COMPLAINTS FILED ON:26.03.2012

DISPOSED ON:28.07.2012

BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM AT BANGALORE (URBAN)

28^th DAY OF JULY 2012

  PRESENT:-  SRI. B.S. REDDY                    PRESIDENT

                      SRI.A.MUNIYAPPA                     MEMBER               

COMPLAINT Nos.638/2012 & 639/2012

COMMON ORDER

SRI. B.S.REDDY, PRESIDENT

Both these complaints are filed Under Section-12 of the Consumer Protection Act, 1986 by the respective complainants for a direction against the Op (herein after called as O.P.)  to refund the amounts invested in Medinova Gold Card with interest on the allegation of deficiency in service.

2. OP though appeared through their counsel, not filed version.

 3. The complainants filed affidavit evidence to substantiate complaint averments.

4. Arguments from complainant’s side heard,

5.We have gone through the complaint averments, the documents produced and affidavit evidence of complainants.   On the basis of these materials, it becomes clear that in complaint No.638/2012 the complainant invested an amount of Rs.5,000/- on 18.12.1999 by becoming member in the Gold Card Scheme launched by OP.   The maturity value of the said Gold Card was Rs.7,850/-.   The Gold Card and Provisional receipt issued by OP reveals that the complainant has invested an amount of Rs.5,000/- on 18.12.1999.   The membership deposit receipt issued by OP reveals that the amount refundable is Rs.7,850/- the maturity date is 08.12.2002 for refunding the amount invested, but Op has not refunded the same.    Thus the complainant is claiming the maturity amount of Rs.7,850/- with interest at 24% p.a. on the said amount from 18.12.1999.

6. In the affidavit evidence, the complainant has sworn to the facts that the total amount payable by OP including the maturity amount with interest at 24% p.a. along with other expenses of Rs.2,000/-, the total works out at Rs.28,690/-.    OP has issued cheque for Rs.10,000/- on 20.06.2012 towards repayment of the amount after giving deduction for the said amount the balance amount of Rs.18,690/- is liable to be paid by OP.

7. In complaint No.639/2012, the complainant has invested an amount of Rs.5,000/- in the Gold Card Scheme launched by OP on 18.12.1999.   The maturity date of that Scheme is 08.12.2002 and the maturity value is Rs.7,850/-.   OP has not refunded that amount in spite of the complainant having surrendered the original Gold Card and other documents on 17.07.2008.   Thus the complainant is claiming interest at 24% p.a. on the invested amount from 18.12.1999.   The Provisional receipt issued by OP reveals that the complainant has invested Rs.5,000/- on 18.12.1999 in the Gold Card Scheme and the membership deposit receipt reveals that the maturity date is 08.12.2002 and the amount refundable is Rs.7,850/-.   In the affidavit evidence, the complainant has stated that the maturity amount of the Gold Card is Rs.7,850/-, interest at 24% p.a. on the said amount and the other expenses of Rs.2,000/- in all Rs.28,690/- was due from OP.    Out of that amount during the pendency of the complaints, OP has issued cheque for Rs.10,000/-, on 11.06.2012, after giving deduction for the said amount the balance amount payable is Rs.18,690/-.   The complaint is to be allowed to that extent. 

8. In both these cases interest has been claimed at Rs.24% on the maturity amount of Rs.7,850/- from the date of maturity i.e., 08.12.2002.    The copy of the Order in complaint No.1468 and 1469/2004 against the same Op passed on 17.01.2005 on the file of 3^rd Additional District Consumer Forum in respect of similar matters, OP has been directed to refund the matured amounts with interest at 15% p.a. right from the date of maturity, till payment.   Further cost of Rs.500/- has been awarded.   

9. The act of OP in refunding the amount in vested amounts to deficiency in service.

10. The fact that both these complainants invested an amount of Rs.5,000/- each with OP under the Gold Card Scheme from 09.12.1999 to 08.12.2002 the maturity amount being Rs.7,850/- is not in dispute.    The said amount has not been refunded to the complainants.   Interest claimed at the rate of 24% p.a. by these complainants on the maturity amount is on higher side.   Interest at 15% p.a. along with costs of Rs.500/- is awarded in other complaints against the same OP on the maturity amount produced by the complainants.   In view of the same, the complainants are entitled for interest at 15% p.a. on the amount of Rs.7,850/- from 08.12.2002 till the date of filing the complaint.   The period from 08.12.2002 till the date of filing the complaint works out around 9 years 3 months 18 days.   Taking the same as 9 years 3 months, interest at 15% p.a. on the amount of Rs.7,850/- for 9 years 3 months works out at Rs.10,892/-.   Adding the maturity amount of Rs.7,850/- the total amount works out at Rs.18,742/-.   During the pendency of the complaints, OP has issued cheques in favour of each of these complainants amounting to Rs.10,000/-.   After giving deduction for the said amount the balance that remains is Rs.8,742/-.   Each of these complainants are entitled for the said amount along with litigation costs of Rs.500/-.  Accordingly, we proceed to pass the following:

O R D E R

        Both these complaints filed by the complainants are allowed in part.

In both these complaints OP is directed to pay an amount of Rs.8,742/- along with Rs.500/- towards cost of litigation to each of the complainants.

This order is to be complied within four weeks from the date of its communication.

This original order shall be kept in the file of the complaint No.638/2012 and a copy of it shall be placed in complaint No.639/2012.

Send copy of this order to both the parties free of costs.

(Dictated to the Stenographer and typed in the computer and transcribed by her verified and corrected, and then pronounced in the Open Court by us on this the 28^th day of JULY-2012.)

MEMBER                                               PRESIDENT

Cs.