Andhra Pradesh

Visakhapatnam-II

cc/76/2013

Kattem Hema Latha Devi - Complainant(s)

Versus

Shriram City Finance Limited - Opp.Party(s)

A.V.C.N. Nageswara Rao

22 Jul 2015

ORDER

                  Reg. of the Complaint:20-03-2013                                                                                                                                    Date of Order:22-07-2013

BEFORE THE DISTRICT CONSUMERS FORUM-II

AT VISAKHAPATNAM

                   Present:

1.Sri H.ANANDA RAO, M.A., L.L.B.,

       President

2.Sri C.V.RAO, M.A., B.L.,

                                             Male Member

3.Smt.K.SAROJA, M.A., B.L.,

       Lady Member

                                            

 

WEDNESDAY, THE 22^nd DAY OF JULY, 2015

CONSUMER CASE NO.76/2013

 

BETWEEN:

Smt Kattem Hema Latha (Devi),

W/o Lingam Babu Rao, Hindu,

Aged 59 years, D.No.8-45-3,

F.No.502, Vasavi  Enclave,

Old CBI Office, Visakhapatnam.

…Complainant

AND:

1.Manager,  Shriram City Union Finance Ltd.,

16-248/2, DVSN Plaza, 1^ST Floor, Main Road,

Gajuwaka, Visakhapatnam-530 026.

 

2. Managing Director, Shriram City Union Finance Lt  d.,

123, Angappa Naiken Street, Chennai-600001.

…Opposite Parties

 

This case coming on 22-07-2015 for final hearing before us in the presence of   SRI A.V.C.NAGESWARA RAO, Advocate for the Complainant, and of                                     SRI KODURI SRINIVASA RAO, Advocate for the 2^nd Opposite Party and the 1^st Opposite Party is being exparte, and having stood over till this date for consideration, this Forum made the following.

 

ORDER

 (As per the Honourable President on behalf of the Bench)                                                                              

1.       The Complainant filed the present complaint against the Opposite Parties directing them to pay maturity value of Rs.64,915/- with interest from the date of redemption  i.e., 14-06-2012 till date, Rs.25,000/- towards compensation  and Rs.5,000/- towards costs.

2.       The case of the complainant in brief is that though she invested in Shriram City Union Finance Limited, special debentures on 14-06-2011 and its date of redemption was 14-06-2012, matured value is Rs.64,915/- and when she submitted debentures certificate for redemption on 25-07-2012, there is no response; then got issued a legal notice that it was acknowledged but there is no response, hence this complaint.

3.       The case of OP is that the delay in nonpayment of maturity amount is only due to non submission of pan card only and they are always ready to pay maturity amount with interest,  when she produced pan card otherwise, they have to deduct TDS on interest. The claim of the complainant are based on imaginations. Therefore, it is liable to be dismissed.

4.       To prove the case of the complaint, she filed her evidence affidavit and got marked Exhibits A1 to A4 and on the other hand, on behalf of the OPs, they filed their evidence affidavit. No documents were marked on behalf of the OPs.

5.       Exhibit A1 is the Debenture Certificate dated 14-6-2011, Exhibit A2 is the Certificate received letter dated 25-07-2012, Exhibit A3 is the Regd., Lawyer’s Notice to the Manager for Branch of acceptance, dated 4-12-2012 and Exhibit A4 is the Acknowledgment.

6.       Both Parties filed their written arguments.

7.       Heard oral arguments from both sides.

8.       Now the point for determination to be determined in this case is;

Whether there is any deficiency of service on the part of the OPs and the Complainant is entitled to any reliefs asked for?

9.       During the course of arguments, the learned counsel for the complainant filed a memo stating that he received redemption value of the debentures for an amount of Rs.65,140/-  by way of cheque no.360393 dated 21-07-2005 and it is recorded after hearing both sides. The counsel for the complainant insisted for interest  on the principal amount of Rs.64,915/- @ 12% p.a., from 14/06/2012  till date.

10.     The counsel for OPs submitted the rate of interest agreed is only 11% but not 12%. After hearing both sides, on perusal of Exhibit A1, we opined that the complainant is entitled for interest vide Exhibit A1 @ 11%  only for an amount of Rs.65,140/-  from 14-06-2012 onwards.

11.     Whether the Complainant is entitled for compensation of Rs.25,000/- is to be considered.   It appears as seen from the evidence of Complainant that the Complainant was compelled to approach the Opposite Parties and therefore experienced a lot of physical strain besides mental agony and financial loss. It is an un-disputed fact that the Opposite Parties did not pay the sum assured to the complainant.  Naturally, that might have put the Complainant to suffer some mental agony besides physical stress and strain.   In this view of the matter, we sincerely feel that it is a fit case to award compensation.   But that does not and cannot mean to say that the Complainant claim for compensation is acceptable.    Having regard to all these facts and circumstances, we are of the considered opinion, award of compensation of 2,500/- would serve the ends of justice.   We therefore, proposed to award a compensation of Rs.2,500/-,  in the circumstances of the case on hand. Accordingly this point is answered.

12.     Before parting our discussion, it is incumbent and imperative on our part to consider the costs of litigation.    The Complainants ought         not have to approach this Forum had his claim for payment of Rs.65,140/- or reliefs sought for have been honored by the Opposite Parties within a reasonable          time and in view of the matter, the Complainant’s claim for costs deserves to be allowed.   In our considered and unanimous opinion awarding a sum of Rs.2,500/- as costs would appropriate and reasonable.   Accordingly     costs are awarded.

13.     In the light of our discussion, referred supra, the complainant is entitled to interest @ 11% p.a., on Rs.65,140/- from 14-06-2012 onwards till date of realization, compensation of Rs.2,500/- and costs of Rs.2,500/-.

14.     In the result, this complaint is allowed in part, directing the opposite parties to pay interest @ 11% p.a., on the principal amount of Rs.65,140/- (Rupees sixty five thousand one hundred and forty only) from 14-06-2012 onwards till date of realization, a compensation of Rs.2,500/-(Rupees Two Thousand and Five Hundred only)  and costs of Rs.2,500/-(Rupees Two Thousand and Five Hundred only) to the       complainant. Time for compliance, one month from the date of this order.

Dictated to the Stenographer, transcribed by him, corrected and pronounced by us in the open Forum, on this the 22^nd day of July, 2015.      

 

Sd/-                                                  Sd/-                                          Sd/-

LADY MEMBER                            MALE MEMBER                        PRESIDENT  

    

 

APPENDIX OF EVIDENCE

  For the Complainant:-

Exhibits	Date	Description	Remarks
A1	14-06-2011	Debenture Certificate	Photocopy
A2	25-07-2012	Certificate received letter	Photocopy
A3	04-12-2012	Regd., Lawyer’s Notice	Office copy
A4		Acknowledgement	Original

 

For the Opposite Parties:-           -nil-

 

Sd/-                                                  Sd/-                                          Sd/-

LADY MEMBER                            MALE MEMBER                        PRESIDENT