BEFORE THE IV ADDL DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION BENGALURU

1^ST FLOOR, BMTC, B-BLOCK, TTMC BUILDING, K.H ROAD, SHANTHINAGAR, BENGALURU – 560 027.

  28^th DAY OF AUGUST 2020

ORDER

SMT.PRATHIBHA. R.K., PRESIDENT

This complaint is filed by the complainant against the Opposite Parties (herein after called as OPs) under section 12 of the Consumer Protection Act, 1986.  The complainant prays to direct the OP to pay principal amount of Rs.18,40,000/- with interest of Rs.64,800/- and another six months interest for whole amount 6% p.a amounting to Rs.54,000/- and Rs.10,000/- towards costs of the proceedings on an allegations of deficiency in service.

2.      The brief facts of complaint is as under:

Complainant submitted that, complainant deposited a sum of Rs.8,40,000/- with OP on 31.10.2015 with interest @ 14.4% p.a.  On 22.04.2015 the complainant again deposited a sum of Rs.5,00,000/- with interest @ 18% for a period of 5 years.  Details of the FD deposits are as under:

That from the starting period the OP Company has paid interest amount every month to the Canara Bank, S.B A/c No.1145101037893.  Since July 2019 OP Company has not paid monthly interest to the complainant.  Hence complainant felt deficiency in service on the part of OPs.  Complainant got issued legal notice to OPs on 01.01.2020.  OPs neither responded to the notice nor complied the demands made in the notice.  Left with no other option complainant has approached the Forum for seeking reliefs.

2 (a). Despite of service of notice, OPs remained absent without sufficient reason and cause.  Hence OPs were called out as absent and have been placed exparte.

3. In the course of enquiry into the complaint, the complainant has filed affidavit evidence reproducing what he has stated in the complaint.  The complainant has produced documents.  We have heard the arguments of the complainant side and we have gone through the oral and documentary evidence of the complainant scrupulously. 

4. Based on the above materials, the following points arise for our consideration;  

1. Whether the complainant has proved that there is deficiency in service on the part of the OPs, if so, whether complainant is entitled for the relief sought for?

2.  What order?

5. Our findings on the above points are as under:

 Point No.1:  Affirmative in part

                  Point No.2:  As per the order below

REASONS

6. Point No.1:  The complainant in his affidavit evidence firmly stated that, the complainant obtained two FD bonds vide No.RJN 4941 for Rs.8,40,000/- on 31.10.2015, interest @ 14.4% and No.RJN 6114 for Rs.5,00,000/- on 22.04.2015, interest @ 18%.  Both FDs were deposited for a period of 5 years.  The date of maturity of the said bonds were on 31.07.2020 and 22.04.2020 respectively.  The complainant approached the OPs for the matured amount.  Further the OPs had given a interest for the bond No.RJN 4941 every month from the date of deposit.  From July 2019 the OPs have not paid the monthly interest to the complainant.

7. On perusal of the FD bonds/Ex-A3 & A4 it is seen that the maturity date was 31.07.2020 and 22.04.2020.  Further in receipt No.RJN 6114 it clearly mentioned that the maturity amount was of Rs.10,00,000/-.  Further in bond No.RJN 4941 it is mentioned that the fixed deposit was for a period of 60 months @ 14.4% p.a from 31.07.2015 for the amount of Rs.8,40,000/-.  Further on perusal of Ex-A5 account statement produced by the complainant it is seen that the OPs have paid interest amount regularly to the complainant upto June 2019 and thereafter the OPs have not paid the interest for the amount of Rs.8,40,000/-. 

8. The complainant in his affidavit evidence stated that the complainant approached the OPs on several times for refund of the maturity amount.  The OPs neither refunded the maturity amount nor paid the interest to the complainant.  This evidence of the complainant has not been challenged by the OPs.  The OPs have not appeared before the Forum to deny the evidence of the complainant.  Hence it is proper to accept the contention of the complainant that after several approaches the OPs have not refunded the maturity amount of Rs.10,00,000/- and Rs.8,40,000/- together with applicable interest from July 2019.  This conduct of OPs is unsustainable.  The complainant suffered inconvenience and mental agony due to non-performance of promise made by the OPs.  This act of OPs in not refunding the fixed deposit amount and interest amounts to deficiency of service on the part of OPs.  In view of the requests and demands OPs failed to release the matured deposit amount with accrued interest must have put the complainant to great hardship, inconvenience and mental agony.

9. In view of the discussions made above, we are of the considered opinion that the complainant has successfully proved deficiency of service on the part of OPs.  Under the circumstances, we are of the opinion that, OPs are liable to pay the deposited amount Rs.8,40,000/- with interest @ 14.4% p.a from July 2019 till the date of maturity and Rs.10,00,000/- maturity amount.  Further OPs are directed to pay compensation of Rs.20,000/- to the complainant for having caused hardship, inconvenience and mental agony together with litigation cost of Rs.10,000/-.  Failing which OPs are directed to pay the payable amount along with interest on both FD bonds @ 9% p.a from the date of maturity till the date of realization along with compensation and litigation cost.  Accordingly, we answer the point No.1 affirmative in part.

10. Point No.2: In the result, for the foregoing reasons, we proceed to pass the following order:     

       O R D E R

The complaint filed U/s.12 of the Consumer Protection Act, 1986 by the complainant is allowed in part. 

OPs are directed to pay the deposited amount of Rs.8,40,000/- together with interest @ 14.4% p.a from July 2019 till date of maturity and Rs.10,00,000/- maturity amount. 

OPs are further directed to pay compensation of Rs.20,000/- to the complainant for having caused hardship, inconvenience and mental agony together with litigation cost of Rs.10,000/-.

OPs shall comply the said order within 45 days from the date of receipt of this order.  If failed to pay the payable amount, OPs are directed to pay the payable amount along with interest on both the FD bonds @ 9% p.a from the date of maturity till the date of realization.

Furnish free copy of this order to both the parties.

(Dictated to the Stenographer, transcribed and typed by him, corrected and then pronounced by us in the Open Commission on this, the 28^th day of August 2020)

(RENUKADEVI DESHPANDE)                      (PRATHIBHA R.K)

             MEMBER                                          PRESIDENT

Witnesses examined on behalf of the complainant by way of affidavit:

Sri.K.R Mohan.

Copies of documents produced on behalf of complainant:

Witnesses examined on behalf of the OP– Nil

Documents produced by OPs - Nil

(RENUKADEVI DESHPANDE)                      (PRATHIBHA R.K)

             MEMBER                                          PRESIDENT

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