Morempudi Suryanarayana, S/o.Appaiah, age: 79 years, agriculturist,

r/o.Vemsur village amdn mandal, Khammam District.

…Complainant

The Managing Director, Nagarjuna Finance Ltd., Registered office,

Nagarjuna Hills, Panjagutta, Hyderabad-500082.

O R D E R

2. The complainant had joined in the Fixed Deposit Scheme, sponsored by opposite party and the opposite party assured that they would pay interest at the rate of 18% P.A. on the amounts fixed with them and being attracted by the wide publicity of the opposite party, the complainant had deposited Rs.3,00,000/- with the opposite party on 11-7-1997 vide F.D.R.Nos.M36100000187, M36100000188 and M36100000189 and the scheme was matured on 11-7-2000. The complainant also submitted that the opposite party also given assured letters and as per the scheme the deposited amounts should be returned after the date of maturity. Accordingly, the complainant approached the opposite party 2 to 3 months of prior to the date of maturity and requested to pay the amount after completion of maturity period to spend the expenses of marriage of his grand daughter and for his other expenses.

The opposite party advised to submit the wedding card along with an affidavit and age certificate. Accordingly, the complainant submitted all the required documents to the opposite party, but the opposite party did not return the deposited amount and after making many requests, the opposite party had given Rs.90,000/- on three fixed deposit schemes i.e. Rs.30,000/- for each Rs.1,00,000/- and they promised to pay the remaining amount within two yearly installments. The complainant alleged that the opposite party intended to evade the payment of fixed deposit amounts and taken a plea that they would pay back the money in three yearly installments at the rate of 30% for the first year and at the rate of 35% for the subsequent two years. The complainant also submitted that he is entitled to receive the deposited amounts of Rs.2,10,000/- with interest @ 24% P.A. from the date of maturity, as such approached the forum on his grievance and prayed to direct the opposite party to pay Rs.2,10,000/- together with interest @ 24% P.A. from 11-7-2000 and also prayed to award compensation for causing loss and costs.

3. Along with the complaint, the complainant filed

1) Xerox copies of broucher issued by opposite party,

2) Fixed deposit receipts(Nos.3)vide Nos.M36100000187, M36100000188

M36100000189

3) Temporary receipt, dt.14-7-1997 for Rs.3,00,000/-

4) Lr.Dt.24-7-2000 addressed by the opposite party to the complainant

5) Lr. addressed by the complainant to the opposite party

6) Xerox copy of wedding card



4. After receipt of notice, the opposite party appeared in person and filed counter with the following averments.

In the counter, the opposite party admitted that the complainant had deposited Rs.3,00,000/- on 11-7-1997 for 36 months and the date of maturity of the fixed deposit scheme was on 11-7-2000. The opposite party also submitted that the company is a public limited company and incorporated under the companies Act, 1956, as per the Order of the Company Law Board, the opposite party has to pay first installment in the month of July, 2001, but repaid Rs.30,000/- for the each Rs.1,00,000/- on the request of the complainant in the months of October 2000 and in the month of January, 2001 and also submitted that as per the schedule of Company Law Board the balance will be repaid in the month of July, 2002 and in the month of July, 2003 and these facts were already communicated to the complainant, as such prayed to dismiss the complaint.

5. In view of the above submissions made by both the parties, now the point for consideration is, whether the complainant is entitled to any relief as prayed?

P O I N T:

6. As seen from the averments of the complaint and counter, the complainant deposited Rs.3,00,000/- on 11-7-1997 vide F.D.R.Nos.M36100000187, M36100000188 and M36100000189 and the same was received by the opposite party and three fixed deposit receipts were given for the said amount of Rs.3,00,000/- and the maturity date of F.D.Rs. was on 11-7-2000. It is the case of the complainant that before expiry of the maturity period, he approached the opposite party, and requested to return the deposited amounts for his necessities. But the opposite party paid Rs.90,000/- on Rs.3,00,000/-, instead of repaying the entire amount with assured interest.

On the other hand, the opposite party contested the matter and submitted that as per the order of the Company Law Board, the opposite party had paid first installment of Rs.90,000/- and they will pay the remaining amounts in future installments i.e. in the month of July, 2002 and July, 2003, but they failed to do so. As such the complainant knocked the doors of this forum for redressal. During the course of proceedings before this forum, the opposite party preferred a writ petition before the High Court of A.P. and the Hon’ble High Court granted interim stay on further proceedings vide W.P.M.P.No.17593/2001 and after perusal of the said petition, the Hon’ble High Court dismissed the same on 19-9-2008. Accordingly, this forum issued fresh notice to the complainant on 25-5-2009 as the advocate on record died and on 8-6-2009 this forum reserved the matter for orders, since the complainant called absent.

7. In support of his allegations of the complaint, the complainant filed Xerox copies of fixed deposit receipts vide receipt Nos. F.D.R.Nos.M36100000187, M36100000188 and M36100000189 for Rs.3,00,000/- , which were issued by the opposite party. The opposite party returned back Rs.90,000/- to the complainant. As such it is the duty of the opposite party to refund the remaining balance of Rs.2,10,000/- together with assured interest @ 18% P.A. As such the point is answered in favour of the complainant.

