DISTRICT CONSUMER DISPUTES REDRESSAL FORUM,PATIALA.<br /> <br /> Complaint No. 315 of 06.08.2007<br /> Decided on: 19.12.2007<br /> <br /> Ram Chand aged about 63 years s/o Sh.Durga Dass, Resident of H.No.11-A,Ghuman Colony,Patiala.<br /> <br /> -----------Complainant<br /> <br /> Versus<br /> <br /> 1. INFOTECH, 3i Infotech Limited ( Formerly ICICI Infotech <br /> Limited),Maratha Mandir Annexe,Dr.A.R.Nair Road, Mumbai<br /> Central,Mumbai through its Manager/CEO/Managing Director.<br /> 2. ICICI Bank Limited, Chotti Baradari, The Mall, Patiala through its<br /> Manager/CEO/Managing Director.<br /> <br /> <br /> ----------Opposite parties.<br /> <br /> Complaint under Sections 11 to 14 of the<br /> Consumer Protection Act.<br /> <br /> QUORUM<br /> <br /> Sh.Gurdev Singh, President<br /> Smt.Paramjit Kaur, Member<br /> <br /> Present:<br /> For the complainant: Sh.Rameshwar Singla, adv.<br /> For opposite parties: Sh.Vikram Shahi,adv.<br /> <br /> ORDER<br /> <br /> SH.GURDEV SINGH, PRESIDENT<br /> <br /> Ram Chand has directed this complaint against INFOTECH and others wherein the complainant has alleged that he has purchased ICICI bonds by depositing Rs.10,000/- as per scheme and availed the services of the opposite parties. It is alleged by the complainant that he has filled application form No.D-1201670 and attached cheque bearing No.237811 dated 21.2.2000 for the purchase of two units of Rs.5000/- each of ICICI Tax Saving Bond 022000 – TSB-One and an allotment advise dated 24.3.2000 was received by him. He also received allotment cum refund advice on 19.4.2000. It is also alleged that he has received original ICICI Safety Bonds February/2000 indicating that he will receive the interest @ 11% per annum after the lapse of 11 years from the date of allotment i.e. 24.3.2000. It is also alleged that he has contacted the local office of the opposite parties in March and April-2003 to enquire about the amount concerning redemption bonds and ultimately on 8.5.2003 he made a written request to the local office at Patiala for disbursement of the amount of bonds. The said letter of the complainant was forwarded to the head office at Mumbai for necessary action and the head office informed that the original redemption warrant No.269512 cheque No.70296 dated 24.3.2003 for Rs.10985/- was dispatched on 19.3.2003 at the addressed of the complainant but the same has not been received in their office un delivered. It is also alleged by the complainant that he has visited the office of the opposite party at Chhoti Baradari, Patiala several times but no cogent response was coming out. It is also alleged by the complainant that the opposite party No.2 has informed that the matter is being taken up with the head office and as and when any response will received from the head office that will be informed and ultimately on 9.5.2007 on the oral advise of the opposite parties that the head office desires a certificate from him regarding customer’s bank that the amount of Rs.10895/- concerning cheque No.70296 dated 24.3.2003 was not credited in his account and after procuring the said certificate from the concerned branch of the bank the complainant wrote a letter dated 9.5.2007 along with enclosures to the local office of the ICICI Bank for disbursement of the amount including interest commencing from 24.3.2000 till the date of payment to the complainant. The office of the opposite party No.1 raised certain queries in the letter dated 26.5.2007 and said queries were replied vide letter dated 13.6.2007. Opposite party No.1 again sent the letter dated 19.6.2007 and confirmed the receipt of complainant’s letter dated 13.6.2007. It is also alleged that the complainant again wrote a letter dated 30.6.2007 for raising the same demand for disbursement of bonds amount along with upto date interest and ultimately vide letter dated 2.7.2007 the opposite party No.1 has sent the amount of Rs.10985/- vide dispatch No.532123 dated 26.6.2007.It is also alleged by the complainant that he is entitled to receive the amount of Rs.10000/- as original amount with compound interest @ 11% per annum from 24.4.2000 to 24.3.2003 annually and thereafter interest upon the amount so compounded @ 24% till 10.7.2007 minus the amount of Rs.10985/- which he has received till its payment.