DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, SANGRUR.
Complaint No. 340
Instituted on: 14.08.2018
Decided on: 01.03.2021
Jarnail Singh aged about 49 years son of Mal Singh, resident of Village Kakkarwal, Tehsil Dhuri and District Sangrur.
…Complainant
Versus
1. INDUSIND Bank Ltd. Gaushala Road, Sangrur through its Manager.
2. INDUSIND Bank Ltd. SCO 53-54, Sector 8-C, Madhya Marg, Chandigarh through its Regional Manager.
3. AVIVA Life Insurance Company Limited, SCO 13, 2nd Floor, Shanghai Tower, Feroze Gandhi Market, Ludhiana through its Manager.
4. AVIVA Life Insurance Company Limited, Aviva Towers, Sector Road, Opposite Golf Course, DLF Phase V, Sector 43, Gurguram (Gurgaon) through its MD.
..Opposite parties.
For the complainant : Shri P.S.Rattan, Adv.
For Opp.Party No.1&2: Shri J.S.Moudgill, Adv.
For Opp.Party No.3&4: Shri Jatinder Verma, Adv.
Quorum: Shri Jasjit Singh Bhinder, President
Shri V.K.Gulati, Member
Order by : Shri Jasjit Singh Bhinder, President.
FACTS
1. Shri Jarnail Singh, complainant has preferred the present complaint against the opposite parties (referred to as OPs in short) on the ground that in the month of July, 2013 employees of OP number 1 approached the complainant and the complainant got opened two saving accounts of the complainant’s family i.e. one at the name of complainant’s wife Baljit Kaur and other one joint at the name of the complainant and Baljit Kaur. The Ops offered a fixed deposit of their bank which gives 9.25% interest per annum and on their assurance the complainant withdrew an amount of Rs.7,00,000/- from his account at State Bank of Patiala, Branch Dhuri and after including Rs.10,000/- i.e. total Rs.7,10,000/- gave to the employees of OP number 1. It is further averred that the employees of OP number 1 told that the amount would be deposited in fixed deposit. Further employees of OP number 1 told that they will make the fixed deposit at the name of the daughter of the complainant namely Hardeep Kaur and also took her documents. After this OP number 1 opened two saving accounts, one bearing account number 157589080746 in the name of complainant’s wife Baljit Kaur and other account bearing number 150012101994 jointly in the name of complainant and Baljit Kaur. After this complainant received two fixed deposit advices for Rs.2,00,000/- and Rs.2,70,000/- at the name of complainant and Baljit Kaur which were having interest @ 9.25%. Further case of the complainant is that after completion of three years, the complainant approached the Ops for withdrawal of the money but he came to know that there is no fixed deposit of any amount and further it was told that the amount has been invested in the policies of Aviva Life Insurance Company.
2. Further case of the complainant is that thereafter with the help of friends when the complainant approached the OPs and enquired the whole matter and got updated his passbooks, he came to know that out of Rs.7,10,000/- only Rs.2,75,000/- had been deposited as initial payment in account number 150012101994 at the name of Baljit Kaur and Jarnail Singh and further Rs.2,25,000/- had been deposited as initial payment in account number 157589080746 at the name of Baljit Kaur. From the remaining amount of Rs.2,10,000/- an amount of Rs.2,06,180/- had been transferred to the insurance policy number 10038178 of Aviva Life Insurance Company without obtaining the consent of the complainant. The complainant has further averred that the Ops had wrongly invested the amount of the complainant with the Aviva Life Insurance Company without his consent. Though the complainant approached the Ops so many times for payment of the amount , but all in vain. Thus, alleging deficiency in service on the part of the Ops, the complainant has prayed that the Ops be directed to pay interest @ 9.25% per annum i.e. Rs.2,47,334/- on amount of Rs.7,02,770/- from 24.7.2013 to 18.1.2018 besides compensation of Rs.1,00,000/- and Rs.30,000/- as litigation expenses.
WRITTEN VERSION
3. In reply filed by OP number 1 and 2, legal objections are taken up on the grounds that the complaint is not maintainable in the present form being the complainant has already received the entire amount as alleged and for that he already fulfilled entire requirements as per the order of Banking Ombudsman and further the proceedings before the Ombudsman are summary in nature and the complainant received the amount as full and final so the claim regarding interest under the Act is not maintainable, that the complainant has no cause of action to file the present complaint and that the complainant is not a consumer of the Ops. On merits, it is stated that the OPs number 3 and 4 had issued the policies as per the proposal request received through Ops. It is stated that no cause of action has arisen against the Ops number 1 and 2. It is stated further that the complainant had lodged a complaint before the Banking Ombudsman and as per the order of the Banking Ombudsman, the OP number 3 & 4 had already paid the entire amount to the complainant on 18.1.2018 and the matter was closed. The other allegations levelled in the complaint have been denied in toto.
4. In reply filed by Ops number 3 and 4, legal objections are taken up on the grounds that the complaint is not maintainable in the present form as the complainant had already received the entire amount as alleged, that the complainant has no cause of action to file the present complaint and that the complainant has not come to the Forum with clean hands. On merits, it is stated that the policies had been issued to the complainant as per the proposal received through Ops number 1 and 2 as per the provisions of law. It is stated further that the bank has submitted that as advised by the office of Banking Ombudsman, they have taken up the matter for refund of both the policies with Aviva Life insurance and Aviva has agreed to liquidate the policy and refund the surrender value as a service gesture and the balance amount will be paid by the bank. The Ops have already refunded a sum of Rs.90,000/- in policy number 10122652 vide cheque dated 10.1.2018 and surrender value of Rs.3,97,267/- vide cheque dated 5.1.2018 which the complainant had got already encashed and stated further that interest claim is not maintainable under this Act. Lastly, the Ops number 3 and 4 have prayed for dismissal of the complaint with special costs.
