Before the District Consumer Dispute Redressal Commission [Central District] - VIII, 5th Floor Maharana Pratap ISBT Building, Kashmere Gate, Delhi

                               Complaint Case No. 59/08.04.2021

Sanjay Kumar  s/o Shri Jang Bahadur,

(being nominee of his mother Late  Maya Devi)

R/o H. No. 16/602 E, Tank Road,

New Delhi -110005                                                        …Complainant

                                      Versus

Sahara Credit Co-operative Society Limited

(through its authorised signatory)

Branch office at: CB-327 III Floor, Ring Road,

Naraina, New Delhi-110028

Zonal Office at : Sahara India Complex

C-2, 3, 4, Sector-II, Noida-201301

Regd. Office at : Sahara India Bhawan, 1,

Kapoorthala Complex, Aliganj, Lucknow,

Uttar Pradesh -226024                                                    ...Opposite Party

                                                                   Date of filing:          08.04.2021

Coram:                                                        Date of Order:         13.06.2024

Shri Inder Jeet Singh, President

Ms Rashmi Bansal, Member -Female

                                      ORDER

Ms Rashmi Bansal, Member

By the present order, the Commission is disposing of the complaint of the complainant alleging deficiency in service on the part of OP causing him, harassment, mental agony, financial loss and physical trouble.

1. It is the case of the complainant that in the year 2016, his mother late Ms Maya Devi had opened an account with OP and invested her savings under a scheme namely Sahara Special Fix 18 scheme and nominated the complainant as her nominee. The total investment was of Rs.2,85,000/- divided into 19 scheme bonds of Rs.15,000/- each for a period of 18 months and accordingly, OP issued 19 bonds of Rs.15,000/- each under the said scheme as per following details:

1. This is submitted by the complainant that initially the above amount was invested in the certificate bonds for a period of 18 months and thereafter it was renewed on their maturity from time to time and in due course, these certificate bonds matured on 01.06.2020, but before its maturity, his mother, Ms. Maya Devi passed away on 31.05.2020, leaving the complainant as her nominee in the above said certificate bonds.
2. Complainant further submits that on 01.06.2020, the accumulated total of above certificate bonds on maturity was Rs.3,33,735/-. The complainant being the nominee, went to branch office of the OP and requested for the encashment of all the certificates bonds, for which he was asked to provide certain documents and to complete some formalities, which were duly complied by the complainant by submitting all the required documents with OP against the receiving on the duplicate copy and also has completed all formalities. The OP has kept all the original certificate bonds and issued death maturity letter to the complainant; however, the certificate bonds were not released by the OP to the complainant. The multiple representations by the complainant were also not responded by the OP. The complainant had also written a letter dated 11.09.2020 to Department of Agriculture, Corporation and Farmers Welfare at Ministry of Agriculture and Farmers Welfare, but it remained unanswered. A legal notice dated 05.02.2021, sent to OP through speed post as well as email, duly received by OP, was also not responded by OP.  Complainant submits that he is left in lurch as the money invested is the hard-earned money and lifetime saving of his mother. This is further submitted that the OP is liable for breach of terms and have acted in extremely negligent way and therefore liable to compensate the complainant for the loss and injury caused to him besides the payment of Rs.3,33,735/- towards the maturity amount and Rs.50,060/- as interest on the maturity amount till 31.03.2021, which comes to total of Rs.3,83,795/-.

