Sir,
I am GP Suresh I have taken the Rajalakshmi Unit Schem Bond of 200 Units on Maturity amount excluding Bonus Rs. 36000.00 Unit Certificate No R[protected] at New Delhi on 28.12.1992 based on my daughter suchitra completion of 21 years of age. The other Bond of 600 Units worth Rs 90000.00 on maturity excluding bonus to be paid on 17.03.2011. When approached in Chennai Office they informed us that this bond has no value it is now declared as dead and closed. I was shocked and not getting any exact information regarding the issue. The bank staff just giving an vague reply as a local money vendor. I feel sorry to say that bank also has no security in future for depositing. Kindly suggest whether we get this bond money returns safe or we have to forget and have a great loss with depressed mind. If possible can we move this one into legally and ask for the suggestion. Kindly suggest us and inform accordingly.I am sorry to say that I have no information about the closure of this scheme also though the adress mentioned on the bond is also represents chennai adress.
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This has reference o your complaint lodged in the site www.consumercomplaint.in. In this connection we wish to inform you as under:
UTI floated a special scheme for girl child in 1992 was UTI Rajlaxmi Unit Scheme which was terminated with effect from[protected]. Since, it was possible to return the investment with promised implicit return till 30/9/2000 only, The Trustee Board had decided to terminate the scheme rather than to continue with it and expose the investment made in favour of female girl child to a risk of market which have no assured return and high volatility which can result erosion of the returns at the time of suggested maturity. The Trust had sent intimation letter at the time of closure of the scheme, to each and every unitholder and informed that “No” further appreciation will be paid, if redemption / switch-over request will be submitted after 30/09/2000, on the termination amount.
We would like to inform you that decision to terminate the scheme was taken keeping in view the best interest of investors. The economic scenario had changed rapidly and there was too much volatility in the equity market. This was not anticipated and was thought not possible when the scheme was launched.
However, after a careful examinations, the Board of trustees o[censored]TI came to the conclusion that the evolving circumstances are such that it would be in the interest of the Trust to invoke the clause XXVII captioned “Termination of the Scheme” of the scheme provisions.
Since, it was not possible to return the investment with promised implicit return till 30/9/2000, we had decided to terminate the scheme rather than to continue with it and expose the investment made in favour of female girl child to a risk of market which have no assured return and high volatility which can result erosion of the returns at the time of suggested maturity.
UTI has always kept the interest of all its esteemed investors uppermost in its mind. We have suggested investors to opt for Children’s Career Plan whose objectives is similar to that of RUS’92 and can cater to the sentiments of investors behind providing an accumulation to the child so endearing to you. We do assure you that all actions taken at UTI are always with intentions to do better for the Unit Holders.
Once again, we may add that while the decision to terminate RUS was painful but we had no alternative under compelling circumstances explained above.
As per the records 200 units of RUS -Folio No. R[protected] are still live. To receive the amount, please submit the following documents:
1)Letter of Consent (which is available with all our UTI MF ranches) duly signed by the holder S Suchitra mentioning current address and Bank Details. The signature on Letter of Consent has to be compulsorily attested by Bank Manager under his official seal with the details name of attesting person, his employee code and designation.
2) Original Unit Certificate of RUS92
We are also despatching the Letter of Consent to your address H NO 10 PONNI AMMAN KOIL STREET, PALLAVARAM POST, MADRAS, 600043 to serve your purpose. The same will be received by you shortly.
You may submit the documents duly completed in all respect to any nearest UTI Financial Centre (UTI Branch) for necessary action at their end.
Further in your mail you are referring to the other Bond of 600 units worth Rs. 90, 000/-. We request you to provide the correct Unit Certificate/Folio no. if they are pertaining to UTI MF, to enable us to locate your investment details and advise you suitably.
Once again we sincerely regret inconvenience caused to you and assuring you best of our services all the time.
With Regards,
Suvarna Thorat
Dept of Operations