Per K.V.Krishna Murthy:   

            The above named complainant has deposited a sum of Rs.20,000.00 on 27-03-2004 in Guru Teak Investment (Mysore) Pvt.Ltd., Bangalore, the maturity value of which was Rs.40,000.00 due on 27-03-2013.

2.  On 05-4-2013 the complainant furnished the original bond after obtaining the acknowledgment at company’s branch at Koppal.  In the acknowledgment it has been mentioned that payable amount would be Rs.40,000.00 on the 181^st day from 05-10-2013.  But the company had not paid the amount.  Therefore the complainant issued notice on 16-6-2014.  Non-compliance of this demand resulted in the present complaint.

3.  The above facts are undisputed.  Only the contention raised in the written version filed on 26-09-2014 is that some time is required for repayment as the company is not running the business and no deficiency in service.

4.  Payment of the amount payable on maturity date on 27-03-2013 itself is a deficiency in service on the part of the OP company to the customer.  Hence the company is liable to make good the loss suffered on account of non-payment of the sum agreed by the depositor w.e.f. 27-03-2013.  In the circumstances, the company is liable to pay a reasonable damages.  As such we direct the company to pay interest at 12% p.a. w.e.f. 27-03-2013 till actual payment to the complainant by way of damages.

5.  In the result, this Forum directs the opposite parties to make payment of Rs.40,000.00 (Rupees forty thousand only) with interest at 12% p.a. thereon w.e.f. 27-03-2013 till actual payment.  The company shall also pay sum of Rs.3,000.00 (Rupees three thousand only) towards litigation cost to the complainant.  The company is directed to send the Demand Draft to the address of the complainant or else deposit the amount in this Forum with prior intimation to the complainant within six months.

// ANNEXURE //

List of Documents Exhibited for the Complainant / Respondent.

Witnesses examined for the Complainant / Respondent.