Tamil Nadu

South Chennai

87/2008

E.Srinivasan - Complainant(s)

Versus

M/s Perfect Benefit Fund Ltd - Opp.Party(s)

M/s. Dev,Sai & Shaffiq Associates

24 Nov 2015

ORDER

                                                                        Date of Filing :   04.03.2008

                                                                        Date of Order :   24.11.2015.

 

DISTRICT CONSUMER DISPUTE REDRESSAL FORUM, CHENNAI(SOUTH)

     2^nd Floor, Frazer Bridge Road, V.O.C.Nagar, Park Town, Chennai-3

 

PRESENT: THIRU. B. RAMALINGAM M.A.M.L.,                     : PRESIDENT

                 TMT. K.AMALA, M.A. L.L.B.,                                 : MEMBER I

                 DR. T.PAUL RAJASEKARAN, M.A PGDHRDI, AIII,BCS : MEMBER II

 

C.C.NO.87/2008

             TUESDAY THIS  24^TH  DAY OF NOVEMBER  2015     

 

Mr. E.Srinivasan,

New No.26/2, Old No.36/3,

Narayana Maistry 1^st Street,

Villivakkam,

Chennai – 49.                                       ..Complainant

                                      ..Vs..

Mr. K.Sundaram,

Chairman & Managing Director,

M/s. Perfect Benefit Fund Ltd.,

10 Sornammal Street,

Egmore,

Chennai – 8.                                             ..Opposite party.  

 

 

For the Complainant                  :   M/s. Dev. Sai & Shaffiq Associates    

 

For the Opposite party               :    M/s. N.M. Karthikeyan.

 

        This complaint is being filed by the complainant u/s 12 of the C.P. Act 1986 for a direction to the opposite party to pay a sum of Rs.73,674/ with interest and also to pay a sum of Rs.10,000/- as compensation for mental agony and hardship with cost of the complaint to the  complainant.

ORDER

 

THIRU.   T.PAUL RAJASEKARAN ::    MEMBER-II

        

1.The case of the complainant is briefly as follows:-

        The complainant and his wife had deposited an amount of Rs.29,000/- each as fixed deposit on 2.8.2004 with the opposite party.  The date of maturity is 2.8.2007 with a maturity amount  of Rs.36,837/- each totaling to Rs.73,674/.  On completion of the due date the complainant and his wife approached the above benefit fund office at Egmore, Chennai for the repayment of the maturity amount.    The official of the fund gave vague and evasive replies and did not show any interest to repay the matured amount.   Despite of several demands made by the complainant the opposite party failed to repay the matured amount.   As such the act of the opposite party amounts to deficiency of service.    As such the complainant has sought for  a sum of  Rs.73,674/ with interest and also to pay a sum of Rs.10,000/- as compensation for mental agony and hardship with cost of the complaint to the  complainant.    Hence the complaint.      

Written version of   opposite party is  as follows:-

2.     It denies all the averments and allegation contained in the complaint except those that are specifically admitted herein.    The opposite party demanded the complainant to produce the original FDRs to repay the deposited amount.  But the best reasons known to the complainant he has not approached the opposite party and instead of that he has filed this complaint.     In the year 1997-98 several Financial Companies and Nidhi Limited were established and offered several attractive schemes to the public in all over Tamil Nadu and collected enormous amounts from the public and they have not repaid the amounts were demanded.  By such unfair acts made some Finance and Nidhi Limited there was a panic amount the deposits that every Nidhi Limited which are doing business honestly will also do such unfair activities and all the depositors come together and asked the opposite party to settle their claim in single payment.   By taking advantage of the panic among the depositors claim in single payment.   By taking advantage of the panic among the depositors the borrowers of the company stopped paying both principal and interest.    When the company brings the mortgaged property for pubic action, the borrowers have approached the court of law and obtained a stays and this prohibiting the company from recovering the dues from the borrowers.   Further the opposite party states that any delayed payment to the depositors is only due to the borrowers of the opposite party company are not paying amounts borrowed by them.  The borrowers filed suits before Civil Court, obtain injunction restraining recover amounts due.  Injunctions are allowed on conditional payment of meager amount.  Hence, the amounts could not be recovered from the borrowers of the opposite party company.   Hence the compliant is liable to be dismissed.

3.   Complainant has filed his Proof affidavit and  Ex.A1 to Ex.A7 were marked on the side of the complainant.   Opposite party has filed his proof affidavit and no document was filed on the side of the opposite party. 

