Comments
Reg.: SCUP Memb. Nos. SC[protected], SC[protected] and SC[protected].
Dear Sir / Madam,
This has reference to your query lodged in the site www.consumercomplaints.in.
Firstly we sincerely regret for delay in replying the mail.
In this regard, we are providing the detailed information about the scheme and the circumstances covering termination of the UTI Senior Citizens Unit Plan (SCUP).
The Scheme SCUP has been terminated as on 18/02/2008, in accordance with the established business principles and in the interest of the unitholders to avoid any capital erosion and after due consideration of all the facts and circumstances.
Considering all the factors, it was considered advisable, prudent and in the interest of the unitholders to discontinue the Scheme. We were left with no alternative but to terminate the Scheme. Despite the constraints, the Scheme was continued for almost 15 years and so far as possible the commitments made under the Scheme to the unitholders have been fully honored upto the date of termination of the Scheme.
Besides, as entry of new members was closed in July 2000, the beneficiaries became a closed group of ever rising age. As such, the premia charged by New India Assurance Co. Ltd. (NIAC) also has also increased substantially thereby increasing the cost of the SCUP.
There is no sacrifice in monetary terms by any of the Investors as all the outstanding Units of the Investor, after deduction of premium amounts as mentioned above, will be paid at the prevailing NAV as on 18th February 2008 i.e. Rs 23.22.
The proposal for termination was approved by the Central Government and SEBI prior to the termination of the Scheme and release of Press Notices in the various News papers in the month of January, 2008.
The Scheme provisions, Application Form, and the Unit Certificate, interalia, also provided for the following:
Clause titled ‘Termination of the Scheme’ of the Scheme also provided for the termination of the Scheme.
Further as per Clause XXXI titled ‘Scheme to be binding on members’, the terms of this scheme, including any amendments thereof from time to time, shall be binding on each member and every other person claiming through him as if he had expressly agreed that they should be so binding,
The Scheme was made under section 21 of the Unit Trust of India Act, 1963 (UTI Act), with the provision of amendment of the Scheme under section 21(3) of the UTI Act. The Scheme was duly published in the Gazette of India on 28th August 1993. Copy of the Scheme was available to all potential investors from the very beginning and, therefore, the investors were aware of all the provisions of the Scheme.
In the Application Form for applying for the units of the Scheme and the Membership Certificate issued to the Members of the Scheme, it was, interalia, expressly informed to the investors that :
(i)the units are being issued subject to the provisions of the Senior Citizens’ Unit Scheme 1993 and the Senior Citizens’ Unit Plan 1993 made thereunder,
(ii) All securities investments carry market risks. Please consult your investment advisor or agent before investing, and
(iii) in the Application form it was specifically mentioned that the investor is applying in terms of the provisions of the Scheme.
Due to the above mentioned market factors / risks, termination of the Scheme became inevitable which has been done in accordance with the provisions of the Scheme and with the necessary permission of the concerned authorities.
You will appreciate that with any cut off date there would be people who would benefit and others may not. Keeping in view the prevailing circumstances, it has been decided by the regulatory authorities GOI/SEBI & UTI AMC to terminate the Scheme as on 18/02/2008.
It is observed that the units against the said folio no. were repurchased and the repurchase cheques were issued to you. The details of cheques issued to you are as under:
Folio No.[protected]Ravi Varma)
Cheque No. RD400010C00131452 dated 5/9/2008 for Rs. 70542/- (paid on 16/9/2008)
Folio No.[protected]Vikram Varma)
Cheque No. RD400010C00123111 dated 5/9/2008 (paid on 16/9/2008)
Folio No.[protected]Anuj Varma)
Cheque No. RD400010C00123165 dated 5/9/2008 (paid on 16/9/2008).
Once again we sincerely regret for all the inconvenience caused to you.
Regards,
Suvarna Thorat
Dept. of Operations
UTI Mutual Fund
Dear Sir / Madam,
This has reference to your query lodged in the site www.consumercomplaints.in.
Firstly we sincerely regret for delay in replying the mail.
In this regard, we are providing the detailed information about the scheme and the circumstances covering termination of the UTI Senior Citizens Unit Plan (SCUP).
The Scheme SCUP has been terminated as on 18/02/2008, in accordance with the established business principles and in the interest of the unitholders to avoid any capital erosion and after due consideration of all the facts and circumstances.
Considering all the factors, it was considered advisable, prudent and in the interest of the unitholders to discontinue the Scheme. We were left with no alternative but to terminate the Scheme. Despite the constraints, the Scheme was continued for almost 15 years and so far as possible the commitments made under the Scheme to the unitholders have been fully honored upto the date of termination of the Scheme.
Besides, as entry of new members was closed in July 2000, the beneficiaries became a closed group of ever rising age. As such, the premia charged by New India Assurance Co. Ltd. (NIAC) also has also increased substantially thereby increasing the cost of the SCUP.
