BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM AT BANGALORE URBAN

28^th DAY OF FEBRUARY 2019

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 Parties (herein after referred as OPs) with a prayer to direct OPs to pay a sum of Rs.7,75,014/- towards the maturity of fixed deposit receipt bearing FDR 1247708 and to pay compensation of rs.50,000/- for non performance of the claim, also to grant such other reliefs as deems fit in the facts and circumstances of the claim.

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

OP is representing the Managing Director of Unitech Ltd., and is incharge of day to day affairs and business of Unitech Ltd.  OP informed to the complainant to invest in fixed deposit scheme and other mutual deposits.  Complainant had invested into fixed deposit scheme for a sum of Rs.5,00,000/- on 13.10.2013 for a period of six months at a rate of 11.50% p.a.  The date of maturity was 13.04.2014 with a maturity amount of Rs.5,28,750/-.  For which OP had issued a receipt No.1247708 on 19.12.2013.  It was an investment made by the complainant for his livelihood and for the welfare of himself and his family.  The complainant submitted the original FDR folio No.1239757 on 13.04.2014.  The complainant approached the regional office at Bangalore and also called the OP customer service helpline for repayment of the maturity amount of Rs.5,28,750/-.  The complainant submits all the correspondence and e-mail issued to the OP.  OP has neither responded to the complainant nor made any effort to settle the matter.  Hence complainant issued legal notice to OP dated 16.08.2017 calling upon OP to pay a sum of Rs.7,10,835/- which is the principal and accumulated interest for the year 2013 till date.  Despite the receipt of legal notice OP has not paid maturity amount of Rs.5,28,750/-.  OP has also not paid the accrued interest from 13.04.2014.  The accrued interest on the maturity date on Rs.5,28,750/- is Rs.2,43,264/- till April 2018.  Hence complainant felt deficiency of service and unfair trade practice on the part of OP and filed this complaint seeking appropriate relief for his grievance.  

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

4. So as to prove the case, the complainant has filed the affidavit evidence in support of his complaint reiterating the complaint averments and produced the copies of documents.

5. The above said assertions of the complainant have remained unchallenged.  OPs neither filed version nor denied the sworn testimony of the complainant.  So 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 fixed deposit receipt No.1247708 for Rs.5,00,000/- deposited on 13.10.2013 for a period of six months @ 11.50% interest, issued on 19.12.2013.  Document No.2, 3 & 4 are the e-mail correspondences made by the complainant.  Document No.5 is the legal notice send by the complainant to OPs.  Document No.6 & 7 are the postal receipts.

7. On perusal of oral and documentary evidence of the complainant, it is clear that, the complainant has deposited a sum of Rs.5,00,000/- with OPs for a period of six months from 13.10.2013 to 13.04.2014 repayable along with interest @ 11.50% p.a.  The OPs failed to pay the matured amount with interest.  The conduct of OPs in not refunding the matured amount with interest amounts to unfair trade practice and gross deficiency of service.  The OPs have no right to with held such a huge amount of complainant which he deposited.

8. The OPs did not appear and contest the claim put forth in the complaint.  The conduct of OPs in not refunding total deposit amount of Rs.5,00,000/- along with interest on time amounts to unfair trade practice and deficiency of service.  The non-refunding of the fixed deposit amount must have put the complainant to hardship, inconvenience and mental agony.  We are satisfied that the complainant has successfully proved the deficiency of service on the part of OPs.  Under the circumstances, we are of the considered view that, OPs are liable to refund total fixed deposit amount of Rs.5,00,000/- to the complainant along with interest @ 11.50% p.a from the date of deposit till the date of maturity.  Further OPs are directed to pay interest @ 18% p.a from the date of maturity till the date of realization and directed to pay compensation of Rs.5,000/- for having caused hardship, inconvenience and mental agony together with litigation cost of Rs.2,000/-.

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. 

OPs are directed to refund fixed deposit amount of Rs.5,00,000/- (Five Lakhs only) to the complainant together with interest @ 11.50% p.a from the date of deposit till the date of maturity.  Further OPs are directed to pay interest @ 18% p.a from the date of maturity till the date of realization.  OPs are directed to pay compensation of Rs.5,000/- for having caused hardship, inconvenience and mental agony together with litigation cost of Rs.2,000/- to the complainant.

OPs are directed to comply the said order within four weeks from the date of communication of the order.  

Furnish free copy of this order to both the parties.

(Dictated to the Stenographer, got it transcribed and corrected, pronounced in the open Forum on this 28^th day of February 2019)

MEMBER                                                               PRESIDENT

     Vln*      

Witnesses examined on behalf of complainant dated 10.01.2019.

Sri.R.Mukunda.

                                OPs   -       Absent

MEMBER                                                               PRESIDENT

Vln*