COMPLAINT FILED: 30.10.2009<br /> DISPOSED ON: 07.08.2010<br /> <br /> BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL <br /> FORUM AT BANGALORE (URBAN)<br /> <br /> 07TH AUGUST 2010<br /> <br /> PRESENT:- SRI.B.S.REDDY PRESIDENT <br /> SMT. M. YASHODHAMMA MEMBER <br /> SRI.A.MUNIYAPPA MEMBER <br /> <br /> COMPLAINT NO. 2546/2009<br /> <br /> <br /> <br /> COMPLAINANTS<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> 1. Rita Liao,<br /> W/o late F.C.Liao,<br /> Aged about 69 years,<br /> <br /> 2. Daniel Liao,<br /> S/o S.C.Liao<br /> Aged 20 years<br /> <br /> Both are Residing at No.145,<br /> M.M.Road, Frazer Town,<br /> Bangalore-560 005.<br /> <br /> Advocate : S. Shaker Shetty<br /> <br /> V/s<br /> <br /> <br /> OPPOSITE PARTIES <br /> <br /> 1. M/s. Green country Agro <br /> Foods Ltd,<br /> A company registered under<br /> the companies Act, 1956,<br /> and having its registered<br /> office at 19/1, <br /> Raghavaiah Road, T.Nagar,<br /> Chennai-600017.<br /> <br /> Ex-parte<br /> <br /> <br /> 2. The National co-operative<br /> Bank Ltd., <br /> A Company registered under<br /> the companies Act, 1956,<br /> and having its registered <br /> office at 53/1, <br /> Bull Temple Road,<br /> Bangalore-560 019.<br /> <br /> In Person<br /> <br /> O R D E R<br /> <br /> SMT. M. YASHODHAMMA, MEMBER<br /> <br /> This is a complaint filed u/s. 12 of the Consumer Protection Act of 1986 by the complainant seeking direction against the Opposite Party-1 (herein after called as O.P) to pay Rs. 57,547/- with future interest at 14% p.a till payment and OP-2 to pay Rs.16,449/- with future interest at 14% p.a. till payment and costs on the allegations of deficiency in service on the part of the OPs. <br /> <br /> 2. The brief averments made in the complaint are as follows:<br /> <br /> The OP-1 launched a scheme known as ‘Akshay Bhoomi’ calling investments from public. As per the scheme the member was to purchase a farm identified by OP-1. Thereafter OP-1 will engage in actual farming and generate returns. Complainant lured away with the offer of uninterrupted returns made by the representative of OP-1 became the member of the above said Scheme. The complainant paid Rs. 26,250/-. The receipt issued by OP-1 dt:17.08.1998 is produced. Out of Rs.26,250/- OP-1 purchased a Yogakshemanidhi Certificate of ten years having face value of Rs.3,800/- from OP-2 bank bearing maturity value of Rs.15,045/- due for payment on 25.02.2009 and handed over the same to the complainant after duly discharging the same as security for fulfillment of its obligations and to obtain payment from the OP-2 by tendering the deposit receipt. OP-1 also gave the letter addressing to OP-2 directing it to pay the maturity amount of Rs.15,045/- to the complainant No.1 on production of deposit receipt on maturity OP-1 failed to fulfill its promises regarding the scheme floated and no replies received for the letters of the complainants. The complainants approached OP-2 for payment of maturity amount OP-2 told the complainant that it can make payment if an order from the consumer forum is produced. The complainants felt deficiency in service and filed this complaint for the necessary relief’s.<br /> <br /> 3. On registration of the complaint notices were sent to OPs. notice sent to OP-1 returned within endorsement ‘left’. Hence complainant took notice by way of paper publication dt: 21.04.2010. Inspite of paper publication OP-1 remained absent without any sufficient reason or cause. Hence OP-1 is placed ex-parte.