BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM AT BANGALORE URBAN

26^th DAY OF NOVEMBER 2016

O R D E R

SMT. SHANTHA P.K, 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 direct the OP to repay the cumulative amount of Rs.14,52,172/- and to pay penal interest at the rate of 18% per annum on the cumulative amount of Rs.14,52,172/- from the date of maturity of FDR No.1222567 i.e., 19.06.2016 till final payment of cumulative amount and also grant such other reliefs and costs of the complaint.

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

The complainant invested Rs.10,00,000/- with OP for a period of 3 years.  OP issued Fixed Deposit Receipt bearing No.1222567 along with Account No.1242775 and assured to refund the fixed deposit amount after maturity date along with interest at 12.50% p.a.  After going through the pamphlet of UNIFD on 17.06.2013 complainant dully filled and signed the attached application form.  On 18.05.2016, which is one month before the maturity date i.e., 19.06.2016, the complainant submitted FDR No.1222567 in original for payment of cumulative amount of Rs.14,52,172/- duly discharged.  On 16.03.2015, the complainant received Form No 8, application U/S 74(2) of the companies Act, 2013 before CLB, New Delhi Bench from OP.  The complainant received a letter dated 16.09.2015 from OP offering the complainant to purchase their property to adjust the complainant investment and accrued interest.  The complainant replied vide her letter dated 11.10.2015 stating her inability to accept their offer and requesting them to pay the cumulative amount of Rs.14,52,172/- on the date of maturity.  Finding no alternative the complainant reminded them vide letter dated 06.07.2016 to make the payment within 15 days or else she take the help of law.  Thereafter, the complainant has not received any communications from OP.  Complainant felt deficiency of service on the part of OP.  Hence complainant has filed this complaint.

3. After registration of the complaint, notice was issued to OP.  Inspite of service of notice, OP remained absent without sufficient reason and cause.  Hence, OP is placed ex-parte and the case was posted for filing affidavit of the complainant. 

4. So as to prove the case the GPA holder of the complainant has filed her affidavit evidence in support of her complaint. 

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

6. Let us have a cursory glance at the documents produced by the complainant.  Document No.1 is the copy of brochure of UNIFD produced as Annexure-A.  Document No 2 is the copy of application form for investing Rs.10,00,000/- for 3 years produced as Annexure B.  Document No 3 is the copy of FDR No.1222567 bearing account No.1242775 dated 19.06.2013 marked as Annexure C.  Document No.4 is the copy of Form No.8 application U/S 74(2) of the Companies Act, 2013 before CLB, New Delhi Bench is marked as Annexure-D.  Document No.5 is copy of letter written by the complainant to CLB, New Delhi bench on 05.04.2015 which is enclosed herewith and marked as Annexure-E.  Document No.6 is the copy of letter dated 16.09.2015 from OP offering the complainant to purchase their property to adjust her investment and accrued interest marked as Annexure-F.  Document No.7 is the reply letter of the complainant dated 11.10.2015 stating her inability to accept their offer and requesting them to pay the cumulative amount of Rs.14,52,172/- on the date of maturity, which is marked as Annexure-G. 

7. On perusal of oral and documentary evidence of the complainant, it is crystal clear that, the complainant has deposited a sum of Rs.10,00,000/- with OP for the period of three years from 19.06.2013 to 19.06.2016 repayable along with interest at 12.50% p.a.  On 18.05.2016, which is one month before the maturity date i.e., 19.06.2016 the complainant submitted original FDR No.1222567 but the OP failed to refund the FD amount of the complainant.  When the complainant received Form No.8 from OP she wrote a letter to CLB.  Thereafter the complainant received a letter dated 16.09.2015 from OP offering her to purchase their property to adjust her investment and accrued interest as a response.  But when the complainant replied stating her inability to accept their offer and asking refund of the FD amount.  The OP failed to do so.  Hence the complainant wanted to take legal action against OP for the irresponsible, negligent behavior in not responding to any of communication and non-payment of principal amount and accrued interest on time. 

8. The very fact of OP not contesting the proceedings leads us to draw an inference that OP is admitting the claim of the complainant.  There is no reason to disbelieve the unchallenged affidavit evidence of the complainant and the documents produced.  The complainant suffered inconvenience and mental agony due to non-performance of promise made by the OP.  In spite of constant and regular reminders OP failed to refund the principle amount with accrued interest.  This act of OP in not refunding the FD amount and interest amounts to deficiency of service on the part of OP.  Inspite of constant and regular reminders and innumerable phone calls the OP failed to release the FD amount and interest and the same must have put the complainant to great hardship, inconvenience and mental agony.  In view of the discussions made above, we are of the considered opinion that the complainant has successfully proved deficiency of service on the part of OP.  Under the circumstances, we are of the considered view that OP is liable to pay the cumulative amount of Rs.14,52,172/- to the complainant with interest at the rate of 18% p.a from the date of maturity of FDR No.1222567 i.e., 19.06.2016 till the date of realization.  Further OP is directed to pay compensation of Rs.50,000/- for mental agony and deficiency of service together with litigation cost of Rs.3,000/-.

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

       O R D E R

The complaint filed U/s.12 of the Consumer Protection Act, 1986 by the complainant is allowed in part.  OP is directed to refund Rs.14,52,172/- to the complainant with interest at the rate of 18% from the date of maturity i.e., 19.06.2016 till the date of realization.  Further OP is directed to pay compensation of Rs.50,000/- for mental agony and deficiency of service together with litigation cost of Rs.3,000/-.

OP shall comply the order passed by this Forum within a month from today.

Furnish free copy of this order to both the parties.

(Dictated to the Stenographer, got it transcribed and corrected, pronounced in the Forum on this 26^th day of November 2016)

MEMBER                            MEMBER                     PRESIDENT

Vln* 

Witnesses examined on behalf of the complainant dated 03.11.2016.

1. Sri. Vishall Kashyap.

                OP    -       Absent

MEMBER                           MEMBER                      PRESIDENT

Vln*