Sri Debasis Bhattacharya, Member

One Sri Hires Chandra Basu has filed this complaint case claiming refund of Rs. 5,50,000/- from the OPs along with interest and other reliefs, viz., compensation, litigation cost etc.

Brief facts of the complaint case are that the Complainant invested a sum of Rs. 5,50,000/- in three different fixed deposits with the OP No. 1, out of which two deposits matured on 18-08-2015 and the other on 25-02-2016.  It is the further case of the Complainant that out of the three fixed deposits, the OPs paid quarterly interest in respect of two deposits till 31-03-2015 and thereafter, stopped paying any interest thereof.  Thereafter, the OP No. 1 sent a notice dated 13-02-2015 to the Complainant proposing inter alia to refund the amount in instalment schemes.  In the said notice, the OP No. 1 further informed that it intended to file an application before the Company Law Board, New Delhi without giving any case number.  The Complainant immediately replied to the said notice through his Ld. Advocate, but there was no response from the side of the OPs since then.  In such circumstances, Complainant filed this case.

Be it mentioned here that due notice in respect of this case was served upon the OP Nos. 1 and 2 on 18-12-2015 and as the notice sent to the OP No. 3 returned with the postal endorsement, ‘addressee moved’, necessary paper publication was made to this effect on 30-01-2016.  However, none of the OPs turned up before this Commission to defend its case.  Accordingly, the case was heard ex parte.

Decision with reasons

Complainant has filed photocopies of money receipts in respect of all the three fixed deposits, Advocate’s notice dated 31-03-2015 served upon the OP No. 1, as well as a copy of an undated letter sent to the OP No. 1.  Besides, the copy of notice dated 13-02-2015, issued by the OP No. 1 has also been placed on record by the Complainant.

We have gone through the documents on record and heard the submission made by the Ld. Advocate of the Complainant.  No doubt, documents on record, the veracity of which has not been challenged by the OPs, sufficiently prove gross deficiency in service on the part of the OPs, who have seemingly reneged on their commitment towards the Complainant.

We have no qualms, therefore, to hold that the OPs are liable to refund to the Complainant the principal amount of Rs. 5,50,000/- together with accrued interest thereof, as also litigation cost.

Hence,

O R D E R E D

that CC/331/2015 be and the same is allowed ex parte against the OPs.  OPs are jointly and severally liable to refund the principal sum of Rs. 5,50,000/- together with interest @ 12.5% p.a. over the sum of Rs. 4,00,000/- under Scheme A(S) w.e.f. 01-04-2015 and over the sum of Rs. 2,17,826/- under Scheme B(S) w.e.f. 18-08-2015 till full and final payment is made.  Besides, OPs are also liable to pay a litigation cost of Rs. 50,000/- to the Complainant.  OPs are directed to comply with this order within 30 days hence, i.d., Complainant would be at liberty to execute this order in accordance with law.