Date of Filing:13.02.2008<br /> Date of Order: 15.05.2008<br /> <br /> <br /> <br /> BEFORE THE II ADDITIONAL DISTRICT CONSUMER DISPUTES REDRESSAL FORUM SESHADRIPURAM BANGALORE-20<br /> Dated: 15TH DAY OF MAY 2008<br /> PRESENT<br /> <br /> <br /> <br /> Sri. S.S. NAGARALE, B.A, LL.B. (SPL.), President.<br /> Smt. D. LEELAVATHI, M.A.LL.B, Member.<br /> Sri. BALAKRISHNA. V. MASALI, B.A, LL.B. (SPL.), Member.<br /> <br /> <br /> <br /> COMPLAINT NO: 423 OF 2008 <br /> <br /> <br /> T. Shivalinga,<br /> No.4/1, 5th A Cross,<br /> Subbana Garden,<br /> Vijayanagar,<br /> Bangalore-560040. Complainant<br /> <br /> <br /> V/S<br /> <br /> Manappuram General Finance and <br /> Leasing Limited,<br /> Kengeri Branch, Opp: Kengeri Bus Stand,<br /> Bangalore-560060. Respondent<br /> <br /> ORDER<br /> By the President Sri. S.S. Nagarale<br /> <br /> This complaint is filed by the complainant stating that, he has pledged Gold articles and taken loan of Rs.2,45,000/- from the opposite party. He states that, on 27/5/2007 he has paid Rs.19,833/- as interest. It is the case of the complainant that the opposite party demanded payment of loan by giving telephone call. The complainant requested for some time for making payment. In spite of that it is the case of the complainant that the opposite party parents had sent rowdies and threatened him. On 26/1/2008 he went to the opposite party and offered to pay principal amount with interest, but the opposite party finance refused to receive the amount. Again he went on 28/1/2008 on that day also they did not receive the amount. The complainant demanded release of gold articles. The police informed that matter is civil dispute therefore, directed to approach the Civil Court. Therefore, the complainant is forced to complaint before the Forum to get the relief. <br /> 2. Notice was issued to opposite party. Notice was served on the opposite party. In spite of service of notice the opposite party has not appeared before this Forum. The opposite party has placed exparte by order dated 25/3/2008. <br /> 3. Affidavit evidence of complainant filed. Heard the complaint in person. <br /> <br /> REASONS<br /> <br /> <br /> 4. Perused the complaint, affidavit and documents. As per the documents the pledged amount is Rs. 2,45,000/- and date of pledge of gold articles was on 8/2/2007. An amount of Rs.19,833/- was paid towards interest. A gold article of 368.600 grams was pledged with the opposite party. During the course of hearing complainant submitted that, he is ready to pay Rs.2,57,000/- to the opposite party for releasing the pledged articles. The case of the complainant is that, he had gone to the opposite party and offered to pay the loan amount with interest, but the opposite party finance company refused to receive the amount and demanded compound interest on the loan amount. The complainant refused to pay compound interest and therefore, he has approached this Forum. The opposite party finance is not entitled to charge compound interest and it is the duty of the opposite party finance company to receive the amount and release the pledged articles. The demand of compound interest by the opposite party is illegal and unauthorized by law. The case made out by the complainant had gone unchallenged. The opposite party has not appeared and contested the matter. There is nothing to disbelieve the case put forward by the complainant. Therefore, by accepting the case of the complainant opposite party shall be directed to receive the principal amount with simple interest and release the pledged gold articles in favour of the complainant. The complainant submitted that, he is ready to pay Rs.2,57,000/- this figure includes principal amount and interest. In the result, I proceed to pass the following:-<br /> <br /> ORDER<br /> <br /> 5. The complaint is allowed. The opposite party is directed to receive Rs.2,57,000/- from the complainant and release the pledged gold articles to the complainant forthwith. The complainant is entitled to Rs.2,000/- towards costs of the present proceedings from the opposite party. <br /> 6. Send the copy of this Order to both the parties free of costs immediately. <br /> <br /> 7. Pronounced in the Open Forum on this 15TH DAY OF MAY 2008.<br /> <br /> Order accordingly,<br /> <br /> <br /> PRESIDENT<br /> We concur the above findings. <br /> <br /> MEMBER MEMBER <br /> <br /> <br /> <br /> <br />