BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM AT BANGALORE URBAN

22^nd DAY OF AUGUST 2016

O R D E R

SMT. P.K SHANTHA, MEMBER

The complainant has filed this complaint U/s.12 of the Consumer Protection Act, 1986 against the Opposite Party (herein after referred as OP) with a prayer to refund the deposit amount of Rs.4,35,652/- with penal interest at the rate of 18%, to pay incidentals Rs.1,000/- also Rs.50,000/- as mental agony and trauma.

2. The brief averments made in the complaint are as under:

The complainant has deposited Rs.3,00,000/- into the fixed deposit scheme vide FDR No.1194735 for the period of 36 months at the rate of 12.5% on 26.09.2012 as per guidelines stipulated in “The Companies (Acceptance Deposits) Rules, 1975” under Companies Act, 1956 under deposit schemes and as per the terms and conditions laid in the application form.  The details of the deposits are provided below and all these deposits were made in the prescribed form of the OP through their local authorized broker M/s Bajaj Capital Limited at Bangalore and the receipts for such deposits were delivered to the complainant’s residential address by the OP agent assuring to repay the deposit on maturity with accrued interest into her account with Vijaya Bank Limited at Sankey Road Branch, Bangalore-560020.  The repayment of the matured deposit would be made on the date of maturity as per the terms and conditions and as stipulated in the Acceptance of Deposit Rules 1975 of the Companies Act.  The details of deposits are given below.

3. The complainant has very urgent need of funds for enabling her kid’s higher education and marriage of her daughter which is in horizon.  Despite several requests, the OP has violated the terms and conditions of the fixed deposit regulations and caused breach of the terms of acceptance of the deposit.

          4. The complainant has been reminding OP and through M/s.Bajaj Capitals Limited., who is the authorized broker requesting to send the repayment warrants without delay.  The complainant is a house wife and she has invested all her savings and ear marked funds with an intention to earn the interest for son’s education and daughter’s wedding.  In spite of repeated correspondence and notice the OPs failed to refund the matured fixed deposit amount.  Hence, complainant felt deficiency in service on the part of the OP.  Under the circumstances she has filed this complaint against OP for appropriate relief. 

5.  After service of notice, OP failed to appear before the Forum and was placed ex-parte.

6. OP failed to contest the matter by filing affidavit evidence.  So as to prove her case, Mrs.P.Renuka Bhat, the complainant has filed her affidavit evidence in support of her complaint reiterating the complaint averments and produced copies of documents.

7. The above said assertions of the complaint have remained unchallenged.  OP neither filed version nor denied the sworn testimony of the complainant.  Under the circumstances, we have no reasons to disbelieve the sworn testimony of the complainant.

8. Let us have a cursory glance at the documents produced by the complainant.  Document No.1 is the copy of fixed deposit receipt bearing No.1194735, date of issue being 26.09.2012 for a sum of Rs.3,00,000/- for the period of three years, interest rate at 12.50% p.a from 26.09.2012 to 26.09.2015 which is issued on 27.09.2012 by OP to the complainant.  Document No.2 is the bank statement of complainant for having paid the amount of Rs.3,00,000/- to OP on 26.09.2012.  Document No.3 is the copy of notice of complainant dated 11.01.2016 addressed to OP Company.

9. On perusal of oral and documentary it is evident that the complainant has deposited Rs.3,00,000/- with OP for a period of three years from 26.09.2012 to 26.09.2015.  But there was no communications from the OP Company about the payment of principle amount and delayed interest after the maturity date till now.  Hence the complainant wanted to take legal action against the OP Company for the irresponsible and negligent behavior in not responding to any of communication and the nonpayment of payment of principle amount on time and interest.

10. The OP did not appear and contest the claim put forth in the complaint.  The conduct of OP in not refunding the deposit amount of Rs.3,00,000/- and nonpayment of interest on time amounts to deficiency of service.  The non refunding of the fixed deposit amount must have put the complainant to hardship, inconvenience and mental agony.  The OP is absolutely have no reason to withheld the payment of the said amount of Rs.3,00,000/-.  This act of OP in not refunding the fixed deposit amount of Rs.3,00,000/- along with agreed interest at 12.50% p.a amounts to deficiency in service on the part of OP.  We are satisfied that the complainant proved deficiency of service against OP.  Under the circumstances, we are of the considered view that OP is liable to refund Rs.3,00,000/- to the complainant along with interest at 12.50% p.a from the date of respective deposits till the date of maturity and further interest at the rate of 18% p.a from the date of maturity till the date of realization along with litigation cost of Rs.3,000/-.  Hence, the complaint of the complainant is partly sustainable and accordingly, we proceed to pass the following:

11. In the result, we proceed to pass the following:

O R D E R

The complaint filed by the complainant is allowed in part.  OP is directed to refund Rs.3,00,000/- (Three Lakhs) to the complainant along with interest @ 12.50% p.a from the respective date of deposit to till the date of maturity and also to pay interest @ 18% p.a from the date of maturity to till the date of realization.  Further OP is liable to pay Rs.3,000/- towards the cost of this proceedings to the complainant.

This order shall be complied within 30 days from today.

Supply free copy of this order to both the parties.

(Dictated to the Stenographer, got it transcribed and corrected, pronounced in the Forum on this 22^nd day of August 2016)

MEMBER                            MEMBER                     PRESIDENT

Vln* 

COMPLAINT No.219/2016

Complainant                 -        Mrs.P Renuka Bhat,

Bangalore-560032.

                                          -vs-

Opposite Party              -        The Managing Director,

Unitech Limited.,

New Delhi – 110017.

Witnesses examined on behalf of the complainant dated 25.06.2016.

1. Mrs.P Renuka Bhat

          OP  -       Absent

MEMBER                           MEMBER                      PRESIDENT

Vln*