Vardan Singh Rana s/o Sh.Ram Murti Singh Rana, aged about 19 years, R/o H.No.2160/3, Sector 45-C, Chandigarh

                                                                                    Appellant

V E R S U S

Unit Trust of India, Jeevan Parkash Building, Sector 17-B, Chandigarh, through its Chairman.

Respondent

BEFORE:      JUSTICE SHAM SUNDER, PRESIDENT

                        MRS. NEENA SANDHU, MEMBER

                        S.  JAGROOP  SINGH   MAHAL, MEMBER

Present:       Sh. Ajit Singh, Adv. for the appellant.

                   Sh. B.J. Singh, Adv. for the respondent.

MRS. NEENA SANDHU, MEMBER

            This is an appeal filed by the appellant/complainant against the order, dated 24.8.2011,  passed by District Consumer Disputes Redressal Forum-II, UT, Chandigarh (hereinafter to be called as District Forum only) in complaint case No. 472 of 2010 vide which, it dismissed the complaint.

2.         Briefly stated, the facts of the case, are that the father of the complainant

purchased units, each having face value of Rs.10/-, under a scheme, with certificate Numbers i.e. 1480(4069442201914), 1970(4069442201913), 2000(406950030004415), 3000(406950030003399) and 990(4069442201915 respectively in his (complainant’s) name. It was stated that the said scheme floated by the OP was known as “Children’s Gift Growth Fund Unit Scheme 1986” under which all children were entitled to the maturity amount, on attaining the age of majority i.e. either 18 years or 21 years, as the case may be.  It was further stated that the complainant having born on 06th July, 1992 attained the age of majority on 06th July, 2010, as per the School Certificate. He accordingly approached the OP on 06.07.2010, to lodge claim, with respect to the maturity value of the said bonds.  It was further stated that the complainant was shocked to know that the amount due to him, had already been paid/encashed on 28.04.2009 and 29.4.2009. The OP refused to give any further details. It was further stated that the maturity value of the amount was never paid to the complainant. It was further stated that this act of the OP amounted to deficiency in service.  The complainant was entitled to receive the maturity value of the units in the sum of Rs.3,49,878/- (Rs.2,81,498/- and Rs.68385/- respectively withdrawn on 28.4.2009 and 29.4.2009 respectively) being the legal and rightful claimant. When the grievance of the complainant was not redressed, left with no alternative, a complaint under Section 12 of the Consumer Protection Act (hereinafter called as the Act only)  was filed.

3.         Reply was filed by the OP, wherein, it admitted the fact that the Bonds in question, were subscribed in the name of Vardan Singh Rana complainant, R/o H.No.496, Ward No.7, Jawahar Nagar, Ambala City, under CGGF-86 Scheme.  It was stated that consequent upon the termination of CGGF Scheme w.e.f. 31.3.2004, the proceeds of the Unit Certificates, held by the complainant, were converted into ARS Bond Certificates, and were sent at the address mentioned in the Bonds. It was further stated that the converted Bond Certificates, as well as the cheque of maturity value alongwith interest in favour of the complainant, were sent at the address mention