The case of the petitioner is that he opened one Recurring Deposit to the O.P, vide Account No.54115100570, membership No-54111400397 and the term of the policy (RD) was 36 months and the mode of monthly premium of the policy was Rs. 3000/- (Three thousand). Date of maturity of the policy was 25/09/2017. Subsequently, due to unexplained circumstances the petitioner could not continue with Recurring Deposit Account. The petitioner deposited @Rs.3000/- in 22 equal installments in place of 36 equal installments. In 22 equal installments the petitioner deposited Rs. 66000/- (Sixty six thousand) to the O.P. After date of maturity on 10.04.19 the petitioner approached to the O.P for withdrawal of the amount lying in the said Recurring Deposit Account. But all efforts ware in vain. Subsequently, the petitioner filed the instant complaint before this Forum seeking several reliefs in the form of an order for the refund of Rs.66000/- along with benefits and interest, compensation to the tune of Rs.20,000/- and Rs.10,000/- towards cost of litigation.
The OP entered into appearance and contesting the case by filing written version stating that the case of the complainant is not true inter-alia that the case is not maintainable. It has further stated by the O.P that due to litigation pending with SEBI, the Apex court has imposed Embargo on the movable & immovable properties of the Sahara group of companies. So, the op prayed for the Dismissed of the instant case.
In this case complainant has submitted his evidence supported by affidavit along with original and Xerox copies of the pass book vide A/c No - 54115100570.
The OP also filed evidence supported by affidavit of the sector Manager of Sahara India Pariwar of Balurghat Sector, Dakshin Dinajpur but no documents were filed on behalf of the op.
POINTS FOR CONSIDERATION
- Is the Complainant a Consumer as per provision under Section 2(1)(d)(ii) of the C.P. Act, 1986?
- Has this Forum jurisdiction to entertain the instant complaint?
- Is there any deficiency in service on the part of the Ops as alleged?
- Whether the Complainant is entitled to get any relief/reliefs, as prayed for?
DECISION WITH REASONS
Point No.1 and 2:
The Op raised no objection on these points. However, the Complainant is, no doubt, a consumer within the term as defined under CP Act, 1986.
The petitioner is the resident of Dakshin Dinajpur district and the Office of the OP is located within the jurisdiction of this Forum. Therefore, we find that the cause of action arose within the territorial jurisdiction of this Forum and the claimed amount is also within the pecuniary limit of this Forum. Thus, these points are disposed of in favour of the Complainant.
Point No.3 and 4:
The grievance of the petitioner is that despite having deposited several installments towards his Recurring Deposit Account opened with OP, they were refused for payment on maturity. It is true that the petitioner could not continue their Recurring Deposit Account by depositing Rs.3000/- per month in subsequent months after depositing for 22 months. However, at the end of the stipulated period, there must be some amount lying in the said Recurring Deposit Account, which the petitioner are entitled to withdraw.
According to the terms and conditions of the R.D deposit which is written in the Pass Book point 5. (ii). Maturity payment of the irregular accounts, which is
“The account wherein the member account holder has not continued the account regularly, as specified in clause (i) above would be treated as irregular account. The society will charge liquidated damages on these irregular accounts on account of non receipt of deposit installment in time and the resultant of investment opportunity, etc. ……. Therefore, at the time of maturity, the payment in these accounts shall be made with interest as per the chart available”
At the time of the oral argument the complainant also files a calculation sheet according to the chart available in the pass book which reflect that complainant is entitled to get Rs. 8515/- as interest of his investment and Rs.74515/- in total as maturity amount of his investment.
According to the passbook, the petitioner deposited Rs.66, 000/- in total. From the w/v it is found that the OP never given any strong denial that Rs.66, 000/- is not lying in the said Recurring Deposit Account vide A/c No-54115100570.
It is the contentions of the petitioner that he has deposited Rs.66,000/- on several dates, which was received by the OP by making “Note” in the Recurring Deposit Account Pass Book with official seal.
However, what happened, on being verbal refusal, the petitioner approached to O.P and filed an application through postal service for payment. On 10.01.19 the complainant wrote letter to the OP through registered post, but no responds is received from the O.P. till date. The copy of the same letter, application for maturity benefits and postal received token also submitted by the complainant.
Now, from the aforesaid fact, it is clear that in order to withdraw the amount lying in the Recurring Deposit Account of the petitioner, it is the fault of OP for which the petitioner could not withdraw the amount even after the date of maturity.
The conduct on the part of the OP is, no doubt, amounts to deficiency in service, resulting in the sufferings of the petitioner. No reason was shown by the Op as to why the petitioner is refused payment. Therefore, the petitioner is justified to approach this Forum for getting desired reliefs. Accordingly, these issues are decided in favour of the petitioner.
Hence,
It is ordered
That the instant case be and the same is allowed on contest with cost.
The Ops are directed to pay Rs.66,000/- along with interest Rs. 8515/- (66000/- + 8515 = total Rs.74,515/-) to the petitioner in connection with the Recurring Deposit Account. The Ops are further directed to pay Rs.5,000/- to the petitioner for cost of litigation.
The Ops are to comply with this order within 30 days from the date of this order, failing which the Ops are liable to pay interest @ 8% per annum on the entire awarded sum for a period until realization. The petitioner shall also be at liberty to execute the said order in accordance with law.
Let plain copy of this Order be supplied to the parties concerned by hand/by Post forthwith, free of cost for information & necessary action, if any.
