Nonpayment of the maturity value of the fixed cum recurring deposit of the certificate holder herein in the complainant has obliged him  to lodge this complaint u/s 12 of the CP Act 1986 for redressal.

The summation of the fact goes that the complainant had a fixed cum recurring account No. 60383701073 with the OP for the period from 03.08.2011 to 03.08.2016. During the period according to the scheme the complainant had deposited @ 500/- per month for 60 months i.e. up to 03.08.2016 for which he is entitled to get maturity value on 03.08.2016. The complainant has made claim as per rule but no payment has been made by the OP. The complainant in his averment had prayed for directing the OP to make a payment and also an interest @10.2% with effect from 03.08.2011 till the date of full realization and a compensation of Rs.25,000/- and a litigation cost of Rs.5,000/-

The OP in his written version had denied that proper demand notice from the complainant has been received by the OP. Moreover, due to Case No.412 of 2012 in civil appeal No.9812 2011 of SEBI under jurisdiction of the Apex Court the payment has remained stopped temporarily. He prayed for dismissing appeal.

On argument the Ld. Lawyer for the complainant argued that they had submitted proper demand notice but the OP desires the complainant will submit a further demand notice to the OP. He also argued that the complainant is not responsible for the case in the Apex court as referred.

On argument the Ld. Lawyer for the OP and the branch manager of the local office of the Op admitted that though it is not the fault of the complainant for claiming  his maturity value but some constraint have developed due to the case in the Apex Court as referred in their written version to this Forum. But he agreed to make payment with full interest till the date.

From the above discussion it is clear that the complainant is eligible to get the maturity value of the deposit with the OP. It is the deficiency of the OP not to make payment of the maturity in time. The complainant is not responsible for the internal disturbance of the OP Company.

Hence, it is

                                                O R D E R E D

The OP is directed to make payment of maturity value along with 9% interest till the date of payment within 30 days from the date of this order, failing which an interest of @10% will be imposed on the total amount of maturity value including the interest accrued there on  up to the date of this order. A compensation of Rs. 5000/- and a litigation cost of Rs.3000/- are to be paid to the complainant by the OP within 30 days from this order.

The case be and the same succeeds on contest.

            Let a plain copy of this order be furnished to the parties forthwith free of cost.