Dt.25.10.17. The case record is taken up today for passing exparte order.
The case in brief is that the complainant invested Rs.1, 00,000/- (One Lakh rupees) only with the OP no.1 on 18.09.2010 payable on completion of 60 months with maturity value on 18.9.2015. The Op no.1 issued two investment deposits certificates of Rs. 50,000/-(Fifty Thousand rupees) each to the complainant. The complainant approached the OP no.1 for encashment of the said certificates on completion of the maturity period but he was told that he is entitled to receive the encashment against one certificate only. The complainant requested the OP no 1 repeatedly for encashment of the certificates. The Op no.2, however, issued a letter dated 05.11.16 informing the complaint that an enquiry into the complainant was in the process and efforts to redress his grievance was going on. But all are in vain and nothing has been done on the part of the Ops. Hence is the case.
The OP no.1 received the summon/ Notice on 10.3.17, Op no.2 on 20.02.2017 and the Op no.3 on 20.02.2017 respectively. The Ops appeared but they failed to submit w/v within the statutory period. Hence the case proceeded exparte.
The complainant submitted examination-in-chief on 14.6.17 by affidavit and written argument on 14.09.2017. He submitted the following documents in original in support of his application/claim.
- Two investment certificate and
- Legal notice dated 27.12.16 issued to all the O.Ps
On perusal of the documents and unchallenged evidence of the complainant, we are of the view that there is nothing to disbelieve the complainant’s case.
Hence it is,
ORDERED
That the case be and the same is decreed exprate against Op no 1,2 & 3 with cost.
The Op no 1,2 & 3 are jointly and severally liable to pay a sum of Rs. 1,44,994/- only being the maturity value against two Investment deposit certificate plus interest @ 7.5 % P.A to the complainant from the date of maturity till realization.
The Op no 1, 2 & 3 are also jointly and severally liable to pay to the complainant a sum of Rs. 5,000/- as compensation for harassment and mental agony and also Rs. 4000/- only towards litigation cost.
The Op no 1,2 & 3 do pay the above mentioned amount through an A/c payee cheque in favor of the complainant within 45 days from the date of this order failing which the maturity amount of two certificates of Rs. 1,44,994/- together with interest @ 7.5% till
realization and the compensation amount will carry further interest @ 9% P.A. till realization.
In case of default of payment as ordered above the complainant is at liberty to execute this order through this forum as per law.
Copy of this judgement be supplied to the parties free of cost.
