Sannidhi Sarada Andallu,W/o Sannidhi Seshagiri Rao, Hindu, house wife, R/o D.No.155-A/Sector – I, Ukkunagaram, Visakhapatnam


… Complainant.

And:

1. Venkataraya Chit Fund(P) Ltd., D.No.48-8-20/1, Sri Shanta Complex, Dwarakanagar, Visakhapatnam – 530 016, rep. authorized signatory Mullapudi Harischandra Prasad.

2. Venkatraya Enterprises, rep. by its authorised signatory Mullapudi Harischandra Prasad, situated at opp. Polytechnic, R.P. Road, Tanuku – 534 211.
… Opposite Parties



: O R D E R :

1. This is a complaint filed under Section 12 of the Consumer Protection Act, 1986 seeking for direction to the opposite parties:

a) To pay fixed deposits amount of Rs.77,976/- along with interest @ 24% p.a.,

b) To pay Rs.10,000/- towards damages for mental agony suffered by the complainant In brief the case of the complainants is:

1. That the complainant being lured by the advertisement in media and approached the opposite party and made fixed deposit on 22-10-2003 for Rs.38,988/- re-payable on 22-10-2008, the maturity value of Rs.77,976/- (which includes accrued interest @14.87%. That the complainant surrendered the said original Fixed Deposit Receipt to the opposite parties as required by them on the maturity date but the opposite parties simply postponed the refund of the said deposit amount on one pretext or the other. That the opposite parties received the original F.D. Receipt but failed to pay the same. That there is deficiency of service, as a result of which complainant was put to lot of mental agony.


2. 1st opposite party filed counter denying the complaint allegations. Further contended that the complainant and the various persons joined as member in Venkataraya Enterprises by depositing their amounts under Fixed Deposit scheme, which would be paid double the amount after maturity date i.e., 5 ½ years like Indira Vikas Patra and National Saving Certificates. That the deposit amounts so collected were re-deposited in various firms, companies for better earnings but due to financial stringencies and crises the said amounts could not be realized, which was intimated to the depositors through phones and by way of letters. That further this opposite party admitted its liability to pay the matured deposit amounts to the depositors and pleaded for three months time to pay the matured amounts.


3. 2nd opposite party remained exparte.


4. Complainant filed affidavit. Ex.A.1 is marked. Opposite party filed affidavit. But no documents are marked. Heard. The point that arises for consideration is whether there is deficiency of service?


5. Ex.A.1 is the acknowledgement receipt issued in favour of the complainant by the opposite parties, agreeing to pay the respective bond amount. The dispute is failure of payment of the deposit amount with subsequent interest. When there is failure of refund of the deposit amount definitely amounts to deficiency in service. Therefore the complainant is entitled to seek for the refund of the deposit amount and payment of interest money due and also for compensation and costs. Accordingly this point is answered.


6. In the result, complaint is allowed, directing the opposite parties to refund amount of Rs.77,976/- (Rupees seventy seven thousand nine hundred seventy six only) within three months. Opposite parties are further directed to pay interest @ 9%p.a., on the deposit amount of Rs.38,988/- from 21-02-2009 i.e., from the date of filing of the complaint till realization. Opposite parties are further more directed to pay Rs.2,000/- (Rupees two thousand only) towards compensation on account of mental agony caused to the complainant and to pay Rs.1,000/- (Rupees one thousand only) towards costs. Advocate fee is fixed at Rs.1,000/-.