8. In the result, the complaint is allowed, the opposite party is directed to pay the deposited amount of Rs.2,10,000/- (Rupees two lakhs, ten thousand only) together with interest @18% P.A. from the date of maturity of the fixed deposit scheme i.e. from 11-7-2000 till the date of realization. The opposite party is further directed to pay an amount of Rs.1,000/- (Rupees one thousand only) towards costs of the litigation.

i deposited rupees50000(fifty thousand only) .the deposited amount was not paid till to date.you are requested to help in this regard.

Fdr no 060900900657maturity dt21 jan 2002 for rs 10000
on maturitydt 28 dec 2001 for rs 25000
your letter dtd 21 jan 2002 sl no 3450 promising to make the payment in due course is yet see the light after a lapse of more than 9 years.
Can the company look in to the matter
regards
c meera

we have invested Rs 10000/- in the year 1996 in Nagarjuna Finance FD. The company failed to repay the maturity amount in time. Even though they promised to pay the amount in two terms as per their CLB order 2000. where to approach for getting refund

Many families in A.P that to middle class families suffered a lot, by these financial services, where the crores of money has gone, into politicians pocket, or into business men; No action has taken by the Govt, nor CBI, still many families are awaiting for their deposited amount, some lost the hope, my father is also the victim of this financial service, he deposited an amount 50,000Rs which is matured in Year 2000 with One Lakh rs, its been 11 years, till he awaiting for judgement, had a hope that his hard earned money will get back some day..Because of this he even mentally upset, not only this single story, there are many. No court, no law, no leader ( politician), IAS reopens this case, strive for judgement. Ohh god wat a democratic India...can possible any thing, with money and political power, A real leaders like Anna hazare should come up in each and every state stop this in justice.

Kindly advice if Kuber Khaini packet rate is given 5 Rs why shopkeers selling with 06 Rs


Vikash Kumar
9953075418

Originally Posted by Unregistered

we have invested Rs 10000/- in the year 1996 in Nagarjuna Finance FD. The company failed to repay the maturity amount in time. Even though they promised to pay the amount in two terms as per their CLB order 2000. where to approach for getting refund

I have deposited and amount of Rs.5000 on 18.01.1997 in favour Nagarguna Finance Lte vide receipt no C450 771064.The date of maturity was 18.10.2000 , but till date no payment has been made by the company inspite of the order of CLB vide his memo no 4524/CLB1/SAI dated 1.11.2000 to payment the dues.

Sir,We deposited in Nagarjuna Finance Rs.50000/- on mother's name as FDs of 5 nos each Rs 10000/- in 1995 till now we get nothing from My mother died due to this Nagarjuna Finance's cheating please find out the amounts from them please

I have deposited and amount of Rs.24000 on 28.02.1997 in favour Nagarguna Finance Lte vide receipt no C4510400163, 164 and 165.The date of maturity was 28.11.2000 , but till date no payment has been made by the company inspite of the order of CLB vide his memo no 4524/CLB1/SAI dated 1.11.2000 to payment the dues.Pl. Help me in realising my hard earned money.

I had invested an amount of Rs.13,000.00 in Nagarjuna Finance Limited on 3-12-1997.My certificate no. is Q36102000288.The due date of maturity was 3-12-2000.Despite several letters to the company law board, registrar of companies,reserve bank(non banking supervision);I have not received my money.Please help.
Address:C/O-MR.R.PAL
FLAT NO.A-1/9E.K.T.P.PHASE2
P.O-EAST KOLKATA TOWNSHIP PROJECT
KOLKATA-700107

Tuni,
Date: 02/06/2012.


To
Office of the Official Liquidator, High Court of Andhra Pradesh, 5-4-400, 2nd Floor, East Wing, Gagan Vihar Building, Opp. Gandhi Bhavan, Nampally, Hyderabad-500001.

Honorable Sir,

Sub: - Non – payment of deposits by M/s. Nagarjuna Finance LTD – appeal by G.RAMAKRISHNA RAO of Tuni of expeditions payment of the deposits.
Ref: - 1. Your Letter No. RAP/AP/DROC(P)/RTIAct/2007/8898
dated 20-11-2007.
2. Letter of Official Liquidator, High Court of A.P vide letter No. OL/AP/RTI/2007/1331 dated 19/11/2007 & R..O.C.120/PIO / JUDICIAL/2007 dated 12/09/2007, 26/10/2007
3. Letter No. Misc / CLB/ SRB/ 58A/(9) Scheme / 2003 date 15/09/2003, from Bench Officer Company Law Board, Southern Region Bench, Chennai addressed to you and copies endorsed to the depositors.
4. OL/AP/RTI/2007/1556 dated 19/11/2007 of P. Atchuta Ramaiah Public Information Officer, O/O. Official Liquidator, High Court of Andhra Pradesh, HYDERABAD.
5. RAP/ AP / DROC(P)/RTI Act /2007/8898 dated 20/11/2007 of Shri D. Vijay Bhaskar , CPIO & Dy Registrar of Companies Andhra Pradesh, HYDERABAD
****
Your attention is invited to the above cited reference endorsing companies filled against the Nagarjuna Finance Ltd for nonpayment of Fixed Term Deposits on expiry of the dates where in requesting you to take necessary action against the Company as per rules under intimation to us. Two months have and we were not favored with a reply explaining the position.