2. Upon notice OP failed to file written statement despite service on 02.05.2022 and was proceeded in its absence/ex-parte on 16.08.2022. OP filed application seeking setting aside of the said ex-parte order, however, it was dismissed in default of appearance and for want of prosecution on 11.05.2023.
3. The complainant has filed his ex-parte evidence and written arguments.
4. In support of his claim, the complainant has filed copies of the certificate bonds issued by the OP in favour of his mother Ms. Maya Devi, the death certificate dated 31.05.2020 of late Ms Maya Devi, the duplicate copies of documents submitted by the complainant showing the receipt by the OP and death maturity report issued by OP.
5. The court file reveals that complainant was directed to produce the original FDR before this Commission on 29.09.2021 and thereafter a notice was issued to the OP on 21.03.2022.
6. The commission has perused the documents on record and heard the arguments of the complainant, since the OP remained ex-parte,
7. From the documents available and proved, it is noticed that the investment was made on 01.12.2018 (instead of year 2016 as stated and claimed by the complainant). This is further confirmed that an investment of Rs.2,85,000/- were made by the complainant’s mother in OP scheme named Sahara Special Fix the form of 19 certificate bonds of Rs.15,000/- each bearing the account numbers from 19577207174 to 19577201192, for a period of 18 months, as per details given hereinabove. In the death maturity report issued by OP itself, the date of the death of the complainant’s mother is recorded as 31.05.2020 and the name of the nominee is mentioned as Sanjay Kumar, i.e. the complainant. By these documents the investment by the complainant’s mother is established.
8. Further, the documents on record also show that complainant has submitted all the required documents to the OP for the release of the said invested amount with the accrued interest thereon to the complainant. The receipt of the same is filed by the complainant. The letter dated 11.09.2020 written to Ministry of agriculture and farmers welfare and legal notice dated 05.02.2021 by the complainant remained unanswered.
9. Considering the facts and circumstances of the case and on perusal of the documents on record, this Commission is of the view that non-payment of investment maturity amount by the OP, despite receiving several requests from the complainant/ nominee of the investor; it amounts to deficiency of services on its part, due to which complainant had suffered trouble, mental agony and harassment. Therefore, this Commission holds that complainant is entitled to receive maturity amount as accrued till 01.06.2020 (calculated from 18 months from 01.12.2018 when investment was made by Ms Maya Devi) as per terms and conditions of the said Scheme. The maturity amount accrued till 01.06.2020, as per terms or conditions of the said bonds, comes to Rs. 3,33,735/-. Further the complainant has asked for an amount of Rs. 50,060/- towards interest.  The OP failed to pay the maturity amount to the complainant on 01.06.2020 and has retained the said amount without any valid reason therefore, in view of the T&C of the said bonds, which provide for an interest @11% p.a. this Commission is of the view that the said amount of Rs. 3,33,735/- be released to the complainant with an interest @11% p.a., which is the agreed rate of interest by the OP, from 01.06.2020 till date of filing the complainant.  Also, the Commission deems it appropriate to pay an interest @11% p.a. on the amount of Rs. 3,33,735/- till its realisation by the complainant in terms of the present order. This is also a matter of concern that for getting his legitimate amount from OP the complainant has to file the present complaint before this commission and suffered mental trouble and harassment, for which a compensation of Rs.25,000/ and litigation cost of Rs.10,000/- is also allowed to the complainant to be paid by OP.
10. In view of the above, the complaint is allowed in favour of the complainant and OP is directed as follows to pay to the complainant:

1. the maturity amount of Rs. 3,33,735/- on the investment made by the complainant accrued till 01.06.2020 as per the terms and conditions of the scheme;
2. an interest @ 11% p.a. on the maturity amount 3,33,735/- from 01.06.2020 till the filing of the complaint i.e. 06.07.2021;
3. an interest @ 11% p.a. on the amount 3,33,735/- from date of filing the complaint i.e. 06.07.2021 till date of payment to the complainant;
4. a compensation of Rs.25,000/- and litigation cost of Rs. 10,000/-;

The above stated order be complied with by the OP within 30 days from the date of the order, failing which the interest would increase from 11% per annum to 13.5% p.a. from 01.06.2020 till its final realisation by the complainant besides, the compensation and litigation cost.

11. Announced on this 13^thday of June 2024. Copy of this Order be sent/provided forthwith to the parties free of cost as per rules for compliances, besides to upload on the website of this Commission.

[Rashmi Bansal]   

                                                                                               Member (Female) 

                                                                                                  [Inder Jeet Singh]

                                                                                                          President