Order-8.

Date-17/06/2015.

Complainant Nanda Kumar Chandak by filing this complaint has submitted that they invested Rs. 5,50,000/- in fixed deposit scheme in the name of his family members in the ops’ Company in the year 2011 for a period of 3 years through 2 separate fixed deposit investment advising companies namely Bajaj Capital Ltd. and SMC Global Securities Ltd. through their above Kolkata branches.  But ultimately they have not paid against 2 fixed deposit being nos. 9908 and 5519 for Rs. 2,00,000/- in the name of Vinita Chandak and Nand Kumar Chandak and op has not paid any matured amount despite repeated follow up with senior officials of this company namely Mangesh Joshi and Company Secretary Ms. Khusbu Kothari.

          Complainant is working in a private company and belongs to a middle class family and he is the only earning member of his family.  But he is not in a position to spend further amount for her daughter’s future studies in other professional courses for not releasing the matured amount in respect of aforesaid 2 fixed deposits.  So, in the above circumstances for unfair practice and for negligent and deficient manner of service, complainant has filed this complaint for refund of the entire amount and further relief and redressal.

          Notices were duly served upon the ops, but ops did not contest this case except op no.4 who by filing a written statement stated that complainant has admitted that he made all correspondences direct regarding payment of maturity and interest accrued thereon and if there is any negligence and deficiency on the part of the op no.1 and op no.1 has committed the negligence and deficiency, fault on its part and further op no.1 has acknowledged it and further promised to clear the dues as is reflected between the correspondences between op no.1 and complainant and in fact complainant is not a consumer under op no.4.  So, the present complaint should be dismissed.

                                                        Decision with reasons

          On proper consideration of the complaint including the written version of the op no.4 and also considering the fixed deposit in the name of Raj Kumar Chandak HUF being fixed deposit receipt No. 5520, it is found that on 02.06.2011 a sum of Rs. 50,000/- was deposited and maturity date was on 01.06.2014 and maturity amount is Rs. 71,288/- and another fixed deposit receipt no. 943 dated 19.04.2011, it is found that it was issued in the name of Vinita Chandak, deposited amount of Rs. 1,00,000/- and maturity date was 18.04.2014 having maturity amount Rs. 1,42,576/-.  Further fixed deposit receipt No. 9908 dated 27.07.2011 supports that it was issued in the name of Vinita Chandak and total deposited amount is Rs. 2,00,000/- having maturity date is 26.07.2014 and maturity amount is Rs. 2,85,152/-.

          Further from the fixed deposit receipt No. 5519 it was found that it was issued in the name of Nand Kumar Chandak deposited on 02.06.2011 with deposited amount of Rs. 2,00,000/- and maturity date is 01.06.2014 and maturity amount was Rs. 2,85,152/-.

          From the complaint it is found that in respect of fixed deposit receipt no. 943 maturity amount is Rs. 1,42,576/-, but only deposited amount of Rs. 1,00,000/- has been returned, but Rs. 42,576/- has not been paid yet.

          It is also evident from the complainant’s own admission that in respect of fixed deposit receipt No. 5520, op has paid Rs. 50,000/- only whereas maturity amount is Rs. 71,288/-.  So balance Rs. 21,288/- has not been paid yet.  But in respect of fixed deposit receipt no. 9908 and 5519 no amount has been paid but in both the cases deposited amount is Rs. 2,00,000/- each and maturity amount is Rs. 2,85,152/- each.  But date of maturity period already expired on 01.06.2014.  But fact remains that op has not paid the same which is evident from ops letter dated 31.07.2014 and it is clear that op admitted that they prayed apology for delaying in payment of fixed deposit and interest over the last few months and admitted that the said fixed deposit was issued by them and Sashikanta Patel, Chairman & Managing Director wrote the said letter to the complainant and fixed deposit holders and in fact Rs. 6,92,801.28 paisa have not yet been paid against the said fixed deposit.  So, considering the letter of the ops dated 31.07.2014, it is clear that the allegation of the complainant is correct, op has also admitted it by letter.

          But interesting factor is that on 01.06.2014 all the fixed deposits became matured.  But certain amount i.e. Rs. 1,50,000/- has been paid and thereafter the balance amount that is Rs. 6,92,801.28 paisa has not yet been paid by the op.  But as per admission of the op vide their letter dated 31.07.2014 it is found that complainant got back Rs.1,50,000/- when that is the fact, then invariably there is no other alternative but to hold that complainant for the negligent and deficient manner of servie and also their deceitful manner of service on the part of the op, complainant is entitled to get a relief and redressal from this end.

          In the result, this complaint succeeds against op nos. 1 & 2 and same is dismissed against op no.3 & 4.

          Hence, it is

                                                                 ORDERED

          That the complaint be and the same is allowed exparte against op nos. 1 & 2 with cost of Rs. 10,000/- but same is dismissed on contest against op no.4 without any cost and also dismissed against the op no.3 without any cost.

          Op nos. 1 & 2 are hereby directed to refund the entire amount of Rs. 6,92,801/- within one month from the date of this order and shall have to pay interest  at the rate 12 percent p.a. over the same w.e.f 01.04,2015 till full satisfaction of the decree and if it is not paid, in that case penal action shall be started against op nos. 1 & 2 for which they shall be liable to pay further penalty and damages.