FILED ON: 29.10.2009<br /> DISPOED ON: 31.12.2009 <br /> BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM AT BANGALORE (URBAN)<br /> <br /> 31st DECEMBER 2009<br /> <br /> PRESENT :- SRI. B. S. REDDY PRESIDENT<br /> SMT. M. YASHODHAMMA MEMBER <br /> SRI. A. MUNIYAPPA MEMBER <br /> <br /> COMPLAINT No.2535/2009<br /> <br /> <br /> COMPLAINANT<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> OPPOSITE PARTY<br /> <br /> <br /> <br /> <br /> Mrs. Thulasi Ramaratnam,<br /> W/o Late V.Ramaratnam,<br /> 729, CMH Road,<br /> Indiranagar 1st Stage,<br /> Bangalore – 560 038.<br /> <br /> <br /> V/s.<br /> <br /> <br /> The Manager,<br /> The National Co-operative Bank Ltd.,<br /> 1st ‘A’ Main, 82/2, <br /> M.C. Layout,<br /> A.D. Halli Branch,<br /> Bangalore – 560 040.<br /> <br /> O R D E R<br /> <br /> SRI. B.S. REDDY, PRESIDENT<br /> <br /> The complainant filed this complaint against opposite party (herein after called as O.P) seeking direction to pay the amount of Rs.60,383/- towards maturity value of Yogakshema Nidhi Certificate (F.D.) on the allegations of deficiency in service on the part of the OP. <br /> <br /> 2. In the complaint it is stated that the complainant joined the Green Country (Akshaya Bhoomi Innovative Project) by paying Rs.1,24,000/- through cheque dated 28.12.1998 drawn on Vijay Bank., The Green Country promised to register 1 acre of land in Nellore and pay interest half yearly on the amount at 22% p.a. The said Green Country never allotted nor registered any land in favour of complainant. Only 2 post dated interest cheques issued were honoured by PNB. Green Country gave one Yogakshema Nidhi Receipt on the National Co-operative Bank Ltd., (OP) dated 12.10.99 for a period of 10 years. Maturity date being 12.10.2009 amounting to Rs.60,383/-. The complainant contacted OP after maturity of FD, but informed complainant to claim the amount through Consumer Forum as the FD is not in her name. She wrote to the Green Country about her withdrawal from the scheme and refund the amount, no action was taken. Hence the complainant felt deficiency in service on the part of the OP and filed this complaint seeking reliefs. <br /> <br /> 3. On appearance, OP filed the version stating that M/s Green Country Agro Foods Ltd., invested the said alleged sum of Rs.16,800/- with OP to yield benefits and OP has issued Yogakshema Nidhi Deposit Certificate to M/s Green Country Agro Foods Ltd., The said company has closed / winded up without giving any authorization or letter to OP. The Customers of the said company started approaching the OP for matured amount; OP in order to safeguard its interest suggested the parties to obtain the appropriate Court Order against the said company and to obtain authorization with original FDR. On the other hand the complainant is not Consumer to OP-1 as such there is no transaction between the complainant and OP. Complainant is not a Consumer; as OP has not provided any service, hence complaint is to be dismissed. Complainant has to claim the amount from M/s Green Country Agro Foods Ltd., the question of deficiency in service by OP does not arise. OP is ready to pay the matured amount to the complainant subject to no objection from M/s Green Country Agro Foods Ltd., and submission of original FD receipt and authority letter. OP has to follow TDS provision on FD as per Income Tax Act; interest will be paid as per the present banking practice 3.5% only from the date of maturity of deposit, hence it is prayed to dismiss the complaint. <br /> <br /> 4. Complainant filed affidavit by way of evidence in support of complaint averments. OP not filed affidavit. <br /> <br /> 5. After perusing the complaint averments and affidavit evidence of the complainant; the documents produced, it becomes clear that the M/s Green Country Agro Foods Ltd., received an amount of Rs.1,24,000/- from the complainant and issued receipt dated 28.12.98 by making the complainant to join Akshaya Bhoomi Innovative Project (ABIP). As per that scheme Green Country Agro Foods Ltd., promised to register 1 acre of land in Nellore in favour of complainant in addition to pay interest at 22% p.a. That promise was not kept up by the said Green Country Agro Foods Ltd., However Yogakshema Nidhi Receipt dated 12.10.99 issued by OP bank was given to the complainant. That FDR maturity value is shown at Rs.60,383/- and the maturity date is 12.10.2009. The amount of Rs.16,800/- was invested by M/s Green Country Agro Foods Ltd., in the OP-bank. The authorization letter issued by Green Country Agro Foods Ltd., goes to show that OP-bank was requested to pay the proceeds of the maturity value of the FDR to the complainant. Though the FDR stands in the name of Green Country Agro Foods Ltd., but the authorization letter issued by the said company is sufficient to held that OP-bank has been authorized to pay the proceed of the maturity value of the FDR to the complainant. The said Green Country Agro Foods Ltd., is already closed / winded up. On the basis of the authorization letter issued OP-bank is liable to pay the maturity value of the FDR to the complainant. Accordingly we proceed to pass the following: <br /> <br /> <br /> O R D E R<br /> <br /> The complaint filed by the complainant is allowed. OP is directed to pay the maturity value of Yogakshema Nidhi Certificate No.007551 A.C. No.601/99 to the complainant on her production of original FD receipt and authority letter by following TDS provisions on FD as per Income Tax Act with interest at 3.5% p.a. from 13.10.09 within 4 weeks from the date of communication of this order. In view of the nature of dispute no order as to costs.<br /> <br /> (Dictated to the Stenographer and typed in the computer and transcribed by him, verified and corrected, and then pronounced in the Open Court by us on this the 31st day of December 2009.) <br /> <br /> <br /> MEMBER MEMBER PRESIDENT<br /> <br /> Snm: <br /> <br /> <br /> <br /> <br />