options of conversion to tax-free bonds or redemption. Accordingly, we submitted our claim for the latter to the UTI authorities on February 4, 2004. However, our request was not honoured and instead UTI sent us tax-free bonds on May 15, 2004. What can we do now? We are surprised that our request was not paid any heed. Please suggest a course of action against the company.

Jaysree Dan,

35/2 Belgachia Road, Calcutta 700037

nthe company : No response.

nthe expert: It is not safe to conclude that the UTI has imposed any decision on you. It is unfortunate that your request was dishonoured. But all UTI policies are framed according to government guidelines and the Consumer Forum is not competent to direct the body concerned here.

The right thing for you to do now is to collect information on how or why your request was not kept. So please write to the authorities for an explanation.

If it emerges that there has been a deficiency in the UTI?s service ? or there?s been some mismanagement ? then you can approach the Consumer Forum for redressal. But you have to furnish cogent evidence to sustain your claim that UTI has neglected its duties.

Awaiting returns

I invested in 600 units of CGGF 86 on May 15, 1994 in the name of my daughter (certificate folio no. 205930000559). The administration of specified undertaking of the Unit Trust of India gave me option for redemption of the accumulated units on December 15, 2003. As per his advice, I filed the prescribed proforma and sent it to the UTI Investor Service Ltd, IBTM Sarani, Dalhousie for redemption on January 1, 2004. UTI has not sent me my redemption proceeds till date even after several reminders. What should I do now?

S. Sinha

Sector 5B, 1014,

Bokaro Steel City

nthe company : No response.

nthe expert: It appears that you have not received any communication from the UTI and there has been some communication gap. You must ascertain the present position of your unit first. Therefore, you have to contact the UTI Asset Management Company Private Ltd, 29, N.S.C. Bose Road, Calcutta.

If you are not satisfied with the answers of UTI, you may certainly approach the Consumer Forum for relief and redressal.

Instalment blues

I have made a fixed deposit of Rs 16,000 in Ms Duncan Industries Ltd, 31 Netaji Subhas Road, Calcutta, on July 27, 2000 for a period of 24 months, whose maturity value was Rs 20,973 on July 26, 2002. Further, I have surrendered the original certificate to the company on July 9, 2002 for repayment of the same. But after several reminders I have not received the payment from the company. After some intervals, I received a letter from the company in which they expressed to pay the same by instalment as per CLB order No. 141 (58A)/FRB/2002 dated June 18, 2002. But till date, I have not received the payment. What can I do?

Kanika Mall (M)

229, AJC Bose Road,

Calcutta

nthe company : No response.

nthe expert: Failure to pay maturity amount clearly speaks of deficiency in service. But in the present case, admittedly there is an order of the Company Law Board (CLB) which the company wilfully violated. Thus it would be wise to approach the CLB to get proper redressal.

Right approach

I invested Rs 5,000 with Lloyds Finance Ltd, Raheja Centre, Nariman Point, Mumbai, vide deposit receipt No. C/0697017110/1 dated February 25, 1997, which matured on December 24, 2000 for Rs 10,165. The fixed deposit certificate was sent to the authority concerned for payment. Despite several reminders with intimation to the CLB, the said company is not taking any action to refund the maturity amount as claimed for. I seek your help.

Smriti Saha

R.K. Mission Road, Bidyapara

Dhubri, Assam

nthe expert: Recently, by its order dated March 12, 2004, the Bombay High Court has appointed a special committee to manage the affairs of the Lloyds Finance Ltd. Therefore, you are advised to send your queries or complaint to Justice V.R. Datar, Chairman Special Committee, Lloyds Finance Ltd, Unit No. 3, Ground Floor, Raheja Centre, Nariman Point, Mumbai 400021 for necessary redressal.