Facts of the Complaint case in brief are that on 23-02-2016 the Complainant purchased one fixed deposit Certificate F 36G02DENVM scheme vide no. – 605001165434 A/C No- 60386400362 amounting to Rs. 31,385/- by way of paying the aforesaid amount only to the opposite party with condition to get maturity Value of 48,207/- on 23-02-2019. The complainant purchased said fixed deposit Certificate for the purpose of her better future and to fulfill her need at the time of her crisis. After maturity on 23-02-2019 Complainant went to the office of the O.P. to get the maturity value against said investment but the O.P. did not pay the maturity amount to the complainant since 23-02-2019 to till to date. Under such circumstances complainant filed this case before this commission for passing necessary order directing the O.P. to pay Sum of Rs. 48,207/- with interest of benefit , compensation of Rs.20,000/- and litigation cost of Rs. 10,000/-.
Notice was issue upon the O.P. and the opposite party entered appearance and contested the case by filing a written version wherein the material averments made in the complaint are denied and it has been contended inter- alia that the instant case is not maintainable. It has been contended by the opposite party that due to some litigation pending with SEBI and the apex court regarding the financial transaction of O.P. group the payment has remained stopped and the opposite party craves leave of this Commission and prays for dismissed of the instant case.
In this case Complainant has submitted examination-in chief Supported by affidavit together with following documents.
- Fixed deposits Certificate vide A/C No. – 60386400362.
- Postal Receipt Vide No.- EW855386078IN dt. 20.06.2019. O.P. has submitted examination-in-chief by way of affidavit but no. document is submitted on the side of the O.P.
Points for discussion
- Whether the Complainant is a consumer within the meaning under section -2(i) (d) (ii) of the consumer protection Act 1986?
- Whether there is any deficiency in service on the part of O.P. ?
- As the complainant entitled to get relief / reliefs as prayed for ?
Decision with Reasons
Point - 1
This issue is not disputed by the Ld. Advocate of the O.P. during his course of argument. The Commission has gone through the materials and evidence on record and after going through the entire facts and circumstance of the case with regard to the materials and evidence of the parties on record this commission is of the view that complainant is a consumer within the meaning under section- 2(1)(d)(ii) of the Consumer protection Act. 1986.
Point – 2 and 3
There two issue are taken up together for discussion for the sake of brevities and convenience. This is admitted position that the complainant had purchased on 23.02.2016 one fixed deposit F 36 GOLDEN VM scheme certificate vide No. 605001165434 Account No-60386400362 amounting to Rs. 31,385.From the opposite party with condition to get matured value of Rs. 48,207 on 23.02.2019. This is also not disputed from the opposite party against the aforesaid fixed deposit amount.
The materials and evidence submitted on the side of the complainant clearly shows that he is entitled to get the whole amount of Rs. 48,207/- together with interest as per terms and condition of the opposite party but the O.P. has failed and neglected to keep up his terms and condition in due time and such non-payment of the matured value of the deposited amount led the complainant to file the instant case before this commission.
So, there is no hesitation to hold that there is enough deficiency in service on the part of the opposite party. The reason of inability of the opposite party in respect of payment and to observe the terms and conditions, which has been stated by the opposite party in their written version and written argument cannot be accepted when it appears that the O.P. has violated the terms and conditions given in the certificate. Under such circumstances complainant is entitled to get matured value of Rs. 48,207 together with interest and Compensation from the opposite party.
Hence it is.
ORDERED
That the complaint Case No.- 84/2019 be and the same is allowed in part on Contest with cost against the opposite party.
Opposite party is directed to pay a sum of Rs. 84,207/- as maturity value of the fixed deposit certificate along with interest @ 8% p.a. on and from 23/02/2019 to till the date of realization by issuing on account payee cheque in favour of the complainant within 45 days from the date of passing this order.
Opposite party is further directed to pay a sum of Rs. 3000/- towards litigation cost by issuing on account payee cheque in the name of the complainant within 45 days from the date of the passing this order.
In case of default of the complainant is at liberty to execute the order through this commission as per law.
Let a plain copy of this order be supplied to the parties forthwith free of cost.
