Nonpayment of the maturity value of two fixed 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 two fixed deposit account No. 925000973703 and 925000973704 with the OP for the period from 15.06.2016 to 15.12.2017. During the period according to the scheme the complainant had deposited Rs. 110000/- for each of the two accounts for 18 months i.e. up to 15.12.2017 for which he is entitled to get total maturity value of Rs. 255,860/- on 15.12.2017. 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 of Rs.255,860/- and also an interest @14% with effect from 15.06.2016 till the date of full realization and a compensation of Rs.50,000/- and a litigation cost of Rs.15,000/-

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 Rs.255,860/- along with 14% 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 Rs.255,860/- & 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.