DATE OF DISPOSAL: 04.06.2019
Sri Karuna Kar Nayak, President.
The complainant Smt. Namita Patnaik has filed this consumer complaint Under Section 12 of the Consumer Protection Act, 1986, alleging deficiency in service against the Opposite Parties ( in short the O.Ps) and for redressal of her grievance before this Forum.
2. Briefly stated the case of the complainant is that she is a government servant and saved some hard earned money with the O.P. It is the duty of the O.P. is to pay back when matured and refund the money when demanded by the depositor. The O.P. is a registered private company limited under Companies Act, 1956 bearing No.U51399OR2006PTC008969 dated 10.10.2006 and also certified by ISO 9001:2008 floated some financial scheme and agreed to provide services to the investors. The O.P. has issued following bonds towards unsecured redeemable bonds in nature of debenture under signature of Director to the complainant. Detail of the said bond is as follows as Annexure-1:
Option | Face value per bond | Deemed date of allotment | Issue price per bond | Redemption date | Bond holder no. | Certificate no. | No of bond | Total issue value (Rs.) |
Dazzle | 5518 | 30-09-12 | 11200 | 30-08-2016 | E12267720850 | 09-03-272 | 13 | 145600.00 |
The Annexure-1 was matured on 30th August 2016 in accordance to the provision of said bond and now the matured amount is with O.P. Sometime in the year 2014 August, the O.P. has cunningly converted the other Dazzle bonds in to Micro Scheme described below under several accounts and fixed the new date of matured to 30.06.2020. The following accounts were issued by the O.P. as Annexure-II as follows:
Customer Name & Code | ED Code | Account no. | Date of opening of account | Final value | Date of matured |
Namita Patnaik | 26000191505 | 26000113014268181 | August 2014 | 24,640.00 | 30.06.2020 |
Namita Patnaik | 26000191505 | 26000113018695181 | August 2014 | 1,00,000.00 | 30.06.2020 |
Namita Patnaik | 26000191505 | 26000113017372481 | August 2014 | 1,00,000.00 | 30.06.2020 |
Namita Patnaik | 26000191505 | 26000113018519481 | August 2014 | 1,00,000.00 | 30.06.2020 |
Namita Patnaik | 26000191505 | 26000113016470481 | August 2014 | 1,00,000.00 | 30.06.2020 |
| | Total | | 4,24,640.00 | |
When the O.P. failed to pay back the matured amount under Annexure-1 on 30th August 2016 and kept all money including interests of the complainant. As such the present complainant approached several times in person at office and in assistance of her husband Sri Shyam Sundar Achari and over phone to the O.P. to payback the amount but the O.P. did not chose to give any reply, the reasons best known to him. In such circumstances, the complainant in constraint issued a registered demand notice on 27.04.2017 bearing postal receipt Nos: B RO7957340791N and B RO7957340821N and demanded to payback the amount under Annexure-1 and also wanted to surrender the bonds under Annexure-II series prior to maturity date scheduled to 2020 for refund of money but to no avail at all. Alleging deficiency in service on the part of the O.P. the complainant prayed to direct the O.P. to pay the entire amount under Annexure-1 is Rs.1,45,600/- with prevailing of fixed interest as per Reserve Bank of India, to except the Annexure-II series and surrendered the same and payback the surrendered value and to pay compensation @18% per annum of the total value of Annexure I and II till actual date of payment in the best interest of justice.
3. Notice was issued against the O.P. The O.P. neither choose to appear nor filed any written version, hence the O.P. was declared exparte on 07.03.2018.
4. On the date of hearing of the consumer complaint learned counsel for the complainant is present. We heard argument from the advocate for the complainant at length and perused the complaint petition, written argument and materials placed on the case record. It reveals that the Bonds described in Annexure-D- of the complaint petition have not been matured. The Hon’ble National CDR Commission, New Delhi has held in case of Mrs. Puneet Kaur versus Hindustan Financial Management Ltd. and others reported in 2003(1) CPR 274 that “Non payment of fixed deposit amount on its maturity by Financial Institution constitutes deficiency in service”.
In view of the above decision of law, the complainant’s case is allowed on exparte against the O.P. The Opposite Party is directed to pay the maturity value of Rs.1,45,600.00 of Annexure-I- as stated above to the complainant alongwith 8% interest per annum from the date of filing this case i.e. on 06.09.2017 within 60 days from receipt of this order. Further the O.P. is also directed to pay Rs.5000/- for compensation alongwith Rs.2000/- as costs of litigation to the complainant within the above stipulated period failing which all the dues shall carry 12% interest per annum.
The order is pronounced on this day of 4th June 2019 under the signature and seal of this Forum. The office is directed to supply copy of order to the parties free of cost and a copy of same be sent to the server of www.confonet.nic.in for posting in internet and thereafter the file be consigned to record room.
