Punjab

Nawanshahr

CC/122/2015

Surinder Singh - Complainant(s)

Versus

S.K finance Company - Opp.Party(s)

R.K Sehjal

04 Mar 2016

ORDER

DISTRICT CONSUMER DISPUTES   REDRESSAL FORUM, SHAHEED BHAGAT SINGH NAGAR

Consumer Complaint No. 122 of 03.11.2015

Date of Decision            :   04.03.2016

 

Surinder Singh son of Kashmira Singh, Resident of Village & Post Office Sahlon, Tehsil Nawanshahr, District Shaheed Bhagat Singh Nagar.

….. Complainant

Versus

S.K. Finance Company, Railway Road, Nawanshahr, through its Managing Director Navjot Singh son of Tarsem Singh, Resident of Village Sahlon, Tehsil Nawanshahr, District Shaheed Bhagat Singh Nagar.

Opposite party

 

(Complaint U/s 12 of the Consumer Protection Act, 1986)

BEFORE: 

SH.G.K. DHIR, PRESIDENT

MS.SUSHMA HANDOO, MEMBER

                            

COUNSEL FOR THE PARTIES:

For complainant   :         Sh.Rajinder Kumar Sehjal, Advocate

For OP                  :         Ex parte.

 

ORDER

PER SH.G.K. DHIR, PRESIDENT

 

1.       Complainant, a resident of Village Sahlon, deposited an amount of Rs.2,00,000/- with OP on 06.09.2010 and 07.09.2010 under FDR scheme bearing interest @12%.  Due date of maturity of the FDRs is endorsed on the FDRs issued by OP in favour of complainant.  Those FDRs bearing numbers 1003 and 1004 are of date 06.09.2010 and 07.09.2010.  The total matured value of the FDRs alleged to be Rs.3,22,000/-.  After expiry of date of maturity of the FDRs, the complainant approached OP for refund of the matured value, but OP claimed that he is not in a position to raise the maturity value of the FDRs.  Thereafter, despite service of legal notice, payment not made by OP and that is why by pleading deficiency in service on part of OP, direction sought against OP for refund of the maturity value of the FDRs with future interest from date of maturity till payment. Compensation for harassment and litigation expenses also claimed.

2.       OP refused to accept service of registered notice and as such he was proceeded against ex parte.

3.       In order to prove the case, the complainant has tendered his affidavit Ex.CW1/A alongwith documents i.e. Ex.CW1/B to Ex.CW1/E and thereafter closed the ex parte evidence.

4.       Oral ex parte arguments of the counsel for complainant were heard and records gone through minutely.

5.       Copies of the FDRs got issued by complainant from OP on 06.09.2010 bearing No.1003 and 1004 are produced on the record as Ex.CW1/B and Ex.CW1/C.  Both these FDRs are of amount of Rs.1,00,000/- each.  On these FDRs itself it is mentioned that the amount is deposited for sixty months and same will yield interest @12% per annum.  So certainly these FDRs stood matured after expiry of sixty months period on 06.09.2015.  After maturity of these FDRs, OP was under obligation to refund the maturity value to complainant forthwith after 06.09.2015, but the said amount not refunded despite issue of legal notice Ex.CW1/D through postal receipt Ex.CW1/E and as such there is deficiency in service on part of OP.  As OP by issue of the FDRs in question himself undertook to pay interest @12% per annum and he failed to discharge the obligation of refund even after maturity and as such keeping in view the contractual obligation of paying interest @12% per annum and for due compensating the complainant, OP directed to refund the amount of the FDRs in question with interest @12% per annum from date of issue namely 06.09.2010 till payment.  As complainant stood mentally harassed due to non-receipt of the principal amount of Rs.2,00,000/- with accrued interest even after maturity and as such Rs.5,000/- more needs be allowed as compensation.  

6.       As a sequel of above discussion, this complaint is allowed ex parte in terms that OP will refund the principal amount of Rs.1,00,000/- each of the two FDRs with interest @12% per annum from 07.09.2010 till payment.  Compensation of Rs.5,000/- for mental harassment of complainant and litigation expenses of Rs.5,000/- will also be payable by OP to complainant within 30 days from the date of receipt of copy of this order. 

7.       Copy of this order be communicated to the parties free of cost.

8.       File be indexed and consigned to record room.

Dated:  04.03.2016 

                                      (Sushma Handoo)        (G.K. Dhir)

Member                                  President