EVIDENCE AND FINDINGS
5. The learned counsel for the complainant has produced Ex.C-1 to Ex.C-16 copies of documents and affidavit and closed evidence. On the other hand, the learned counsel for the OP number 1 and 2 has produced Ex.OP1&2/1 to Ex.OP1&2/2 affidavit and closed evidence. The learned counsel for OP number 3 and 4 has produced Ex.OP3&4/1 to Ex.OP3&4/3 and closed evidence.
6. We have carefully perused the complaint, version of the opposite parties and evidence produced on the file and also heard the arguments of the learned counsel for the parties.
7. The learned counsel for the complainant has contended vehemently that in the month of July, 2013 employees of OP number 1 approached the complainant and the complainant got opened two saving accounts of the complainant’s family i.e. one at the name of complainant’s wife Baljit Kaur and other one joint at the name of the complainant and Baljit Kaur. The Ops offered a fixed deposit of their bank which gives 9.25% interest per annum and on their assurance the complainant withdrew an amount of Rs.7,00,000/- from his account at State Bank of Patiala, Branch Dhuri and after including Rs.10,000/- i.e. total Rs.7,10,000/- gave to the employees of OP number 1. It is further averred that the employees of OP number 1 told that the amount would be deposited in fixed deposit. Further employees of OP number 1 told that they will make the fixed deposit at the name of the daughter of the complainant namely Hardeep Kaur and also took her documents. After this OP number 1 opened two saving accounts, one bearing account number 157589080746 in the name of complainant’s wife Baljit Kaur and other account bearing number 150012101994 jointly in the name of complainant and Baljit Kaur. After this complainant received two fixed deposit advices for Rs.2,00,000/- and Rs.2,70,000/- at the name of complainant and Baljit Kaur which were having interest @ 9.25%. Further case of the complainant is that after completion of three years, the complainant approached the Ops for withdrawal of the money but he came to know that there is no fixed deposit of any amount and further it was told that the amount has been invested in the policies of Aviva Life Insurance Company. Further case of the complainant is that thereafter with the help of friends when the complainant approached the OPs and enquired the whole matter and got updated his passbooks, he came to know that out of Rs.7,10,000/- only Rs.2,75,000/- had been deposited as initial payment in account number 150012101994 at the name of Baljit Kaur and Jarnail Singh and further Rs.2,25,000/- had been deposited as initial payment in account number 157589080746 at the name of Baljit Kaur. From the remaining amount of Rs.2,10,000/- an amount of Rs.2,06,180/- had been transferred to the insurance policy number 10038178 of Aviva Life Insurance Company without obtaining the consent of the complainant. The complainant has further averred that the Ops had wrongly invested the amount of the complainant with the Aviva Life Insurance Company without his consent which should be refunded along with interest.
8. On the other hand, the learned counsel for OPs number 1 and 2 has contended that the Ops number 3 and 4 had issued the policies as per the proposal request of the complainant. It is stated further that no cause of action has arisen against the Ops number 1 and 2. It is stated further that the complainant had lodged a complaint before the Banking Ombudsman and as per the order of the Banking Ombudsman, the OP number 3 & 4 had already paid the entire amount to the complainant on 18.1.2018 and the matter was closed. The other allegations levelled in the complaint have been denied in toto.
9. The learned counsel for Ops number 3 and 4 has contended vehemently that the policies had been issued to the complainant as per the proposal received through Ops number 1 and 2 as per the provisions of law. It is stated further that the bank has submitted that as advised by the office of Banking Ombudsman, they have taken up the matter for refund of both the policies with Aviva Life insurance and Aviva has agreed to liquidate the policy and refund the surrender value as a service gesture and the balance amount will be paid by the bank. The Ops have already refunded a sum of Rs.90,000/- in policy number 10122652 vide cheque dated 10.1.2018 and surrender value of Rs.3,97,267/- vide cheque dated 5.1.2018 which the complainant had got already encashed and stated further that interest claim is not maintainable under this Act.
10. After hearing the arguments of the learned counsel for the parties and perusal of the complaint as well as evidence on record, we find that the complainant has claimed interest @ 9.25% per annum for the period from 24.7.2013 to 18.1.2018 meaning thereby the complainant has already received the amount of Rs.7,10,000/- so deposited with the Ops number 1 and 2. On the other hand, the stand of the opposite parties number 1 and 2 is that the amount has already been paid to the complainant. Now the fact remains that the complainant has been derived from getting the interest on the deposited amount of Rs.7,10,000/- with the OPs number 1 and 2. In the circumstances, we feel that ends of justice would be met if the OPs are directed to pay to the complainant interest @ 9.25% per annum as is evident from the copy of deposit confirmation/renewal notice Ex.C-1 on the amount of Rs.7,10,000/- from the period 24.7.2013 to 18.1.2018.
11. In view of our above discussion, we allow the complaint and direct OPs number 1 and 2 to pay to the complainant interest @ 9.25% on the amount of Rs.7,10,000/- for the period from 24.7.2013 to 18.1.2018. We further direct OPs number 1 and 2 to pay to the complainant an amount of Rs.20,000/- in lieu of consolidated amount of compensation and Rs.11,000/- on account of litigation expenses.
12. This order be complied with within a period of forty five days from the date of receipt of copy of this order. A copy of this order be issued to the parties free of cost. File be consigned to records.
Pronounced.
March 1, 2021.
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(Vinod Kumar Gulati) (Jasjit Singh Bhinder)
Member President
