BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM AT BANGALORE URBAN

19^th DAY OF AUGUST 2016

O R D E R

SMT. P.K SHANTHA, MEMBER

The complainant has filed this complaint U/s.12 of the Consumer Protection Act, 1986 against the Opposite Party (herein after referred as OPs) with a prayer to refund the matured deposit amount Rs.3,00,000/- with penal interest at the rate of 12.50% (Rs.4,35,660/-), to pay incidentals Rs.1,000/- also Rs.50,000/- as mental agony and trauma.

2. The brief averments made in the complaint are as under:

The complainant has deposited Rs.3,00,000/- into the fixed deposit scheme of the OP as per guidelines stipulated in “The Companies (Acceptance Deposits) Rules, 1975” under Companies Act, 1956 under deposit schemes and as per the terms and conditions laid in the application form.  The details of the deposits are provided below and all these deposits were made in the prescribed form of the OP through their local authorized broker M/s Bajaj Capital Limited at Bangalore and the receipts for such deposits were delivered to the complainant’s residential address by the OP agent assuring to repay the deposit on maturity with accrued interest into the complainants account with Vijaya Bank Limited at Sankey Road Branch, Bangalore-560020.  The repayment of the matured deposit would be made on the date of maturity as per the terms and conditions and as stipulated in the Acceptance of Deposit Rules 1975 of the Companies Act.  The details of deposits are given below.

3. The complainant has very urgent need of funds for enabling her kid’s higher education and marriage of her daughter which is in horizon.  Despite several requests, the OP has not been responding to her requests and delaying repayment of the deposits beyond the due dates of their maturity and repayment.  The OP has violated the terms and conditions of the fixed deposit regulations and caused breach of the terms of acceptance of the deposit.

          4. The OP is engaged in various business activities, engineering & Construction, Hydro, Thermal and wind power, express way and real estate, hospitality and education and so on.  It is reported that the Jaypee group i.e., OP is Rs.20,000/- crore industrial conglomerate and mobilizes fixed deposits for its operational needs from public as per the guidelines laid down in “The Companies (Acceptance Deposit) Rules 1975 and 2013 from all over India.  OP is registered and listed both in BSE & NSE manufacturing company, incorporated in the year 1995, having its corporate and registered office at Noida, Uttar Pradesh.  OP was directed by Hon’ble CLB, New Delhi to clear all deposits including premature deposits on or before 30.09.2015.

5. The OP is constantly and regularly followed up and reminded about the non repayment of matured deposits by the complainant and the authorized broker Bajaj Capital.  But the OP has not responded to the notice which had been sent on June 2015 and in January this year.  This conduct of OP amounts to deficiency in service.  Under the circumstances, the complainant has filed this complaint against OP for appropriate relief.

6.  After service of notice, OP failed to appear before the Forum and was placed ex-parte.

7. So as to prove her case, Mrs.P.Renuka Bhat, the complainant has filed her affidavit evidence in support of her complaint reiterating the complaint averments and produced copies of documents.

8. The above said assertions of the complaint have remained unchallenged.  OP neither filed version nor denied the sworn testimony of the complainant.  Under the circumstances, we have no reasons to disbelieve the sworn testimony of the complainant.

9. Let us have a cursory glance at the documents produced by the complainant.  Document No.1 is the copy of fixed deposit receipt bearing No.26515, date of issue being 01.03.2012 for a sum of Rs.2,00,000/- for the period of three years, interest rate at 12.50% p.a for the period 18.02.2012 to 17.02.2015 date of maturity being 17.02.2015.  Document No.2 is the copy of another receipt of fixed deposit bearing No.59696, date of issue being 23.02.2013 for a sum of Rs.1,00,000/- for a period of three years, interest rate at 12.50% p.a for the period 08.02.2013 to 07.02.2016, date of maturity being 07.02.2016.  Document No.3 is copy of notice of complainant dated 11.01.2016 addressed to OP.  Bajaj Capital Ltd., has acknowledged its seal on fixed deposit receipt dated 23.02.2013.  The complainant sent a notice as per document No.3, calling upon OP to repay the matured fixed deposit amount of Rs.3,00,000/- along with interest at 12.50% per annum from 08.02.2013 also 18.02.2012 till the date of payment.  There was no response from OP till date.  Hence, this complaint.

10. As per the material available on record complainant deposited the following fixed deposit amounts with OP.

11. In support of her complaint averments, the complainant has produced two copies of above fixed deposits as per document No.1 & 2.  Now the grievance of the complainant is the OP failed to release the amount inspite of repeated reminders.  Hence this complaint.

12. On perusal of oral and documentary evidence of the complainant, it is crystal clear that, the complainant has deposited Rs.3,00,000/- in two numbers of fixed deposits with OP on 18.02.2012 and 08.02.2013.  OP has assured to refund the fixed deposit amounts after maturity dates i.e., 17.02.2015 and 07.02.2016 along with interest at 12.5% p.a.  Inspite of constant and regular reminders, OP failed to refund the fixed deposit amounts on time.  This act of OP in not refunding the fixed deposit amount of Rs.3,00,000/- along with agreed interest at 12.5% p.a amounts to deficiency in service on the part of OP.  We are satisfied that the complainant proved deficiency of service against OP.  Under the circumstances, we are of the considered view that OP is liable to refund Rs.3,00,000/- being total amount of two fixed deposits to the complainant along with interest at 12.5% p.a from the date of respective deposits till the date of maturity and further interest at the rate of 18% p.a from the date of maturity till the date of realization along with litigation cost of Rs.3,000/-.  Hence, the complaint of the complainant is partly sustainable and accordingly, we proceed to pass the following:

O R D E R

The complaint filed by the complainant is allowed in part.  OP is liable to refund Rs.3,00,000/- (Three Lakhs) being total amount of two fixed deposit receipts along with interest at 12.5% p.a from the respective date of deposits to till the date of maturity and also to pay interest at 18% p.a from the date of maturity to till the date of realization.  Further OP is liable to pay Rs.3,000/- towards the cost of this proceedings to the complainant.

This order shall be complied within 30 days from today.

Supply free copy of this order to both the parties.

(Dictated to the Stenographer, got it transcribed and corrected, pronounced in the Forum on this 19^th day of August 2016)

MEMBER                            MEMBER                     PRESIDENT

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COMPLAINT No.217/2016

Complainant                 -        Mrs.P Renuka Bhat,

Bangalore-560032.

                                          -vs-

Opposite Party              -        The Managing Director,

Jaipee Infratech Limited.,

Sector 128, Noida-201304,
Uttar Pradesh.

Witnesses examined on behalf of the complainant dated 12.08.2016.

1. Mrs.P Renuka Bhat

          OP  -       Absent

MEMBER                           MEMBER                      PRESIDENT

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