Present:       Sri                                                

                                               Sri                                                 

                                      AND

Tuesday, the 08^th July, 2008.

CONSUMER COMPLAINT NO. 40/2007

Between:

Pasunoori S/R/o.H.No.172,

Post: Sangem Warangal District.

… Complainant

  A N D

01. Shriram Investments Limited,

      Branch Office at # 11-22-79 & 80,

      Warangal.

02. Shriram Investments Limited,

      Registered Office at 123,

      Angappa ,

03. Shriram Investments Limited,

      3^rd Floor, 4, Lady ,

… Opposite Parties

Counsel for the Complainant               :: Sri.  A.   Advocate

Counsel for the Opposite           :: Sri.

This complaint coming for final hearing before this Forum, the Forum pronounced the following Order.

                   :  ORDER  ::

Sri D.Chiranjeevi Babu, President

The brief averments contained in the complaint filed by the complainant are as follows:

01.     The case of the complainant is that he has deposited an amount of Rs.44,000/- on 16-01-2001 under two Acknowledgement Slip bearing Nos.2843974 & 2843975 for a period of 36 months with opposite parties by way of N.C.D. bonds.  After completion of three years period the complainant asked to issue the original NCD bonds.  On 08-01-2004 the opposite party No.1 issued that the amounts will be paid within 15 days, the complainant waited for sufficient period but the opposite parties did not pay the amounts, vexed with the attitude of the opposite parties, the complainant got issued a legal notice on 20-12-2006 to opposite parties 1 to 3 by Register Post with acknowledgement due demanding to refund of Rs.44  The opposite parties did not give any reply to the legal notice the action of the opposite parties amounts to deficiency of service, hence filed this complaint praying to direct the opposite parties to pay Rs.66,810/- with interest and damages of Rs.24,000/- and costs.

          The opposite party No.1 filed his written version contending in brief as follows:-

02.     The opposite party No.1 stating that, he admitted facts that the complainant is one of the subscriber in opposite .  The complainant was issued Debenture Certificates on 03-02-2001 and redeemable by 03-02-2004 with redemption value of Rs.33  The complainant was a subscriber of Shriram Chits 12-11-1999 and       the first auction was  conducted on 26-11-1999.  The complainant was         a  successful bidder in the auction and the complainant has created a        lien over the said deposits made by him under  above  debenture  certificates authorizing the said Shriram Chits Pvt. Ltd. to redeem the said Debenture Certificates in case of default in payment of installments payable by the complainant to the said Shriram Chits      amount an amount of Rs.11  was  paid  to  Shriram  Chits  Pvt. Ltd.  30-09-2001 in the chit under ticket No.23 and a sum of Rs.6,090/- under ticket No.24.  The complainant is a guarantor to Vijay Kumar   The complainant has given security by creating a lien over the said Debenture Certificates for payment of installments by the said subscriber.  Since the said Vijay Kumar   The amount of Rs.1,030/- was an excess amount, than the amount due to the said chit fund company in chit vide ticket No.24, the said chit fund company returned the said amount to the complainant on 30-11-2001 through cheque No.0079361.  Like wise an amount of Rs.10  09-10-2004, so the opposite parties are not liable to pay any single pie to the complainant and opposite parties 2 & 3 filed a Memo  adopting the written version by the opposite party No.1.

03.     The complainant in support of his claim filed his Affidavit in the form of chief examination and marked Exs.A-01 to A-05.  On behalf of opposite parties Sri

04.     Now the point for consideration is whether the complainant is entitled to get an amount of Rs.6616-01-2004 till full payment to the complainant, excluding their legal commission, a sum of Rs.25,000/- towards damages with costs.

