Before The District Forum:Kurnoo
Present: Sri K.V.H.Prasad, B.A., LL.B., President
And
Smt C.Preethi, M.A., LL.B., Member
Sri R.Ramachandra Reddy, B.Com., LL.B., Member
Monday the 22th day of December, 2003
C.D.No.178/2003
Y.Subhas Chandra Reddy,
S/o. Y.Bhupal Reddy,
B-1, Co-Axial Quaretes,
Nethaji takies, Kurnool Dist. . . . Complainant represented by his
Counsel
Managing Director,
M/s. Nagarjuna Finance Ltd.,
H.NO.121597-12,
1st floor,Valmiki Nagar,
Near Indian Express office,
Hyderabad. . . . Inperson.
O R D E R
(As per Smt C.Preethi Member)
1. This consumer dispute case of the complainant is filed under section 11& 12 of C.P.Act, 1986 for a direction on the opposite party to pay him the mature amount of RS.10, 000/- with interest at 24% per annum from the date of the maturity i.e 22.11.2001 till the date of payment along with RS. 2,500/- as compensation and RS.1,000 as costs of case and such other reliefs which the complainant may be entitled in the exigencies of the case.
2. The brief facts of the complainant’s case as per the complaint is that the complainant has invested for 50 months an amount of RS.5, 000/- with the opposite parties branch at Kurnool on
22. 9 .1997 and obtained F.D.R bearing No. O 50110000158 for having the invested amount along with an interest at 18.10% per annum on maturity. The complainant on the maturity of the said deposit i.e dt 22.11.2001 went to the opposite parties branch office at Kurnool to get back the matured amount and found the said office closed. Hence the complainant made several demands and requests to the opposite party at Hyderabad and on his advise submitted the said matured F.D.R to him on the promise of the later for arranging the due amount shortly. But the opposite party has not sent any amount inspite of several requests for matured amount. Hence the complainant is entitle to the mature amount of RS.10,000/-. But the opposite party has not paid the mature amount till now and thereby driven the complainant to the Forum for redressal.
3. The complainant encloses to the complaint Xerox documents Viz.,(1) attested copy of the F.D.R.No. O50110000158 dt 22.9.1997 in the name of the complainant showing the deposit of RS.5, 000/- with the period of deposit for 50 months and stipulated rate of interest of 18.10% and date of maturity 22.11.2001 and the amount payable on maturity as RS.10,000/- (2) temporary receipt issued by Nagarjuna Finance Limited Kurnool Branch in token of the receipt of the complainant’s deposit (3) office copy of the letter dt 6.12.2001 of the complainant requesting the opposite party for sending the matured amount and (4) Xerox copy of courier receipt No.91412967 under which the supra F.D.R was sent and are marked as Ex. A.1 to Ex.A.4 for their appreciation in this case. The complainant also filed his sworn-affidavit in support of the supra documents and in re-iteration of his complaint averments.
4. The opposite party inspite of service of the notice of this Forum as to the case of the complainant, did not turn up to the date of appearance on dt 18.12.2003 and remain obstained to the proceedings of the case and was made exparte on 18.12.2003.
5. Hence, the point for consideration is whether the complainant is entitled to the reliefs sought:-
6. The Ex.A.1 the Xerox of the F.D.R No. O 50110000158 envisages the deposit of RS.5, 000/- by the complainant on dt 22.9.1997 for 50 months at a stipulated rate of interest of 18.10% payable on maturity on dt 22.11,2001 as RS.10, 000/- to the complainant. The liability of the opposite party under the said F.D.R reffered therein has to pay RS.10,000/- to the complainant on maturity without fail. In the light of the conduct of the complainant in Ex A.3 as to the sending of the said F.D.R to the opposite party for making early payment and there was no-response from the opposite party to the averments Ex.A.3 and no rebuttal to the averments made in the complaint and averments in the sworn affidavit of the complainant the complaint of the complainant stands unrubutted.
7. The Ex A.2 temporary receipt of the FDR of the complainant issued by the opposite party as envisages that it was issued by the Branch Manager of Nagarjuna Finance Limited, Kurnool Branch their appears no much difficulty in holding the territorial jurisdiction of this Forum to entertain this case inspite of the fact of the said Kurnool Branch is not a party to this case, on the mere reason of its principal (O.P) being a party to this case.
- From the indisputable evidence of the ExA.1 as the complainant is entitled to the maturity amount of RS.10, 000/- as stipulated therein on the date of the maturity and in the light of the Ex A.2 &3 envisaging the matured amount of RS.10,000/- to be paid to the complainant on maturity date i.e 22.11.2001 and the opposite party cannot escape its liability to make good of the matured amount of the complainant on the date of maturity itself. But asdelayed the payment and the matured amount by his doscile conduct their appears every reasonability in the reliefs sought by the complainant.
- Therefore, in the result of the above discussion the complaint is allowed directing the opposite party to pay the matured amount of RS.10, 000/- under the said F.D.R. of the complainant with interest at 18.10% per annum from the date of the maturity till realization and RS.1, 500/- towards costs within a month of the receipt of this order. In default the opposite party shall be liable to pay the supra stated award amount with 24% interest per annum from the date of this order till realization.
Dictated to the Stenographer, Typed to the Dictation corrected by us, Pronounced in the Open Court this the 22th day of December, 2003
Sd/-
Sd/- PRESIDENT sd/-
MEMBER MEMBER
