Before the District Forum:Kurnool
Present Sri K.V.H.Prasad, B.A., LL.B., President
And
Smt C.Preethi, M.A., LL.B., Member
Sri R.Ramachandra Reddy, B.Com., LL.B., Membe
Wednesday 31st day of March, 2004
C.D.No.16 /2004
G.Drakshayani(Minor), Rep.By her Father Ramanjaneyulu,
H.No.6/145, Telugu Street, Kurnool.
. . . Complainant represented
By his counsel Sri S.Malik Basha.
-Vs-
1.The Sub Branch Manager, Rep.to Sanchayani Savings and Investment (India) Ltd.,
Office at Chintu Complex, Park Road, Kurnool.
. . . Opposite party
2.T.V.Dayanand, S/o. T.Narasimhulu.
H.No.3-7-273, Gayathri Nagar, Nizamabad.
. . . Opposite party
O R D E R
(As per Smt C.Preethi, Member)
1. This complaint of the complainant is filed under section 12 of C.P.Act 1986 seeking a direction against the opposite parties to pay her the paidup amount of RS.3, 000/- with 24% interest per annum from 23.5.2002, RS.3, 000/- towards mental agony, RS.1,000/- as cost of complaint and any such other relief or reliefs which the complainant is entitled in the circumstances of the case.
2. The case of the complainant is that the complainant on 4.6.2002 purchased a Sanchayani Saving and Investments (India) Ltd, Endowment Bond bearing No. 20000 360000 159 from the opposite parties. As per the terms and conditions of the said scheme the complainant paid 24 monthly installments of RS.125/- each and the opposite party No.1 issued pucca receipts for every installments. The office of opposite party No.2 who is the authorised official signature of the said policy closed his office. Hence the complainant is constrained to demand for the return of paidup amount from the opposite parties. The conduct opposite parties is not paying the paidup amount to the complainant is held deficiency of service to the complainant . Hence the complainant is remaining entitled to the paidup amount with interest of 24% from the date of last payment.
3. In support of complainant’s contention the complainant relied upon the following Xerox documents (1) Endowment Bond issued by Sanchayani Saving and Investment (India) Ltd and (2) first and last installment receipts dated 4.6.2000 and 23.5.2000, and they are marked as Ex A.1 and Ex A.2 for the purpose of their appreciation in this case. The complainant in support of her complaint averments filed her sworn- affidavit in reiteration of her complaint averments.
4. The opposite parties was served with notice sent by registered post to correct address as mention in the complainant were return as there was no office. The opposite parties 1&2 were made exparte on 9.3.2004 and the case is proceeded on the basis of material placed on record.
5. Hence the point for consideration is to what relief the complainant is entitled to:?-
6. The Ex A.1 is Endowment Bond issued by Sanchayani Saving Investment (India) Ltd in the name of the complainant bearing No. 20000 360000 159 dt 4.6.2000 envisages the issual of said bond to the complainant, on the promise by the complainant to pay RS.125/- every month till maturity and the sum assured is RS.10,000/- on maturity. The Ex A.2 are the two installments receipts issued by the opposite party No.1 to the complainant dt 4.6.2000 and 23.5.2002 envisages payment of RS.125/- towards installments by the complainant to the opposite party No.1. The maturity of the said bond dates to 4.6.2006. The opposite party No.2 is who is the official signatory in the Ex A.4 closed his office and not responding to the complainant. Thus the facts in Ex A.1 and A.2 in the absence of any contra material is conclusively establishing the privy of the complainant with the opposite parties on account of said bond in Ex A.1 and the liability of the opposite parties to fulfil the commitment stipulated therein. The opposite party No.2 has vacated the office without any intimation, therefore the complainant was constrained to file this complaint for return of paidup amount from the opposite parties. There appears no justifiable excuse in the conduct of the opposite parties in not repaying the paidup amount to the complainant. Hence in the circumstances of the case the conduct of the opposite partes in not making any endeavour to pay the paidup amount to the complainant exposing the deficient conduct of the opposite parties towards the obligation of repayment of the paid up amount to the complainant. Therefore there appears every justification to the complainant in approaching the Forum seeking the reliefs under C.P.Act for realization of the due amount from the opposite parties arising out of deficient service conduct of the opposite parties to the complainant
7, To sum up the above discussions as the complainant paid 24 installments of RS.125/- each and the opposite parties with held the said paidup amount, which if would have been paid to the complainant on the date of last installment, the complainant would have earned interest on the said amount. Hence the complainant shall be entitled to the paidup amount of RS. 3,000/- with 9% Interest per annum from the date of last installment that is 23.5.2002.
8. In the result, the complaint is allowed directing the opposite parties jointly and severally liable to pay the paidup amount of RS.3, 000/- on the said endowment bond with 9% interest per annum form the date of last installment i.e 23.5.2002, along with RS.500/- towards cost and mental agony, within a month from the date of receipt of this order, in default the opposite party No.1 shall be liable to pay the above awarded amount with 12% interest from the date of defult till realization of the entire amount.
Dictated to the Stenographer, Typed to the Dictation corrected by us, Pronounced in the Open Court this the 31st day of March, 2004.
Sd/-
PRESIDENT
Sd/- Sd/-
MEMBER MEMBER
