Question : UTI UNIT SCHEME



(a) whether the Supreme Court held the UTI responsible for the small investors of UTI not receiving their maturity amount for their units in September, 2005 and has also directed that it should again re-issue cheques to such investors for their maturity amount;

(b) if so, whether U.T.I. has sent cheques of maturity amount to investors for their units in compliance with the orders of the Supreme Court;

(c) if so, the details thereof;

(d) if not, the reasons for delay in this regard; and

(e) the time by which cheques of maturity amount to investors for their units are likely to be sent by UTI?

Answer given by the minister


MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI S. S. PALANIMANICKAM)

a) to e) Specified Undertaking of Unit Trust of India (SUUTI) has informed that Hon`ble Supreme Court dismissed the Special Leave Petition field by erstwhile Unit Trust of India (UTI) against the orders passed by National Consumer Disputes Redressal Commission, whereby the Commission had directed UTI to pay to the investors who had not received cheques/income distribution warrants which were fraudulently encashed by importers. As a consequence of this order, UTI was required to pay to 76 investors. Out of these, payment was made to 16 investors prior to the passing of orders by the Hon`ble Supreme Court and the balance 60 investors have been paid after the orders.