District Consumer Disputes Redressal Commission ,Faridabad.
Consumer Complaint No. 628/2021
Date of Institution:07.12.2021
Date of Order:17.04.2023.
Mrs. Shakunta W/o late Shri Ram Naryan S/o late Shri Ratiram R/o VPO Pali, District Faridabad (HR.)
…….Complainant……..
Versus
Industrial Development Bank of India, (A company Incorporated under the Provisions of the Companies act, 1956) Represented through ts Authorized person)
Having its Head Office at:
IDBI Tower, 23rd floor, WTC Complex, Cufee Parade, Colaba, Mumbai – 400 005.
…Opposite party
Complaint under section-12 of Consumer Protection Act, 1986
Now amended Section 34 of Consumer protection Act 2019.
BEFORE: Amit Arora……………..President
Mukesh Sharma…………Member.
Indira Bhadana………….Member.
PRESENT: Sh. Vikas Bhadana , counsel for the complainant.
Sh. Chetan Alok , counsel for opposite party.
ORDER:
The facts in brief of the complaint are that the husband of the complainant namely Shri Ram Narayan had purchased IDBI Deep Discount Bond bearing Certificate NO. 00649191, Folio No, Distinctive No. 00064919 dated 12.09.1996 vide. FDDB 0616755, Distinctive No. 00064919 dated 12.09.1996, Folio NO FDDB 0616755, distinctive No. 00064919 dated 12.09.1996 vide acknowledgement Sr. No. C41129095 issue Rs.5300/-, Face Value Rs.2,00,000/- from the opposite party. On 23.8.2019 the husband of the complainant namely Shri Ram Narayan had expired leaving behind the complainant as his legally wedded wife. The aforesaid bond had been mature don 18.3.2021 as per the bond. After the death of husband of the complainant she was entitled to get face value alongwith the interest from the opposite party as per the aforesaid bond purchased by the husband of the complainant from the opposite party. The complainant sent legal notice dated 15.07.2021 to the opposite party through registered post but all in vain. The aforesaid act of opposite party amounts to deficiency of service and hence the complaint. The complainant has prayed for directions to the opposite party to:
a) make the payment of Rs.2,00,000/- alongwith interest @ 24% p.a. to the complainant towards the face value of the said bond issued by the opposite party in the name of the husband of the complainant who has passed away to heaven.
b) pay Rs. 1,00,000/- as compensation for causing mental agony and harassment .
2. Opposite party put in appearance through counsel and filed written statement wherein Opposite party refuted claim of the complainant and submitted that it was stated that the said bond certificate was purchased by deceased Ram Narayan in the year 1996. In this connection, IDBI invited a call option to all the investors by exercising its option to redeem the bonds (which was clearly mentioned on the face of the bond certificate) & further it was also communicated through letters and print media in the year 2000. At the time of call option (i.e. on Ist August 2000) the redemption amount was 10000/- against the investment of Rs.5300 for each bond. However, the present redemption value including interest (i.e saving bank interest of 3.5% only) would be around Rs.17,000/- plus per each bond. There was no correspondence received from the investor as on date. In view of the above, redemption amount was payable to complainant on submission of following documents:
a) original bond certificate duly signed by holder on the reverse of the certificate.
b) Copy of Pan Card with self attestation.
c) Form 15G(attached)
d) Communication address with proof duly attested.
e) Bank details with proof duly attested/cancelled cheque leaf (should be an Indian account).
f) bank attestation for signature verification (attached)
g) If there was a change of name, we require A Gazette copy duly attested/copy of marriage certificate with details of “Old name & changed name” duly attested.
h. Succession certificate of deceased Ram Narayan.
Opposite party denied rest of the allegations leveled in the complaint and prayed for dismissal of the complaint.
3. The parties led evidence in support of their respective versions.
4. We have heard learned counsel for the parties and have gone through the record on the file.
5. In this case the complaint was filed by the complainant against opposite party–Industrial development Bank of India with the prayer to: a) make the payment of Rs.2,00,000/- alongwith interest @ 24% p.a. to the complainant towards the face value of the said bond issued by the opposite party in the name of the husband of the complainant who has passed away to heaven. b) pay Rs. 1,00,000/- as compensation for causing mental agony and harassment .
To establish his case the complainant has led in his evidence, Ex.CW-1/A – affidavit of Shakuntla, Ex.C-1 –IDBI Deep Discount Bond bearing NO. 000649191, Ex.C-2 – legal notice, Ex.C-3 – postal receipt, Ex.C-4 –track report, Ex.C-5 – Redemption status of IDBI Deep Discount Bond/Folio NO. FDDB0616755. Ex.C-6 – Adhaar card of Shakuntla, Ex.C-8 – Adhaar card of Ram Narayan,, Ex.C-8 – death certificate.
On the other hand counsel for the opposite party strongly agitated and opposed. As per the evidence of the opposite party Ex.RW1/A – affidavit of Swati, Manager, IDBI Bank Limited, Branch Sector-16, Faridabad,, Ex.R-1 – Flexi-1(IDBI Deep Discount Bond ’96), Ex.R-2 – letter dated 30.09.2001, Ex.R-3 - IDBI Deep Discount Bonds – Series 1(1192),, Ex.R-4 – Call option notice, Ex.R-5 – Terms of the bonds under separate schemes, Ex.R-6 & 7 – newspaper cuttings, Ex.R-8 – Call Vikalap Suchna, Ex.R-9 to 11- newspaper cuttings.
6. In this case, bond was issued in favour of husband of the complainant and date of maturity was 18.03.2021 as per Ex.C1. After the maturity the complainant will get the amount of Rs.2,00,000/- . After going through the evidence led by the parties, the Commission is of the opinion that as per Ex.R-6 to 8 and Ex.R4 & R5, in which the Government notified the redemption in the newspaper of dated 19.08.2001. Counsel for the opposite party argued that they are ready to refund the premium amount alongwith interest, subject to submission of the required documents for example the original bond and other documents i.e. cancellation cheque, adhaar card and other documents. No deficiency in service on the part of the opposite party has been proved because the money is still lying with opposite party. Opposite party has published in the general public notice that the Government redemption the bond and published in the National newspaper for the maturity amount.
7. Keeping in view of the above, the Commission is of the opinion that the complaint is allowed. Opposite party is directed to refund the premium amount alongwith simple interest @ 6% p.a. from the date of deposit. Opposite party is also directed to pay Rs.1100/- as compensation for causing mental agony & harassment alognwith Rs.1100/- as litigation expenses to the complainant. Compliance of this order be made within 30 days from the date of receipt of copy of this order. File be consigned to the record room.
Announced on: 17.04.2023 (Amit Arora)
President
District Consumer Disputes
Redressal Commission, Faridabad.
(Mukesh Sharma)
Member
District Consumer Disputes
Redressal Commission, Faridabad.
(Indira Bhadana)
Member
District Consumer Disputes
Redressal Commission, Faridabad.
