Morempudi Suryanarayana, S/o.Appaiah, age: 79 years, agriculturist,
r/o.Vemsur village amdn mandal, Khammam District.
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
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.