There is no sacrifice in monetary terms by any of the Investors as all the outstanding Units of the Investor, after deduction of premium amounts as mentioned above, will be paid at the prevailing NAV as on 18th February 2008 i.e. Rs 23.22.
The proposal for termination was approved by the Central Government and SEBI prior to the termination of the Scheme and release of Press Notices in the various News papers in the month of January, 2008.
The Scheme provisions, Application Form, and the Unit Certificate, interalia, also provided for the following:
Clause titled ‘Termination of the Scheme’ of the Scheme also provided for the termination of the Scheme.
Further as per Clause XXXI titled ‘Scheme to be binding on members’, the terms of this scheme, including any amendments thereof from time to time, shall be binding on each member and every other person claiming through him as if he had expressly agreed that they should be so binding,
The Scheme was made under section 21 of the Unit Trust of India Act, 1963 (UTI Act), with the provision of amendment of the Scheme under section 21(3) of the UTI Act. The Scheme was duly published in the Gazette of India on 28th August 1993. Copy of the Scheme was available to all potential investors from the very beginning and, therefore, the investors were aware of all the provisions of the Scheme.
In the Application Form for applying for the units of the Scheme and the Membership Certificate issued to the Members of the Scheme, it was, interalia, expressly informed to the investors that :
(i)the units are being issued subject to the provisions of the Senior Citizens’ Unit Scheme 1993 and the Senior Citizens’ Unit Plan 1993 made thereunder,
(ii) All securities investments carry market risks. Please consult your investment advisor or agent before investing, and
(iii) in the Application form it was specifically mentioned that the investor is applying in terms of the provisions of the Scheme.
Due to the above mentioned market factors / risks, termination of the Scheme became inevitable which has been done in accordance with the provisions of the Scheme and with the necessary permission of the concerned authorities.
You will appreciate that with any cut off date there would be people who would benefit and others may not. Keeping in view the prevailing circumstances, it has been decided by the regulatory authorities GOI/SEBI & UTI AMC to terminate the Scheme as on 18/02/2008.
It is observed that the units against the said folio no. were repurchased and the repurchase cheques were issued to you. The details of cheques issued to you are as under:
Folio No.[protected]Ravi Varma)
Cheque No. RD400010C00131452 dated 5/9/2008 for Rs. 70542/- (paid on 16/9/2008)
Folio No.[protected]Vikram Varma)
Cheque No. RD400010C00123111 dated 5/9/2008 (paid on 16/9/2008)
Folio No.[protected]Anuj Varma)
Cheque No. RD400010C00123165 dated 5/9/2008 (paid on 16/9/2008).
Once again we sincerely regret for all the inconvenience caused to you.
Regards,
Suvarna Thorat
Dept. of Operations
UTI Mutual Fund
kindly let me know the status of SC[protected] at [protected]@gmail.com or [protected]
THE CONCERNED OFFICER . THIS TO INFORM THAT I BECAME MEMBER OF THE SCUP SCHEME FOLIO NO SC[protected].I HAVE ASKED TO FURNISH THE ANNUAL STATEMENT AND WANT TO PROCEED FOR MY WIFE HOSPITALISED MEDICAL TREATMENTAT MY RESIDENCE PLACE KOTA .REQUEST TO PROVIDE ADDRESS OF APPROVED HOSPITAL AT KOTA AND UTI OFFICE ADDRESS TO PROCEED FOR FURTHER FORMALITIES.
SATWANT SINGH MATHARU [protected] .[protected]
SATWANT SINGH MATHARU [protected] .[protected]
HI,
MY SCUP MEMBERSHIP NO IS "SC[protected]" MY LOG BOOK HAS BEEN UPDATED ON 24/10/08 AND SHOWS BALANCE AMOUNT OF 6, 55, 649 AS ON 02/07/08
I WANT TO KNOW THE CURRENT STATUS OF MY BALANCE AND WHERE CAN THE LOG BOOK BE UPDATED
ALSO HOW IS THE SCHEME TO BE UTILISED IN CASE OF HOSPITALISATION
PLS REPLY ON EMAIL "[protected]@gmail.com" or call mobile no [protected]
MY SCUP MEMBERSHIP NO IS "SC[protected]" MY LOG BOOK HAS BEEN UPDATED ON 24/10/08 AND SHOWS BALANCE AMOUNT OF 6, 55, 649 AS ON 02/07/08
I WANT TO KNOW THE CURRENT STATUS OF MY BALANCE AND WHERE CAN THE LOG BOOK BE UPDATED
ALSO HOW IS THE SCHEME TO BE UTILISED IN CASE OF HOSPITALISATION
PLS REPLY ON EMAIL "[protected]@gmail.com" or call mobile no [protected]
Contact Information
UTI SENIOR CITIZEN UNIT PLAN
NEW DELHI
Delhi
India
Delhi
India
File a Complaint
Thanks, Atul Seksaria, Faridabad