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District Consumer Forum (DCF) awards compensation to investors

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STATE TIMES NEWS
JAMMU: The District Consumer Forum (DCF) while deciding 75 complaints against a finance company, United Capital Services (I) Ltd, awarded that complainant be paid according to unit value, as indicated in the certificate, up till 20th October, 2003, i.e date of redemption along with interest of seven per cent per annum. The Forum further ordered that complainant is entitled to interest @ 7 per cent, per annum, on redemption amount, from the due date of redemption, i.e 20th October, 2003, till passing of this order directed indicated in each certificate, up till 14th December, 2003, i.e date of redemption. The Forum further said complainants should be paid interest @ 7 per cent per annum on redemption amount, from the due date of redemption, i.e. 14th December, 2003 till passing of this order.
These directive were passed by District Consumer Forum presided by District Judge Shahzad Azeem after hearing both the sides and decided all the complaints.
In all 75 complaints were filed against United Capital Services (I) Ltd, a finance company. The complainant alleged that the company offered attractive interest on the investments. So they also invested their hard earned money with the finance company by purchasing units of equivalent value.
On perusal of certificates, it transpires that units were purchased by complainants and have deposited subscription amount, certificates further contains date of redemption and unit value is reflected double of actual subscription amount. However, the finance company closed their respective offices during the time without leaving any traces. District Consumer Forum Presided over by District Judge Shahzad Azeem after hearing both the sides, decided all the complaints. JNF

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