DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, PALAKKAD

Dated this the 7^th  day of June 2014 

Present:  Smt.Seena.H.  President

              Smt.Shiny.P.R. Member

              Smt.Suma.K.P. Member                      Date of filing :  19/12/2013   

           CC No.213/2013

1.Uma Maheswari.N.K.

  14/161, Subhasree,

  Sekharipuram Road,

  Palakkad – 678 010

2.K.R.Manikandan,

   14/161, Subhasree, Sekharipuram Road,

    Palakkad – 678 010                                              -        Complainants

(Party in Person)

V/s

1.M/s.Birla Power Solutions Ltd.,

   Registered Office,

   Palamal House,

   1^st Floor,  Nariman Point,

   Mumbai – 400 021

2.The Branch Manager,

    Bajaj Capital Ltd., 1^st floor, SS Complex,

    Near HPO, College Road,

    Palakkad – 678 001                                    -        Opposite parties

(Party in Person)

O R D E R

Order by Smt.K.P.SUMA, MEMBER

Complainant had deposited Rs.25,000/- with opposite party No.1 through 2^nd opposite party on 2/11/2010 for a period of 3 years,  cumulative interest basis, maturing on 1/11/2013. The deposit receipt bearing No.28016 was sent to opposite party 1 through 2^nd opposite party during first week of October 2013. The receipt was returned by the then Registrar of the company, M/s.Ink In time, stating that they are no longer the  Registrar of the company. Complainant resubmitted the FD receipt to the company through registered acknowledgement on 29/10/2013. The company has neither refunded the maturity amount of Rs.34,965/- nor replied to the complainant’s letter. Since more than 50 days are over after the maturity date, the complainant had approached before the Forum alleging deficiency of service on the part of the opposite party who had defaulted its commitment to repay the matured amount.

The complainant had prayed for an order to recover the maturity amount and penalty interest @18% w.e.f. 1/11/2013 alongwith Rs.25,000/- as compensation to the mental agony, caused to them because of the carelessness and refusal on the part of the opposite party No.1.

Complaint admitted and notice issued to opposite parties for appearance. Inspite of notice served 1^st opposite party did not appear before the Forum. Hence, opposite party No.1 was set exparte. Opposite party  No.2 appeared through authorized agent and filed version contending the following.

2^nd opposite party merely acted as a mediator between complainant and principle company opposite party No.1. For the purpose of making investment in FDR the complainants’ themselves voluntarily and willingly deposited an amount of Rs.25,000/- (through account payee cheque) directly in favour of 1^st opposite party. The complainant has never given any sum / fees / charge or even a consideration favouring the opposite party No.2. It is the duty of 1^st opposite party to refund the said amount back to the complainants. The real dispute exist between complainants and opposite party No.1 and the opposite party No.2 acted only as a broker. After issuance of the said FDR certificate, the complainants thereafter till date have never approached or contacted opposite party 2 raising any issue / grievance of whatsoever nature. The relief sought by the complainant is only against opposite party No.1 and opposite party NO.2 has to be exonerated from the present complaint and they are liable to exemplary cost.

Complainant filed chief affidavit. Ext.A1 to A3 was marked. Opposite party No.2 filed chief affidavit and note of argument. Ext.B1 to B2 were marked from the side of 2^nd opposite party.

Issues for consideration

1. Whether there is any deficiency of service on the part of opposite parties ?
2. If so, what are the reliefs ?

Issues 1 & 2

Heard the parties.  The copy of the fixed deposit receipt  issued by 1^st opposite party in favour of the complainant was marked as Ext.A1. It is revealed from Ext.A1 document that complainants had deposited Rs.25,000/- for a period of 3 years at an interest rate 11.5% per annum and to be matured on 1/11/2013. The maturity amount is shown as 34,965/-. From Ext.A2 it is observed that the complainant had issued registered letter to 1^st opposite party demanding for the refund of FD amount and Ext.A3 shows that the 1^st opposite party had acknowledged the letter.  Complainant had not claimed any relief against 2^nd opposite party being the mediator of 1^st opposite party and the complainant.  From the documents produced before the Forum it is obvious that complainants had deposited Rs.25,000/- before the 1^st opposite party and the same has to be refunded on 1/11/2013.Without doing so, 1^st opposite party has committed deficiency  of service towards the complainant. Hence, complaint is allowed against 1^st opposite party.

In view of the  facts set forth above, we direct the first opposite party to refund the  maturity amount of Rs.34,965/-(Rupees Thirty four thousand nine hundred and sixty five only)  with 11.5% interest  per annum from 1/11/2013  till date of this order and an amount of Rs.2,000/-(Rupees Two thousand only)  as compensation for mental agony suffered by the complainant  alongwith Rs.1,000/- (Rupees One thousand only)  as cost of the proceedings. Order shall be complied within one month from the date of receipt of order, failing which the complainant is entitled to realize 9% interest per annum for the whole amount  from  the date of order  till  realization. 2^nd opposite party is exonerated from the liability towards the complainant.   Complaint allowed with cost as above.

      Pronounced in the open court on this the 7^th  day of  June 2014. 

      Sd/-

  Seena H

  President   

     Sd/-

 Shiny.P.R.

  Member

     Sd/-

 Suma.K.P.

 Member

A P P E N D I X

Exhibits marked on the side of complainant

Ext. A1  – Photocopy of fixed deposit receipt.

Ext. A2  – Photocopy of letter dated 29/10/2013 sent by the complainant to opposite

               party.

Ext. A3  - Photocopy of postal acknowledgement card.

Exhibits marked on the side of opposite party

Ext.B1 – Certified copy of Annexure R-2/A(Colly) detailed list of Signatories.

Ext.B2 -  Annexure R-2/B Acknowledgement Receipt for transactions of fresh

              deposit / renewals and other investment schemes.

Cost allowed

Rs.1,000/- allowed as cost of the proceedings.