<br /> 2. The opposite parties have submitted in the reply that the complainant was holding two Tax Saving Bonds option No.1 in the public issue of bond February/2000 of ICICI Bank Limited under bond holder No.7279670 .It is also alleged that the complainant has visited the local office of the bank. However, on May,12.2003 the opposite party had received a letter from the complainant regarding non receipt of the redemption warrant and in reply and response to the said letter the opposite party vide letter dated 16.5.2003 had furnished the details of dispatch of the redemption warrant along with draft of agreement for issue of duplicate warrant at the address given by the complainant in his form. It is also submitted that the complainant has twisted the bank to his convenience. It is also alleged that on May 15,2007, the opposite party received a letter dated 9.5.2007 from the complainant regarding non receipt of redemption warrant and that in response to the said letter the opposite party has sent the letter dated 26.5.2007 with entire details of redemption payment. The opposite party has admitted the fact that letter dated 13.6.2007 was received for issue of duplicate redemption warrant completed in all respects on 18.6.2007. It is also alleged that a cheque was issued for Rs.10985/- in lieu of original redemption warrant and dispatched to the complainant on July 4,2007 by registered post and the said I-MultiPay cheque stands encashed as per the record and thereafter the opposite party has not received any letter. It is alleged that there is no deficiency on the part of the opposite parties and it appears from the complaint that the complainant must have lost his original cheque in his house as the said cheque has been sent at the address given in the form as well as in the complaint.<br /> 3. In order to prove his case the complainant tendered in evidence his affidavit Ex.C1, Investor acknowledgement receipt,Ex.C2, allotment cum refund advise,Ex.C3, copy of letter dated 24.3.2000,Ex.C4, copy of ICICI Tax Saving Account,Ex.C5, copy of letter dated 30.1.2003,Ex.C6, copy of investor acknowledgement slip dated 8.5.2003,Ex.C7, copy of letter dated 7.5.2007,ex.C8, copy of letter dated 9.5.2007,Ex.C9, copy of letter dated 26.5.2007,Ex.C10, copy of letter dated 13.6.2007,Ex.C11, copy of letter dated 19.6.2007,Ex.C12, copy of letter dated 30.6.2007,Ex.C13, copy of letter dated 2.7.2007,Ex.C14, copy of letter dated 19.7.2007,Ex.C15 and copy of cheque dated 26.6.2007,Ex.C16.<br /> 4. In rebuttal the opposite parties tendered in evidence affidavit of Sanjay Sharma,Ex.R1, copy of prospectus,Ex.R2 , copy of register,Ex.R3 and copy of detail,Ex.R4.<br /> 5. We have gone though the record and have also heard the learned counsel for the parties.<br /> 6. It is admitted fact between the parties that the complainant has purchased two Tax Saving Bonds Option-1 in Public Issue of Bond in February-2000. The other main point of controversy as alleged by the complainant is that he has not received the amount of Rs.15819/- alongwith interest till its payment. It is also admitted fact between the parties that the complainant has sent the letter dated 13.6.2007 which has been received by the opposite party on 18.6.2007. The opposite party has alleged that they have sent the cheuqe for Rs.10985/-and the complainant has admitted this fact in the complaint. The opposite party has taken the plea that they have sent the other cheques but the opposite parties have alleged in para No.4 that in response of letter dated 12.5.2003 the opposite party has sent the redemption warrant alongwith draft of agreement vide letter bearing No.001811286 dated 16.5.2003 at the address mentioned in the said form as well as the address of the complainant mentioned in the complaint but the same must have lost in his house. The opposite parties have produced Ex.R3, copy of detail of dispatch which reveals that at No.42953 name Ram Chand Address: 11A, Ghuman Colony,Patiala ,but no receipt regarding the fact that the complainant has received the first original cheque has been produced on the file nor any other record has been produced that the complainant has received the amount of the said cheque which is a matter of deficiency of service on the part of the opposite parties.<br /> 7. For the foregoing reasons and discussion we accept the complaint and direct the opposite parties to refund the amount of the entire amount alongwith interest as agreed minus the amount of Rs.10985/- which the complainant has received on 10.7.2007 within a period of one month from the receipt of the copy of this order. We also direct the opposite parties to make the payment of Rs.10,000/- as compensation for mental agony and harassment to the complainant and Rs.1000/- as costs of the complaint.<br /> Copy of this order be sent to the parties as per rules.<br /> Pronounced:<br /> Dated:19.12.2007<br /> <br /> <br /> President<br /> <br /> <br /> Member<br /> <br /> <br /> <br /> <br />