BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM AT BANGALORE URBAN

12^TH DAY OF APRIL 2016

O R D E R

SMT. M. YASHODHAMMA, MEMBER

This is a complaint filed by the complainant in person under section 12 of the Consumer Protection Act, 1986 seeking direction against Opposite Parties (herein after referred as OPs) to pay the Rs.7,69,452/- matured Fixed Deposit amount along with interest, at 18% per annum on the  allegation of deficiency in service.

2.  The brief averments made in the complaint are as follows:

Complainant is a senior citizen out of his retirement benefits he invested a sum of Rs.4,00,000/- and 3,00,000/- each in the Fixed Deposits scheme of OP Company.  The details of Fixed Deposit are as under:

OP paid interest amount till the date of maturity in respect of deposit of Rs.4,00,000/- (4lakhs).  In case of deposit of Rs.3,00,000/- (3 lakhs) OP paid interest amount except last quarter.  Complainant sent stamped and signed fixed deposit certificates to OP for due discharge. Complainant sent emails requesting OP to pay his fixed deposit amount but OP expressed its inability to pay the same. Complainant is a senior citizen and depend on the interest amount for his everyday living. Complainant sent notice calling upon OP to pay matured amount of two fixed deposits, but there was no response from OP.  Hence, complainant felt deficiency in service on the part of the OP. Under the circumstances, he is advised to file this complaint against OPs for appropriate relief.

3.  After registration of the complaint, notice was issued to OP 1 to 3.  Inspite of service of notice OPs remained absent without any sufficient reason or cause.  Hence OP 1 to 3 are placed exparte and posted the case for filing affidavit of the complainant.

4. In support of his complaint, Mr.Pandharinath Devandra Hanchate who being the complainant filed his affidavit evidence reiterating the complaint averments and produced documents.

5. The above said assertions of the complainant have remained unchallenged. OPs neither filed version nor denied the sworn testimony of the complainant.  So under the circumstances, we have no reasons to disbelieve the sworn testimony of the complainant.

6.  We have perused the documents produced by the complainant.  Document No.1 is copy of a Fixed Deposit terms and conditions.  Document No.2 is copy of the application form.  Document No.3 is pass book of the complainant showing the payment of Rs.4,00,000/- to OP, Unitech on 09.02.2011.  Document No.4 is copy of the fixed deposit receipt No.1191532 issued by OP to the complainant which shows date of deposit as 08.08.2012, amount deposited Rs.3,00,000/- for a period of 3 years along with interest at 12.50% date of maturity being 08.08.2015 and amount payable Rs.3,00,000/-.  Document No.5 is letter of OP for renewal of fixed deposit.  Document No.6 is copy of the form No.8.  Document No.7 is copy of the email sent by complainant to OP dated 19.01.2015 stating fixed deposit receipt No.1015314 for a sum of Rs.4,00,000/-was matured on 01.12.2013.  Complainant has sent original fixed deposit duly signed for due discharge in the month of January 2014, but there is no written communication and complainant’s request to send matured fixed deposit amount with interest and Document No.8 is copy of the RPAD Receipt.  Document No.9 to 18 are copies of  letter of IDBI Bank Ltd for having paid interest amount on behalf of OP to the complainant in respect of fixed deposit amount of Rs.3,00,000/- and Rs.4,00,000/- dated 01.04.2011 for Rs.12,466/-, dated 01.10.2011 for Rs.12,603/-, dated 01.01.2014 for Rs.12,603/-, dated 09.02.2014 for Rs.5,342/-, dated 01.10.2012 for Rs.5,548/-, dated 01.01.2013 for Rs.9,452/-, dated 01.01.2015 for Rs.9,452/-, dated 01.04.2015 for Rs.9,247/-, dated 08.08.2015 for Rs.3,904/-, Document No.19 is copy of the cheque dated 01.07.2015 for Rs.8,414/- issued by IDBI Bank to the complainant.   Document No. 20 is Bank endorsement issued by ICICI Bank to the complainant stating cheque for Rs.8,414/-  is returned unrealized on 29.09.2015 for the reasons funds insufficient. 

7. We have perused oral and documentary evidence produced by the complainant, it is made crystal clear that the complainant has invested a sum of RS.3,00,000/- and Rs.4,00,000/- with OP company. On 09.02.2011 and dated 08.08.2012 repayable along with interest at 12.50% per annum after three years as per Document No.3 & 4.  OP has paid interest till the date of maturity in respect of deposit of Rs.4,00,000/- but in respect of deposit of Rs.3,00,000/- OP has paid interest amount till the date of maturity except the last quarter as per Document No.20 bank dishonour memo.  After the date of maturity complainant has sent emails along with original fixed deposit certificate for due discharge requesting OP to pay the matured amount of fixed deposits as per Document No.7 and 8.  Though OP has agreed to pay the amount has failed to refund the same.  Hence, this complaint. 

8. From the available materials on record it is clear that complainant who is a senior citizen, out of his retirement benefits has invested a sum of Rs.7,00,000/- in two fixed deposits scheme of OP with an intention to earn the interest amount.  Though OP has paid interest amount, but has failed to refund the matured amount in respect of two fixed deposits, inspite of repeated requests and emails.  This act of OP in not refunding the matured fixed deposit amount for more than two years amounts to deficiency in service on the part of the OP. OP has accepted deposit of Rs.4,00,000/- and also paid interest as per Document No.9 to 18.  Thus, we are satisfied that complainant proved deficiency in service against OPs.  Under the circumstances, we are of the considered view that OPs are liable to refund matured fixed deposit amount of Rs.7,00,000/- along with interest at 18% per annum from the date of maturity till realization and to pay compensation of Rs.15,000/- towards mental agony and deficiency in service along with litigation cost of Rs.2,000/-. Accordingly, we proceed to pass the following:

                                  O R D E R

1. The complaint filed by complainant is allowed in part. 

2. OPs 1 to 3 are jointly and severally shall pay the following amount in respect of 1) Fixed Deposit Receipt No. 1015314 Rs.4,00,000/- with interest at 18% per annum from 09.02.2014 till realization.  2) Fixed Deposit Receipt No.1191532 Rs.3,00,000/- with interest at 18% per annum from 08.08.2015 till realization.

3. OPs are jointly and severally directed to pay compensation of Rs.15,000/- towards mental agony and deficiency in service along with litigation cost of Rs.2,000/- to the complainant.

4. This order shall be complied within 30 days from the date of receipt of this order.

5. Supply free copy of this order to both the parties.

(Dictated to the Stenographer and typed in the computer and transcribed by her, verified and corrected, and then pronounced in the Open Court by us on this the 12^th day of April 2016)

 MEMBER                          MEMBER                        PRESIDENT

NRS* 

CC.No.1722/2015

Witnesses examined on behalf of the complainant dated 03.03.2016 Sri.P.D.Hanchate

Witnesses examined on behalf of the OPs – Absent

List of documents produced by the OPs – Nil

MEMBER                           MEMBER                           PRESIDENT