Order-8.
Date-11/01/2017.
Shri Kamal De, President.
This is an application u/s.12 of the C.P. Act, 1986.
Complainants’ case in short is that they deposited an amount of Rs.70,000/- vide FD No.IKOL3573 with the OP on 31-10-2012 for non-cumulative fixed deposit and Rs.70,000/- vide FD No.IKOL869 on 05-01-2013 for cumulative deposit the details of which deposit are also furnished in the petition of complaint. Both the deposits were for 3 years with redemption dated 04-12-2015, 05-01-2016. The complainants received quarterly interest for non cumulative deposit upto April, 2015. The complainants contacted the OPs on several occasions against payment of redemption value of Rs.70,000/- along with unpaid interest of Rs.4,396/- for non-cumulative deposit and Rs.1,01,269/- against the cumulative deposit. The complainants, thereafter, visited the office of the OP and found the office of the OPs closed. The complainants as such could not be able to surrender the original certificate for redemption owing to closure of the office of the OP. The complainants alleged that they have suffered harassment and financial loss for non-payment of the maturity amount in respect of both the deposits. The complainants have suffered monetary, mental agony and unbearable harassment. The complainants have alleged deficiency in service for non-payment of redemption value of Rs.70,000/- for non-cumulative FD and Rs.1,01,269/- for cumulative FD and quarterly interest of Rs.4396/- to the complainants. Hence, this case.
OPs have not appeared in this case in spite of sending of summons and subsequent paper publication. The case has proceeded ex parte against the OPs.
Point for Decision
- Whether the OPs have been deficient in rendering service to the complainants?
- Whether the OPs have indulged in unfair trade practice?
- Whether the complainants are entitled to get the relief as prayed for?
Decision with Reasons
We have perused the documents on record that is Xerox copies of the fixed deposit receipts/certificates in the name of the complainants issued by Vibgyor Gold Ltd.
It appears that the complainants deposited an amount of Rs.70,000/- vide FD No.IKOL 3573 with the OP on 31-10-2012 for non-cumulative fixed deposit and further Rs.70,000/- on 05-01-2013 for cumulative fixed deposit vide FD No.IKOL869 for 3 years each. It is stated that the complainants received quarterly interest from the OP up to April, 2015. Thereafter, the OPs failed and neglected to make payment of the redemption value of Rs.70,000/- along with unpaid interest of Rs.4,396/- for non-cumulative deposit and Rs.1,01,269/- against the cumulative deposit. It appears that the OPs have utilized the amount deposited with them by the complainants for their own benefit and ulterior gain. OPs have failed and neglected to make payment of the redemption value in favour of the complainants in respect of the subject two deposits. We think that the OPs have indulged in unfair trade practice. The OPs have also put up a gesture of deficiency in service for non-payment of matured value of both the deposits.
None came from the side of the OPs to contradict or controvert the version of the complainants. The evidence on affidavit as adduced by the complainants remains unchallenged and uncontroverted. In absence of any contrary and controverting materials on record and having regard to the documents on record we think that complainants have been able to establish their case.
In result, the case succeeds.
Hence,
Ordered
That the complaint be and the same is allowed ex parte but on merit against the OPs.
OPs are jointly and severally directed to pay redemption value of Rs.70,000/- against the non-cumulative FD and also redemption value of Rs.1,01,269/- for cumulative FD to the complainants within one month from the date of this order.
OPs are also jointly and severally directed to pay an amount of Rs.30,000/- to the complainants for causing harassment, mental pain and agony apart from litigation cost of Rs.10,000/- within the said stipulated period.
OPs are also directed to pay an amount of Rs.25,000/- to this Forum for adopting unfair trade practice within the said stipulated period.
Failure to comply with the order will entitle the complainants to put the order into execution u/s.25 read with Section 27 of the C.P. Act.