4.      The points that arise for consideration are as follows:-

1. Whether there is any deficiency in service on the part of the opposite party ?

 

2. To what relief the complainant is entitled to?  

5.      POINTS 1 & 2 :

Perused the complaint filed by the complainant, written version filed by the  opposite party,  the  proof  affidavit filed by complainant and opposite party  and Ex.A1 to Ex.A7 marked on the side of the complainant and considered both side arguments

6.     The complainant is an senior citizen who had a fixed deposit in his name Ex.A1 with the opposite party under share No.66143 account No.4840 deposited a sum of Rs.29,000/- on 2.8.2004 as fixed deposit for the period of 36 months with maturity value of Rs.36,837/- at the rate of 8.44 %, and in the name of his wife under Ex.A2 share No.65287 account No.4803   deposited Rs.29,000/ on 2.8.04 for the period of 36 months with maturity value of rs.36,837/-.  On perusal of the type set is confirmed that the deposit in the name of his wife, under Ex.A3 wherein the complainant addressed to the opposite party seeking refund of the maturity value vide his letter dated 16.9.2007, and under Ex.A4 vide his letter dated 28.9.2007.   Since the opposite party has not bothered to acceded to his request the complainant approached Rotary Consumer Guidance cell, Anna Nagar, Chennai whereby they sent a notice to the opposite party on 9.10.2007 directing them to pay Rs.73,674/- to the complainant failing which, appropriate legal action will be initiated.   But the opposite party has not bothered to respond. Hence the complainant filed the complaint in this forum on 7.5.2008 seeking redressal of his grievance to get back his maturity amount of the fixed deposit.  

7.     Having gone through the proof affidavit and written version filed by both the parties, it is found that the opposite party in his version under para 4 to 6  elicit about the finical instability of the opposite party and agree to repay the deposit to the depositors with the available funds of the opposite party.   By this, we are of the considered view the opposite party doesn’t have financial stability to repay the deposits collected from various depositors for which the complainant cannot be responsible.  In Exhibit A7 the opposite party has confirmed  the structure of rate of interests they assured to pay to their depositors .

8.     In pursuance of the available records, the fixed deposit receipt of both the complainant and his wife is due for payment on 2.8.2007 but till this date the proceeds were not paid.  Hence we are of the considered view that having received the deposit from the complainant and his wife the opposite party had failed to reimburse the maturity value.   Since the complainant seems to be a senior citizen, he cannot be sent to pillar to post, which has caused mental agony to the complainant is acceptable.  

9.     We are of the considered view that the opposite party is liable to pay the maturity value of Rs.36,837/- for each depositors (Rs.73,674) along with interest at the rate of 9% p.a. from the date of maturity of the fixed deposit i.e. 2.8.2007 to till the date of payment and also to pay a sum of Rs.10,000/- as just and reasonable compensation and also to pay a sum of Rs.5,000/- as litigation expenses to the complainant.  

        In the result, the complaint is partly allowed.  The opposite party  is directed to pay the maturity value  for each depositors (complainant and his wife)  an amount of Rs.36,837/- each (i.e. totaling Rs.36,837/ + Rs.36,837/ = Rs.73,674) along with interest at the rate of 9% p.a. i.e. from 2.8.2007 to till the date of payment and also to pay a sum of Rs.10,000/- (Rupees Ten thousand only) as compensation and also to pay a sum of Rs.5,000/- (Rupees five thousand only) as litigation expenses to the complainant within six weeks from the date of this order failing which the above compensation amount (Rs.10,000/-) will carry interest at the rate of 9% p.a. from the date of this order to till the date of payment. 

   Dictated directly by the Member-II to the Assistant, transcribed and computerized by her, corrected by the Member-II and pronounced by us in the open Forum on this the 24^th     day of  November   2015.

 

MEMBER-I                        MEMBER-II                             PRESIDENT.

Complainant’s side documents :

Ex.A1- 2.8.2004       - Copy of deposit receipt.

Ex.A2- 2.8.2004       - Copy of deposit receipt.

Ex.A3- 16.9.2007      - Copy of communication from the complainant to the

                                 opposite party.

 

Ex.A4- 28.9.2007      - Copy of communication from the complainant to the

                                 Opposite party.

 

Ex.A5- 26.10.2007    - Copy of Statutory Notice from the Consumer Guidance Cell

                                 To the opposite party.

Ex.A6-          -       - Copy of Courier and Postal Receipts.

 

Ex.A7-          -       - Copy of statement of interest calculation of Perfect Benefit

                                  Fund Limited.

         

Opposite party’s side  documents:

               .. Nil..

 

MEMBER-I                        MEMBER-II                             PRESIDENT.