Bhopal: The United Kingdom has rejected the claim of descendants of a businessman, Seth Jumma Lal of Sehore, that he had lent Rs 35,000 to the British Empire through an ‘Indian War Loan’ 109 years ago, in 1917, saying it could not find evidence to establish the financial obligation.
This was communicated to the family by the UK government’s debt management office (DMO) through an email to their lawyer on October 16, according to family member Vinoy Ruthia.
The reply came after the family submitted the purported documents showing the family head Jumma Lal subscribing Rs 35,000 to the Indian War Loan, raised from the public by the British Empire during the World War I.
“We had submitted the documents to establish that our family had lent the money to the British Empire. But the UK government has rejected our claim. We are exploring if any legal options are left for us to pursue after the development,” Ruthia said.
According to Ruthia, the family had in August received a response from the UK’s DMO to their letter seeking repayment of the money lent by his grandfather Seth Jumma Lal, then Nagar Seth (prominent city businessman), to the British Empire.
The DMO had subsequently asked the Ruthia family through their lawyer to produce a copy of the original war loan certificate and related correspondence for submission to the British authority to examine the war loan repayment request.
“If you believe that your client may be entitled to an unclaimed payment, you should contact the gilt registrar, Computershare Investor Services PLC, providing what information you have relating to the holding in question. We have passed on the information and documentation you have provided, but it would be helpful if you can provide copies of any other documentary evidence you have, including certificates and correspondence”, the DMO communication had said.
Ruthia said that more than the money, the family was keen to find out the fate of the loan, whether it was repaid or otherwise settled. The investment of Rs 35,000 made in the Indian War Loan 109 years ago may now yield Rs 10 crore with cumulative interest, Ruthia said.
Seth Jumma Lal died in 1937, two decades after he purportedly lent the money. The claim of the Ruthia family was based on a certificate dated June 4, 1917, found in its possession.
The certificate read, “Seth Jumma Lal Subscribed Rs 35,000/- (Rupees Thirty-five thousand) of the firm of Seth Rama Kishan Jaskaran Ruthia to the Indian War Loan and thereby showed his loyalty to the Government and Empire”.
The document was signed by W.S. Davis, then the political agent in Bhopal.
According to the Ruthia family, when the document surfaced, they sent a legal notice via email to the UK government’s DMO through their lawyer Sriyansh Raniwal in February this year.
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