STATE CONSUMER DISPUTES REDRESSAL COMMISSION HARYANA, PANCHKULA

First Appeal No :    1186 of 2017

Date of Institution:      06.10.2017

Date of Decision          :      09.05.2018 

The Branch Manager, IDBI Bank, Branch Dhaturi, Tehsil and District Sonepat, Haryana.

                                      Appellants-Opposite Parties

Versus

Sudesh wife of Dilbagh, resident of Village Hassanpur, Tehsil and District Sonepat.

Respondent-Complainant

CORAM              Hon’ble Mr. Justice Nawab Singh, President.

                             Shri Balbir Singh, Judicial Member.

Argued by :         Shri Sunil Narang, Advocate for the appellant.

                             Shri Dilbagh-husband of complainant

                                                   O R D E R

NAWAB SINGH J.(ORAL)

          Sudesh Attel-complainant purchased IDBI Deep Discount Bond, 1998-A of Rs.10,000/-  from Industrial Development Bank of India-opposite party (for short ‘IDBI’) on November 19^th, 1998. Certificate (Annexure A-5) was issued. The deemed face value was Rs.25,000/- within 07 years; Rs.50,000/- within 12 years 03 months and Rs.1,00,000/- after 17 years and 6 months. IDBI had the Call Option to redeem the IDBI Deep Discount Bond, 1998-A on the dates mentioned in the certificate. IDBI after completion of 07 years paid Rs.23562/- after deducting Rs.1432/- as Tax Deducted at Source (TDS) from Rs.25,000/-, that is, deemed face value to the complainant. The grievance of the complainant was that the IDBI was supposed to pay the amount of Rs.1,00,000/-. She filed complaint under Section 12 of the Consumer Protection Act, 1986 before District Consumer Disputes Redressal Forum, Sonepat (for short ‘District Forum’).

2.      The District Forum vide impugned order dated August 17^th, 2017 allowed the complaint, directing the IDBI to pay Rs.76,348/- (Rs.1,00,000/- minus Rs.23,652/-, which had already been paid) and Rs.5000/- litigation expenses to the complainant.

3.      Learned counsel for the IDBI has urged that on November 16^th, 2005, IDBI decided to redeem Deep Discount Bond by publishing the information through call option.  IDBI after completion of 07 years paid Rs.23562/- after deducting Rs.1432/- as Tax Deducted at Source (TDS) from Rs.25,000/-, that is, deemed face value to the complainant.  There was no deficiency in service on the part of IDBI.

4.      The plea of the learned counsel for the IDBI is not tenable in view of the fact that the IDBI paid the aforesaid amount of Rs.23,562/- on October 21^st, 2016 to the complainant vide statement of account (Annexure A-9), that is, after a period of 17 years whereas the complainant was entitled to get Rs.1,00,000/-.  Thus, no interference is required in the impugned order. The appeal is dismissed.

5.      The statutory amount of Rs.25,000/- deposited at the time of filing the appeal be refunded to the respondent-complainant against proper receipt and identification in accordance with rules, after the expiry of period of appeal/revision, if any.

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