PRESENT

                   Complainant Absent.                                                         

                  Opponent by Adv. M.H. Syed present.                      

                                        ORDER

(Per- Mr. S. D. MADAKE, Hon’ble President. )

1. The Complainant a senior citizen and retired from service has invested his hard earned money with Opposite Party under fixed interest on 29.11.2008 at the rate of 12% p.a., to the amount of Rs. 13,00,000/- (Thirteen Lacs) by cheque.
2. The Complainant alleged that Opponent failed to pay amount as per agreement on unjustified reasons. He demanded amount through notice dated 18.02.2012 which was not paid.
3. The Complainant stated that, due to deficiency in service by Opposite Party he had to suffer mental agony and loss. He prayed for direction to Opponent to pay amount with agreed interest in addition to compensation of Rs. 1,00,000/- and cost of Rs. 30,000/-.
4. The Opponent filed written statement and denied the claim. The complaint is vexatious, baseless and not maintainable in the eyes of law and is liable to be dismissed. It is stated that complaint is bad for mis-joinder and non-joinder of necessary parties. He is not a consumer.
5. The Opposite Party stated that Complainant was one of the directors of Opposite Party i.e. M/s. Karp Fine Chem Pvt. Ltd. And due to his negligence loss was caused to said company as he was looking after sale and purchase of sister concern of Opposite Party.
6. The Opponent stated that Complainant is still shareholder of sister concern and as such has not availed services of Opponents as a consumer as per law. It is alleged that alleged fixed deposit receipt is a loan and cannot be termed as fixed deposit.
7. The Opponent prayed for dismissal of complaint with compensatory cost and denied all allegation made in the complaint including claim of compensation and cost.
8. Heard Ld. Counsel for Opposite Party. Perused all documents and fixed deposit receipts. The receipts are for Rs. 13,00,000/- and amount is deposited for a period between 29.11.2008 to 30.09.2009 at a rate of interest 12% p.a.
9. The Opposite Party was under an obligation to pay amount as per terms mentioned in fixed deposit receipts. The Complainant stated that the Opposite Party failed to pay the same without valid reasons. This is deficiency in service.
10. The Opposite Party failed to prove that Complainant deposited amount as a loan and not for investment. There is no cogent evidence that Complainant caused loss to the Opposite Party or sister concern of the Opposite Party as alleged in the written statement.
11. The Opponent is a company registered as per law having a Common Seal and perpetual succession. The Opponent is a separate legal entity and has accepted Rs. 13,00,000/- from Complainant who is a senior citizen on terms stated in the receipt.
12. The Opponent is under an obligation to pay amount of Rs. 13,00,000/- with interest at 12% p.a. from the date of deposit till date of payment of total amount.
13. The Complainant claimed compensation of Rs. One Lac and cost. As we have awarded interest at 12% p.a. which is contractual rate of interest and on higher side, we do not award additional compensation and cost. We feel that direction to pay amount with interest at 12% would meet ends of justice.
14. In the result, we pass the following order: 

ORDER

1.       RBT/CC/196/2012  is partly allowed.

2.       The Opposite Party is ordered to pay Rs. 13,00,000/- with interest at 12%

          p.a. from 30.11.2008 till payment of entire amount.

3.       No order as to compensation and cost.

4.       Copy of this order be sent to both parties.