I am one of the depositors and the particulars of which are stated here under: I had deposited Rs.5000/- and the Receipt No is C45107000157 ON 8/5/1997 and mature on 8/2/2001. Another deposit was for Rs 5000/- against Receipt No C451070001653 date 2/7/1997, which matured on 2/4/2001. I have been making correspondence since long with Reserve Bank of India, Company Law Board, Managing Director, Nagarjuna Finance Ltd., others but no effect.









Finally, Asst. General Manager, Reserve Bank of India, Department of Non Banking Supervision, Hyderabad vide his letter No. DNBS (H) No.9346/04.08.011 (Comp/2002-03 date 13/06/2003 informed me that a show cause notice has been issued against the Company and its directors, for noncompliance with Company Law Board (CLB) orders, in accordance with the provisions contained in sec 58B(4AAA) of Reserve Bank of India Act, 1934. The weeks were under its examination and further this matter was taken up with Law Board and Register Of Companies for necessary action. The AGM informed me that further developments whould be intimated. But till now, I didn’t get further information from Reserve Bank of India.

The last letter quoted in the reference was from Law Board endorsed to you for taking necessary action. Since the matter is long standing and I am in urgent need of finance. I Shall be grateful if kindly take prompt action arrange to get the fixed deposits paid by the company early under instruction to we.

This may kindly be treated as extremely assuges.


Yours faithfully,



(G.RAMA KRISHNA RAO)


Address for communication:
G.RAMA KRISHNARA RAO,
S/o Late.Nooka Raju T.C.G - II,
D.No 1-41-2,
Pothulavari Street,Seetharamapuram,
TUNI - 533401.
E.G.District (A.P)

Copy forwarded to:

1. The Bench Officer, COMPANY LAW BOARD, SOUTHERN REGION BENCH, 5th floor, ‘A’, Wing Shastri Bhavan, 26, Haddows Road, Chennai-600 006.
2. The Managing Director, Nagarjuna Finance Limitrd, Plot No. 55,5 Nagarjuna Hills, HYDERABAD- 500482.
3. The General Manager, RESERVE BANK OF INDIA COMPLAINTS REDRESSAL CELL, III Floor, Saifabad, HYDRABAD-4.
4. The Registrar, The National Human Rights Commission, Sardarpatel Bhavan, Sansad Marg, New Delhi-110001.

I HAD INVESTED AM AMOUNT OF Rs.10,000/- (5,000+5,000) IN NAGARJUNA FINANCE LTD., ON 21-12-1997 MY CERTIFICATE Nos. C54102000012 AND C54102000013. THE DUE DATE OF MATURITY WAS 21-6-2012 DESPITE SEVERAL LETTERS TO THE COMPANY LAW BOARD, I HAVE NOT RECEIVED MY MONEY, PLEASE HELP ME.
MY PRESENT ADDRESS:-
K.MALLESWARARAO
C/o. KUMAR RUBBER MOULDING WORKS,
B-86, SANATHNAGAR EXTENSION,(BALANAGAR)
HYDERABAD - 500 018.
CELL No.9391742767
OUR `e' mail : kurella_mrao@yahoo.co.in

I HAD INVESTED AM AMOUNT OF Rs.10,000/- (5,000+5,000) IN NAGARJUNA FINANCE LTD., ON 21-12-1997 MY CERTIFICATE Nos. C54102000012 AND C54102000013. THE DUE DATE OF MATURITY WAS 21-6-2012 DESPITE SEVERAL LETTERS TO THE COMPANY LAW BOARD, I HAVE NOT RECEIVED MY MONEY, PLEASE HELP ME.
MY PRESENT ADDRESS:-
K.MALLESWARARAO
C/o. KUMAR RUBBER MOULDING WORKS,
B-86, SANATHNAGAR EXTENSION,(BALANAGAR)
HYDERABAD - 500 018.
CELL No.9391742767
OUR `e' mail : kurella_mrao@yahoo.co.in

Dear Sir/ Madam,

I, Mr. Mahesh S. Gurav, bearing fixed deposit receipt no. C45102002353 dt. 18/03/1997 matured amount Rs. 20,700/- which is matured on 18/12/2000 and I have submitted my original fixed deposit receipt at your mumbai office on 15/12/2000. Despite several letters to THE COMPANY LAW BOAR & Company, I have not received my money yet. Kindly look into the matter & released my amount at the earliest. Do the needful.

My present address is :

Mahesh Shashikant Gurav
5/9 Gurav Chawl, Hariyali Village,
Station Road, Vikhroli ( East ),
Mumbai 400 083
# 9867798322