<br /> <br /> 4. On appearance OP-2 filed version mainly contending that OP-1 invested Rs.3,800/- with OP-2; and OP-2 has issued Yegakshemanidhi deposit Certificate in the name of OP-1; Now OP-1 company is winded up without giving any authorization to OP-2; The customers of OP-1 are approaching OP-2 for payment of matured amount which was invested by OP-1; OP-2 suggested the customers to obtain court order against OP-1 in order to safe guard the interest of the OP-2 bank. There is no transaction between complainant and OP-2; fixed deposit is not a negotiable instrument which stands in the name of the OP-1 cannot be given to complainants; complainants are not consumers; complaint is not maintainable; no deficiency in service on the part of the OP-2; OP-2 is ready to pay the matured amount to the complainants subject to production of original F.D receipts, NOC from OP-1, authorization letter from OP-1; OP-2 has to follow TDS provision on Fixed Deposit as per Income Tax Act; interest will be levied at 3.5% p.a. only from the date of maturity. Among other grounds OP-2 prayed for dismissal of the complaint.<br /> <br /> 5. In order to substantiate the complaint averments 1st complainant filed her affidavit evidence and produced receipts, letter of OP-1, F.D. receipt, authorization letter from OP-2, copy of the sale deed, OP-2 inspite of giving sufficient opportunity failed to file affidavit evidence. Hence taken as not filed. Heard the complainant taken as heard on OP-2 side.<br /> <br /> 6. We have perused the complaint averments, complainant affidavit evidence, version of OP-2 and the documents produced. Complainant No.1 and 2 has become the member of the ‘Akshay Bhoomi Scheme’ of OP-1 by paying Rs.26,250/- as per the receipt dt:17.08.1998 issued by OP-1. As per the scheme the member was to purchase a farm identified by OP-1. OP-1 through G.P.A has executed sale deed dt: 04.03.1999 and sold a farm land measuring AC.0.25 Cents in favour of complainant 1 and 2 by accepting consideration of Rs.3,800/- copy of the sale deed is produced. After deducting Rs.3,800/- OP-1 has to refund Rs.22,450/- to the complainants with interest at 9% p.a. from September 1998 till payment. Further OP-1 has deposited Rs.3,800/- with OP-2 bank by way of Yogakshemanidhi Certificate dt:25.02.1999 for a period of 120 months in the name of OP-1 matured value being Rs.15,045/- as on due date 25.02.2009. OP-1 delivered the Certificate to complainant No.1 with duly discharging on the F.D with a letter addressed to OP-2 to pay the proceeds of the maturity value of the certificate to the complainant No.1 after matured date. Till date there was no progress in the scheme. OP-1 offers are not available. On 26.02.2009 complainants approached OP-2 for refund of deposit amount. OP-2 refused to make the payment. Complainant has produced authorization letter from OP-1 to pay the matured amount of Yogakshemanidhi Certificate to complainant No.1. Based on that letter OP-2 can refund Rs.15,045/- with future interest at 3.5% p.a. from the date of maturity i.e. 25.02.2009 to till payment after deducting T.D.S amount. Under these circumstances, we are of the view that complainant No.1 is entitled for proceeds of the matured value of the Yogakshemanidhi Certificate. Complainants 1 and 2 are entitled to receive balance amount of Rs.18,650/- from OP-1 after deduction of Rs.3,800/- towards Yogakshemanidhi Certificate and Rs.3,800/- towards the sale consideration. Accordingly we proceed to pass the following:<br /> <br /> ORDER<br /> <br /> Complaint is allowed in part. <br /> <br /> a) OP-1 is directed to refund Rs.18,650/- with interest at 9% p.a. from September 1998 till payment to the complainant No.1 and 2.<br /> <br /> b) OP-2 is directed to pay to the complainant No.1 the proceeds of the maturity value of the Yogakshemanidhi Certificate No. 007043. a/c No.117/99 after following TDS provision on FD receipt as per the Income Tax Act, on complainant producing the original FD receipt with authorization letter issued by OP-1 with interest at 3.5% p.a. from matured date i.e. 25.02.2009 till the date of realization.<br /> <br /> In view of the nature of the dispute no order as to costs.<br /> <br /> This order is to be complied within four weeks from the date of its communication.<br /> <br /> (Dictated to the Stenographer and typed in the computer and transcribed by him, verified and corrected, and then pronounced in the Open Court by us on this the 7th day of August 2010.) <br /> <br /> <br /> PRESIDENT<br /> <br /> <br /> MEMBER MEMBER <br /> <br /> <br /> gm.<br /> <br />