BRIEF DETAILS OF THE CASE


100 units @ Rs. 10/- (Total Rs. 1000/-) of UTI under RUS-92 Scheme was purchased on 20.10.93 in the name of my son Mr. Akshay Mishra.

The maturity date of this scheme was on 22.10.2013. On maturity date, the amount payable was Rs. 21000/- (excluding bonus).

The said scheme (RUS-92) was terminated on 30.09.2000. But we have not received any communication to this regard from UTI till 29.9.2011. UTI vide their letter dated 30.9.2011 has asked my son (Mr. Akshay Kumar Mishra) to submit the original certificate with proof of identity and bank details to pay the maturity amount on termination of said scheme.

With reference to UTI’s letter dated 30.9.2011, we have send all the required documents including original RUS-92 Certificate duly attested by a Gazetted Officer and Public Notary for release of payment on redemption against RUS-92 Certificate No. R944007031256 in October, 2011.

In turn, we have received a cheque dated 03.11.2011 for a sum of Rs. 2876.83 only without any letter with regards to details of payment etc.

On receipt of the said cheque, We have submitted a representation dated 21st November, 2011 requesting therein to provide following details:-

a) Total value of 100 unit as on date which was purchased on 20.10.1993.
b) Rate of interest granted against these units with period.
c) Bonus on the unit from 1993.
d) If the scheme was terminated in the year 2000, reasons of delay for payment.

If the scheme was terminated in the year 2000, principal amount and its interest based on the total period from 1993 to 2000 should have to be returned by UTI. But it was not done. However, if there is delay due to any reasons, UTI will have to pay principal amount and its interest based on the total period from 1993 to 2011, which has not paid by the UTI.

We have submitted, another representation dated 29.11.2011 giving full details of the grievances with request to UTI that either the terminated scheme i.e. RUS-92 may be converted into the CCCF Plan 93 from the date of termination and grant its benefits with interest upto 03.11.2011; Or If it is not possible to convert the RUS-92 scheme in CCCF Plan 93 from the retrospective date, then I may grant accrued interest on the amount of Rs. 2876.83 from the date of closing of scheme i.e. from October, 2000 to the date of issue of cheque i.e. upto 03.11.2011.