ORDER<br /> <br /> By Sri. K. Gheevarghese, President:<br /> <br /> <br /> The sum up of the Complaint<br /> The Complainant was account holder in the Opposite Party's Bank numbered 10994. He availed a loan pledging One gold ring and a chain . Rs.3,700/- was given to the Complainant upon the deposit of this 15 grammes of gold. The Complainant had availed the loan while he was working as a teacher in Commercial Institute, Meenangadi. On 5th August 2002 the Complainant was transferred to Idukki District. Pledged gold renewed two times. On 26.4.2004 the Complainant approached the Opposite Party's Bank to release the gold ornaments clearing the liability. It was informed the gold ornaments which was kept as collateral security were sold in auction and the surplus amount of Rs. 985/- was adjusted in to the account of the Complainant. According to the Complainant the auction was confirmed at a low price and the actual value of the gold ornaments is to be paid to the Complainant. The Complainant is liable to get Rs. 8,000/- if the<br /> gold was sold in auction for a reasonable amount. The shortage of Rs.4,300/- is to be given to the Complainant. The gold ornaments which pledged, consist of the wedding ring and chain belong <br /> (Contd.........2)<br /> - 2 -<br /> to his relative . Auction of the collateral security without any information or notices is also a deficiency of services on the part of the Opposite Party. This resulted mental agony to the Complainant for which the Complainant is to be compensated with Rs.50,000/-.<br /> <br /> The Opposite Party appeared up on notice and version filed. It was admitted that the Complainant was paid loan upon the security of gold. The liability vested up on the Complainant was unattended. The responsibility to inform the Opposite Party's Bank, if any change of address effected was not informed. The terms and conditions of the gold loan was absolutely ignored by the Complainant. There was no payments by the Complainant towards loan before 7.03.2003. The terms of loan already empowered the Opposite Party to wave prior notice. The gold was auctioned to recover the amount due to the Opposite Party and which was done keeping all the formalities as such paper publication and a registered letter sent to the Complainant in the known address. A registered notice was sent to the complainant showing that auction will be held on 28.1.2004. Due to the change of address the notice was not served. It was binding up on the Complainant to inform the Opposite Party the change of address. Where as on 10.10.2004, several months after auction the change of address of the Complainant was informed the Opposite Party in a communication. The Complainant is absolutely a defaulter and the negligence on retrieving the gold ornaments pledged is the reasons for auction. The Complainant is not entitled for any compensation and the complaint is to be dismissed with cost to the Opposite Party. <br /> <br /> Points which are to be considered.<br /> 1.Is there any deficiency in service involved in the dealing of the Opposite Party?<br /> 2.Whether the Complainant is entitled for any compensation?<br /> 3.What order up on costs?<br /> <br /> (Contd........3)<br /> - 3 -<br /> Point No.1:<br /> The Complainant is examined as PW1. The Pass Book issued by the Opposite Party to the Complainant is marked as Ext.A1. The Opposite Party is examined as OPW1. The ledger sheet of gold loan is the Ext.B2. On examination of the Complainant it is admitted that the terms and conditions of the application cum letter of pledge for loan which is marked as Ext.B1 which is admitted by the Complainant, Complainant has already waived to right of notice in terms of Ext.B1. Apart from that the Opposite Party sent notice to the Complainant in the known address. It is seen that there is serious omission and negligence on the part of the Complainant to repay the loan in time. The inadvertent attitude of the Complainant resulted in auction of the gold which were deposited as collateral security. The Complainant already deposed that 7.01.2003. \v tijw Rm³ ]enibnte¡v  H¶pw AS¨n«nÃ. Regarding the non information of the change of address the Complainant stated Rm³ Fsâ  address amänbXv  _m¦ns\ Adnbn¨n«nÃ. The letter sent by the Complainant to the Opposite party's Bank is marked as Ext.B5, this letter was sent even after the gold ornaments were sold in auction which was sold in auction on 10.10.2004. It is admittedly seen that the PW1 could not contact the Opposite Party because of his official rush the Opposite Party is appeared in taking effort to communicated the Complainant of the impact of the known payment of loan due. Point No.1 is not established in favour of the Complainant. <br /> <br /> Point No.2:<br /> The Complainant has deposed that the gold ornaments which were deposited as security are highly valuable to him. The gold ring which was auctioned was the marriage ring, encarved with the name of his wife. The deposited gold ornaments were sold in auction not for a reasonable sufficient rate for which the Complainant has to be compensated. Nothing is brought out in evidence by the Complainant to established this plea. Above all if due diligence was shown by <br /> (Contd..... 4)<br /> - 4 -<br /> the Complainant, he could have retrieved the gold ornaments clearing the liability. Point No.2 is not substantiated and that too is found against the Complainant. The Complainant is not entitled for any cost or any compensation. The complaint is dismissed no order up on costs.<br /> Pronounced in open Forum on this the 18th day of September 2007.<br /> PRESIDENT: Sd/-<br /> MEMBER: Sd/-<br /> /True Copy/<br /> <br /> PRESIDENT, CDRF, WAYANAD. <br /> <br /> APPENDIX<br /> Witnesses for Complainant:<br /> PW1 Sasidharan Complainant.<br /> Witnesses for Opposite Party:<br /> OPW1 Sudhakaran Branch Manager, Canara Bank, Kalpetta.<br /> Exhibits for Complainant:<br /> A1. Pass Book <br /> Exhibits for Opposite Party:<br /> B1. Application cum letter of pledge for loan<br /> B2. Gold loan ledger sheet dt:07.03.2001.<br /> B3 Series. Returned Registered Notice with Acknowledgement.<br /> B4. Paper publication dt:24.1.2004.<br /> B5. Letter dt:10.10.2004.<br /> <br /> <br /> PRESIDENT, CDRF, WAYANAD.<br /> Compared by:-