Facts of the complaint case in brief are that on 29.04.2017 the complainant purchased three separate fixed deposit certificates Vide No.925000480965 A/C No. 55456700090 amounting to Rs. 50,000/- Certificate vide No. 925000480966, A/c 55456700091 amounting to Rs. 1,00,000/- and certificate vide No. 925000480967, A/C No.55456700092 amounting to Rs. 1,08,000/- under the scheme of F2 SAHARA A select. The aforesaid amount was paid to the opposite party with condition to get maturity value of Rs. 58,150/-, Rs.1,16,300/- and Rs.1,25,604/- on 29.10.2018. After maturity on 29.10.2018 complainant went to the office of the O.P. to get the maturity value against said investment but the O.P. did not pay the maturity amount. Under such circumstance’s complainant filed this case before this Commission for passing necessary order directing the O.P. to pay.
Notice was issued upon the O.P. and the opposite party entered appearance and contested the case by filing a written version wherein the material averments made in the complaint are denied and it has been contended inter-alia that the instant case is not maintainable. It has been contended by the opposite party that due to some litigation pending with SEBI and the apex court regarding the financial transaction of O.P. group the payment has remained stopped and the opposite party craves leave of this Commission and prays for dismissal of the instant case.
In this case complainant has submitted examination-in-chief supported by affidavit together with following documents.
Three fixed deposit certificate dt. 29.04.2017.
O.P. has submitted examination-in-chief by way of affidavit but no document is submitted on the side of the O.P.
Points for discussion
- Whether the complainant is a consumer within the meaning under Section 2 (I) (d) of the Consumer Protection Act 1986?
- Whether there is any deficiency in service on the part of O.P?
- Is the complainant entitled to get relief/reliefs as prayed for?
DECISION WITH REASONS
Point No.1
This issue is not disputed by the Ld. Advocate of the O.P. during his course of argument. This Commission has gone through the materials and evidence on record and after going through the entire facts and circumstances of the case with regard to the materials and evidence of the parties on record this Commission is of the view that the complainant is a consumer within the meaning under Section 2 (I) (d) of the consumer Protection Act 1986.
Point No. 2 and 3
These two issues are taken up together for discussion for the sake of brevity and convenience. This is admitted position that the complainant had purchased on 29.04.2017 three F2 SAHARA. A. SELECT fixed deposit 1) Certificate vide No.925000480965 amounting to Rs. 50,000/-, 2) Certificate vide No.925000480966 amounting to Rs. 1,00,000/-, 3) certificate vide No. 925000480967 amounting to Rs. 1,08,000 from the opposite party with condition to get matured value of Rs. 58,150/-,1,16,300/- and Rs. 1,25,604/- on 29.10.2018. This is also not disputed that the complainant has not yet received any single furthering from the opposite party against the aforesaid fixed deposit amount.
The materials and evidence submitted on the side of the complainant clearly shows that he is entitled to get the whole amount of Rs.58,150/-, Rs. 1,16,300 and Rs.1,25,604/- together with interest as per terms and conditions of the opposite party but the O.P. has failed and neglected to keep up his terms and conditions in due time and such nonpayment of the matured value of the deposited amount led the complainant to file the instant case before this Commission. So there is no hesitation to hold that there is enough deficiency in service on the part of the opposite party. The reason of inability of the opposite party in respect of payment and to observe the terms and conditions which has been stated by the opposite party in their written version and written argument cannot be accepted when it appears that the O.P. has violated the terms and conditions given in the certificate. Under such circumstances complainant is entitled to get matured value of Rs.58,150/-, Rs. 1,16,300 and Rs.1,25,604/- together with interest and compensation from the opposite party.
Hence, it is
O R D E R E D
that the Complaint Case No.31 of 2019 be and the same is allowed in part on contest with cost against the opposite party.
Opposite party is directed to pay a sum of of Rs.58,150/-, Rs. 1,16,300 and Rs.1,25,604/- as maturity value of the fixed deposit under the scheme of F2 SAHARA- A. SELECT Certificate along with interest @ 8% p.a. on and from 29.10.2018 to till the date of realization by issuing an account payee chaque in favour of the complainant within 45 days from the date of passing this order.
Opposite party is further directed to pay to a sum of Rs. 3,000/- as litigation cost to the complainant by issuing an account payee cheque in the name of the complainant within 45 days from the date of passing this order.
In default the complainant is at liberty to execute the order through this Commission as per law.
Let a plain copy of this order be supplied to the parties forthwith free of cost.