05.     After arguments of the both side counsels, our reasons are like this.  In this case whether the complainant is entitled to get an amount of Rs.66,810/- are not, for this our answer is that the complainant is not entitled to get any single pie because Ex.B-2 and B-3 dated 23-09-2001 & 23-09-2001 the complainant has given lien to the insurance because this complainant   has   successful  bidder  in  the auction  and  complainant  was created a lien over the said deposits made by him under above debenture certificates authorizing the said Shriram Chits   Shriram Chits Pvt. Ltd.  Since the complainant failed to pay the installments to the said chit fund company, it has exercised the lien over the said Debenture Certificates and presented for redemption.  In view of the same, an amount of Rs.11,108/- was paid to Shriram Chits Pvt. Ltd., on 30-09-2001 in the chit under ticket No.23 and a sum of Rs.6,090/- under ticket No.24.  The complainant is a guarantor to Vijay Kumar   So the complainant has given security by creating a lien over the said Debenture Certificates for payment of installments by the said subscriber. The Ex.B-1 and B-5 clearly goes to show that the complainant has stood surety for the repayment of chit amount of Vijay Kumar 26-03-2003 and a sum of Rs.10,436/- on 29-03-2004 and also a sum of Rs.23,200/- on the same day.  As such all the amounts that were payable by this opposite party under the above Debenture Certificates were kept in the custody of the redemption as per the terms of the chit and letter of the lien.  As per Ex.9 & 10 the excess amount was also paid to Vijay Kumar   The complainant also addressed letters to the opposite party confirming the lien of the bonds under Ex.B-2 & B-3.  The statement of accounts of the complainant   Vijay Kumar   Since an amount of Rs.1,030/- was an excess amount, than the amount due to the said chit fund company, in chit vide ticket No.24, the said chit fund company returned the said amount to the complainant on 30-11-2001 through cheque No.0079361.  Like wise an amount of Rs.10 

06.     For the foregoing reasons given by us, it is clear that on the basis of Ex.B-1 to B-14 that the received sufficient amounts from the opposite parties and again they are not entitled for any single pie from the opposite parties. We answered this point in    Ex.B-4 pay slip for the month of August, Ex.B-5 Original Surety Form,        dt.04-09-2004, Ex.B-6 & B-7 are the Statement of Account Copy dt:24-1-08, Ex.B-8 Original Bond No.HZC-5524431, dt.:03-02-2001, Ex.B-9 Statement of Excess amount refund to party, Ex.B-10 excess amount payment voucher, dated 09-10-2004, Ex.B-11 & B-12 excess amount payment voucher, dated 30-11-2001, Ex.B-13 is the letter dated 20-11-2001, Ex.B-14 Installment-Wise Payment Details, dated 21-11-2001 on the basis of the Ex.B-1 to B-14 it is clear that the complainant is not entitled to get any single pie from the opposite parties.   The Exs.A-1 to A-5 those documents are not at all helpful to the complainant because Ex.A-1 & A-2 are Xerox acknowledgement slips, Ex.A-3 is legal notice & Ex.A-4 & A-5 are postal receipts.  In the presence of Exs.B-1 to B-14 we accept the same exhibits and we come to the conclusion that the complainant is not entitled to get anything from the opposite parties.

POINT No.2 WHAT RELIEF:    The main point is decided in  

In the result this complaint is dismissed, but without costs.

(Dictated to the Stenographer transcribed by him corrected and pronounced by us in the open Forum today i.e.    July, 2008).

                                                                                                                                                                                                        Member                    President,

       District Consumer Forum, Warangal.

APPENDIX OF EVIDNECE

WITNESSES EXAMINED

                          ON BEHALF OF Affidavit of Complainant                                Affidavit of Opposite Party No.1

EXHIBITS MARKED

ON BEHALFOF COMPLAINANT

     01. Ex.A-1 & A-2   is the Xerox copies of Debenture certificates,

 16-01-2001.                                     [

     02. Ex.A-3 is the Legal Notice, dated 20-12-2006.

     03. Ex.A-4 is the Registered Post Receipts.

     04. Ex.A-5 is the Postal acknowledgement card.

ON BEHALF OF Opposite parties

01.   Ex.B-1 is the Original Promissory Note, dated 23-09-2001.

02.   Ex.B-2 & B-3 is the Fore-Closure of the complainant Deposits,

     dt.:23-9-01.

03.   Ex.B-4 is the original Pay Slip for the month of August.

04.   Ex.B-5 is the Original Surety Agreement.

05.   Ex.B-6 is the Shriram Chits Pvt. Ltd., Account Copy and Ticket No.23.

06.   Ex.B-7 is the Shriram Chits Pvt. Ltd., Account Copy and Ticket No.34.

07.   Ex.B-8 is the Shriram Investments Limited, Debenture Certificate.

08.   Ex.B-9 is the Excess amount refund payment bill.

09.   Ex.B-10 is the Payment Voucher Bill, 09-10-2004.

10.   Ex.B-11 is the Excess amount payment bill.

11.   Ex.B-12 is the payment voucher, dated 30-11-2001.

12.   Ex.B-13 is the letter dated 20-11-2001.

13.   Ex.B-14 is the Installment wise payment details, dated 21-11-2001.