Date of Filing:13.06.2008<br /> Date of Order:05.08.2008<br /> <br /> <br /> <br /> BEFORE THE II ADDITIONAL DISTRICT CONSUMER DISPUTES REDRESSAL FORUM SESHADRIPURAM BANGALORE-20<br /> <br /> Dated: 5TH DAY OF AUGUST 2008<br /> PRESENT<br /> <br /> <br /> <br /> Sri. S.S. NAGARALE, B.A, LL.B. (SPL.), President.<br /> Smt. D. LEELAVATHI, M.A.LL.B, Member.<br /> Sri. BALAKRISHNA. V. MASALI, B.A, LL.B. (SPL.), Member.<br /> COMPLAINT NO: 1312 OF 2008<br /> <br /> <br /> K. Prabhakara Rao,<br /> 1/45-1, III Cross, Kempegowda Layout,<br /> Cauverybhavan, BSK III Stage,<br /> Bangalore-560 085. Complainant<br /> <br /> <br /> V/S<br /> <br /> The Branch Manager,<br /> National Co-operative Bank Ltd.,<br /> 9th Block, Jayanagar Branch,<br /> Bangalore. Opposite Party<br /> <br /> ORDER<br /> By the President Sri. S.S. Nagarale<br /> <br /> <br /> This is a complaint filed by the complainant stating that, he had got Yogakshemanidhi Certificate dated 26/5/1998 of the National Co-operative Bank, Jayanagar Branch, Bangalore as a security for the investment of Akshaya Madhura Scheme of Green Country Biotech Limited Chennai. The maturity date of the deposit was on 26/5/1998. The complainant has got authorization letter from the Green Country Biotech Limited. Therefore, the complainant requested that opposite party be directed to pay the maturity amount of Rs.5,000/-.<br /> 2. Notice was issued to opposite party. Opposite party put in appearance through Branch Manager and defence version filed fairly admitting that Yogakshemanidhi Certificate was issued in favour of Green Country Biotech Limited on 26/5/1998 and same was matured on 26/5/2008. The opposite party submitted that it is ready to pay the amount on proper direction for payment of maturity value. The Manager of the opposite party Bank was present on the date of hearing and submitted fairly and rightly that if an order is passed by the Forum for payment of maturity value to the complainant, the Bank will pay the amount as per the order. This submission of the opposite party is appreciated. The complainant has produced Yogakshemanidhi Certificate. He has also produced authorization letter of Green Country Biotech Limited. The said company had given letter to the opposite party Bank requesting to pay the proceeds of the maturity value to K. Prabhakara Rao the present complainant. When this is a clear cut authorization by the Green Country Biotech Limited there is absolutely no legal hurdles to the opposite party Bank to pay the maturity value of Rs.5,000/- to the complainant. The complainant is entitled in law to receive the maturity value from the opposite party Bank. The opposite party Bank has come forward to pay the maturity value on the order of the Forum. In the result, I proceed to pass the following:-<br /> ORDER<br /> <br /> 3. The complaint is allowed. The opposite party Bank is directed to pay the maturity value of Rs.5,000/- to the complainant forthwith. The complainant shall surrender the original certificate to the opposite party Bank.<br /> 4. Send the copy of this Order to both the parties free of costs immediately. <br /> <br /> 5. Pronounced in the Open Forum on this 5TH DAY OF AUGUST 2008. <br /> <br /> Order accordingly,<br /> <br /> PRESIDENT<br /> We concur the above findings. <br /> <br /> MEMBER MEMBER <br /> <br /> <br />