By Smt. Padmini Sudheesh, President:

 

            The complainant’s case is as follows. The complainant had joined in the Ten Years Social Welfare Scheme of the respondent company on 11.1.1994 vide certificate No.E-1716124. As per the scheme the complainant will be entitled for Rs.30,474/- after the payments of the prescribed instalment from 11.1.1994 to 11.1.2004. The complainant remitted entire instalments without any default. But the respondent company did not refund Rs.30,474/-. The complainant had requested for the maturity value many times and on 7.4.04 he was received a cheque for rs.22,068/-. But the balance amount was not paid still repeated demands. So a notice was sent on 19.4.04. Even though a reply was received there was no remedy. Hence this complaint.

 

            2. The 2^nd respondent has filed a version to the following effect. They have admitted that the complainant had joined in the 10 year Social Welfare Scheme by paying Rs.450/- for 10 year totaling Rs.18,000/- would have obtained on maturity Rs.25,200/- as Endowment sum and Rs.5274/- as guaranteed bonus totalling Rs.30,474/-. The endowment sum of Rs.22,068/- was paid to the complainant on the assumption that the complainant has paid only 31 quarterly instalments from 11.1.94 to 11.7.01. However the complainant has stated that he had paid all the 40 instalments. But the details of payment were not furnished by the complainant. It was again searched thoroughly and found that the dues in respect of 8 instalments were entered in suspense account since the details of payment of the instalment due on 11.10.01 were not furnished by the complainant. If the required particulars are furnished in respect of payment the respondent is ready to give the entire endowment sum together with guaranteed bonus less the amount already paid. Hence dismiss the complaint.

 

            3. In an additional counter filed by the 2^nd respondent it was stated that the payment for the 38^th, 39^th and 40th instalments are delayed payments and the 40^th instalment was paid only after the maturity and the complainant is not entitled to the full maturity value. They also stated that they are ready to refund Rs.4050/-. Hence dismiss the complaint.

 

            4. The points for consideration are:

(1)   Is the complainant eligible to get the full maturity value?

(2)   Other reliefs and costs.

            5. The evidence consists of Exts. P1 to P6 and R1 to R7.

 

            6. Points: The complaint is filed to get the balance amount from the respondent company. The complainant was a certificate holder of respondent of their “Ten years Welfare Endowment Certificate Scheme”. As per the scheme the complainant will be entitled to get Rs.30,474/- after the payments of the prescribed instalments from 11.1.94 to 11.1.04. According to the complainant he had remitted entire amount, but was returned only Rs.22,068/- and Rs.8406/- remain. So he has filed this complaint. 

 

            7. In the counter the 2^nd respondent stated that they had paid Rs.22,068/-on the assumption that the complainant has paid only 31 quarterly instalments from 11.1.94 to 11.7.01. Only the payments during that period were entered in the endowment certificate. But as per the letter of the complainant they made a search and found that payments against dues from 17.1.02 to 19.1.04 totalling 8 instalments were entered in suspense account since the details of payment were not furnished. Even after demand from the 2^nd respondent the complainant did not furnish the details. According to the second respondent as per condition No.4 of the Privilege and Conditions under which the complainant had joined the scheme the complainant is not entitled to the full maturity value and they are ready to refund Rs.4050/-.

 

            8. According to the complainant, he had remitted all the instalments in time. So according to him, he is entitled to get back the entire amount. The only contention of the second respondent is that as per the conditions of the “Privileges and Conditions” under which the complainant had joined the scheme the complainant is not entitled the full maturity value. This is because some payments are after grace period and the last instalment was after the maturity period. We have perused the documents and seen that the payments for the 38th and 39th instalments are after the grace period allotted and the 40^th instalment was on 19.1.04 and the due date was 11.10.03. The transaction between the complainant and respondents is a contract and both are governed by the terms of contract. As per condition No.4 of the privileges and conditions, the certificate will be treated as discontinued and only the amount of deposit made will be refunded and the complainant will not get the full maturity value. So the complainant is only entitled for the deposited amount of Rs.4050/-.

 

            9. There are requests from the respondents to furnish the details of payments but the complainant did not respond. 

 

            10. According to the complainant he had remitted amount from the deposits stated in Ext. P3 pass book. But Ext. P3 passbook does not reveal the entire payments. Ext. R2 series receipts reveal that the payments for the 38th, 39th and 40th instalments are delayed. So the complainant is only entitled for the refund of the deposited amount.

 

            11. In the result, complaint is partly allowed and the respondent is directed to pay amount of Rs.4050/- (rupees four thousand and fifty only) to the complainant within one month. In the circumstances there is no order as to cost and compensation.