Before the District CONSUMERS Forum:Kurnool
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
Friday the 19th day of December,2003
C.D.No.160/2003
T.Chandra Sekhar Reddy,
H.No.9-34,
Krishna Nagar,
Kurnool District. . . . Complainant represented by his counsel
Sri.P.Siva Sudarshan, Advocate
-Vs-
Managing Director,
Nagarjuna Finance Limited,
H.No.1-0597-12, 1st Floor,
Valmiki Nagar,
Domalaguda,
Lower Tank Bund Road,
Near Mysamma Temple,
Near Indian Express Office,
Hyderabad. . . . Opposite party
O R D E R
1. This consumer dispute case of the complainant is filed under section 11 and 12 of the C.P. Act, 1986 seeking a direction against the opposite party to pay him maturity amount of Rs.11,080/-, Rs.11,000/- and Rs.10,000/- in respect of his three fixed deposits with interest at the rate of 24% per annum from the date of the maturity to till the date of realization, Rs.20,000/- towards mental agony and Rs.5,000/- towards costs of this litigation.
2. The case of the complainant is that he has obtained three fixed deposit certificates after depositing an amount of Rs.5,540/- (Certificate No.C 50102000111) on 26-08-1997, with maturity dated 26-10-2001 and the maturity amount Rs.11,080/- an amount of Rs.5,500/- (Certificate No.C 50102000240) on 11-09-1997 with the maturity dated 11-11-2001 and the maturity amount Rs.11,000/- and an amount of Rs.5,000/- (Certificate No.C 50102000756) on 04-10-1997 with the maturity amount of Rs.10,000/-. After the maturity of the above said fixed deposits the concerned original bonds, the complainant submitted to the opposite party to pay the above said maturity amounts, but the opposite party did not pay the same even though the complainant made several demands and the opposite party’s Kurnool Branch also closed by the opposite party. This conduct of the opposite party in not paying the said maturity amounts is amounting to deficiency of service and driven the complainant to the Forum for redressal as the complainant was deprived of the maturity amounts, but also was put to mental agony and costs of this litigation.
3. Inspite of service of the notice of this Forum as to this case of the complainant to opposite party neither turned up to the proceedings nor made any contest to the complainant’s case dis-owning his liability, remained absent and thereby set exparte.
4. The complainant in support of his case relied upon the documentary record which is marked as Ex.A1 to Ex.A6 besides to his sworn affidavit in reiteration of its case and documents.
5. Hence, the point for consideration is whether the complainant has made out alleged deficiency of service on the part of the opposite party in defaulting the payment of the matured amounts and thereby his entitleness to the reliefs claimed.
6. The case of the complainant is that he has deposited Rs.5,540/- on 26-08-1997, Rs.5,500/- on 11-09-1997 and Rs.5,000/- on 04-10-1997 and on maturity on 26-10-2001, 11-11-2001 and 14-11-2001 respectively the opposite party has to pay Rs.11,080/-, Rs.11,000/- and Rs.10,000/-. Accordingly as to the above said dates of maturity. As no material is placed on record by the opposite party to rebut the contentions of the complainant and hence the contentions of the complainant stand un-rebutted, as the opposite party being set exparte. It is clear from the Ex.A1 to Ex.A6 that the above said maturity amounts to be paid to the complainant, and there after committed default in not paying the said maturity amounts and the complainant is remaining entitled to the interest from the date of maturity. The opposite party by this irresponsible conduct in making good of the due amounts to the complainant driven the complainant to the Forum for redressal of his grievance. The said conduct of the opposite party in not discharging his obligation is amounting to deficiency of service and relying on the sworn affidavit of the complainant and the documents marked, the opposite party is held liable to pay the maturity amount of Rs.11,080/- dated 26-10-2001, Rs.11,000/- dated 11-11-2001 and Rs.10,000/- dated 04-12-2001 to the complainant with interest.
7. The Honourable National Consumer Disputes and Redressal Commission, New Delhi in Neela Vasanth Raje -Vs- Amogh Industries and another 1993 (3) CPR Page 345, wherein it was held the Company or a Firm invited deposits on a promise of attractive rates of interest is a service and the depositor is a Consumer.
8. In the light of the above discussion and in the light of the above decision the compliant is allowed directing the opposite party to pay the maturity amounts of Rs.11,080/- dated 26-10-2001, Rs.11,000/- dated 11-11-2001 and Rs.10,000/- 04-12-2001 to the complainant and the opposite party has driven the complainant to seek the redressal in the Forum by his defaultive conduct and the deficiency of service and amount of Rs.10,000/- towards mental agony and Rs.2,000/- is awarded as costs of the case.
9. In the result, the complaint is allowed directing the opposite party to pay the maturity amounts of Rs.11,080/-, Rs.11,000/- and Rs.10,000/- with 9% interest from their dates of the maturity till realization and Rs.10,000/- towards mental agony and Rs.2,000/- as costs. The opposite party is granted one month time for compliance of the above order, failing which the opposite party has to pay the above ordered amounts with 12% interest from the date of the maturity till the date of realization.
Dictated to the Stenographer, Typed to the Dictation corrected by us, Pronounced in the open Court, this 19th day of December 2003.
Sd/- Sd/- Sd/-
MEMBER RESIDENT MEMBER
APPENDIX OF EVIDENCE
Witnesses Examined
For the complainant:- Nil For the opposite party:- Nil
List of exhibits marked for the complainant:-
Ex.A1 Fixed deposit receipt No.C50102000111 of the T.Chandra Sekhar Reddy attested copy issued by opposite party.
Ex.A2 Fixed deposit receipt No.C50102000240 of the T.Chandra Sekhar Reddy attested copy issued by opposite party
Ex.A3 Fixed deposit receipt No.C50102000756 of the T.Chandra Sekhar Reddy attested copy issued by opposite party
EX.A4 Acknowledgement dated 03-01-2002 issued by opposite party as to the receipt of Ex.A1.
Ex.A5 Acknowledgement dated 03-01-2002 issued by opposite party as to the receipt of Ex.A2.
Ex.A6 Acknowledgement dated 03-01-2002 issued by opposite party as to the receipt of Ex.A3.
List of exhibits marked for the opposite party:- Nill
Sd/- Sd/- Sd/-
MEMBER RESIDENT MEMBER
// Certified free copy communicated under Rule 4 (10) of the
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