DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION

PATIALA.

                                      Consumer Complaint No.447 of 6.11.2019

                                      Decided on: 9.2.2023

Sweety aged 37 years daughter of Sh.Narinder Pal Singh, resident of House No.801, S.S.T.Nagar, Patiala.

                                                                   …………...Complainant

                                      Versus

1. Vishal Maken, Deputy Manager, I.C.I.C.I. Bank, Near Gopal Sweets, Leela Bhawan, Patiala.
2. I.C.I.C.I. Bank Ltd. I.C.I.C.I.Bank Tower, Near Chalki Circle Old Padra Road, Vododra-390007 through its Managing Director Sh.Sandeep Bakshi.

                                                                   …………Opposite Parties

Complaint under the Consumer Protection Act

QUORUM

                                      Hon’ble Mr.S.K.Aggarwal, President

                                      Hon’ble Mr.G.S.Nagi,Member         

PRESENT:                   Sh.Rahul Kamboj, counsel for complainant.

                             Sh.R.K.Pandey, counsel for the OPs.

 ORDER                                          

1. The instant complaint is filed by Sweety D/o Sh. Narinder Pal Singh       (hereinafter referred to as the complainant) against Vishal Maken, Deputy Manager, I.C.I.C.I.Bank and another (hereinafter referred to as the OP/s) under the Consumer Protection Act ( for short the Act).
2. The averments of the complainant are as follows:

That during the year 2015-16, the OPs started a scheme for the sale of bond known as Sovereign Gold Bond and authorized OP No.1 to deal with the same scheme forPatiala-1.Sh.Narinder Pal Singh, father of the complainant during his life time approached the OP No.1 and purchased 35 units to the tune of Rs.1,02,060/- with the interest rate of 2.75% per annum accruable on each units payable at half yearly intervals on 29^th March and 29^th September of every year and the said bonds were redeemable on 29^th March, 2024 with option for early redemption from 5^th year on interest payment dates.        

Narinder Pal Sinhg, father of the complainant died on 25.2.2019.The mother of the complainant Smt.Hans Kaur had also been died on 7.10.2017. After their death complainant is the only legal heir of her parents. Since the date of death of her father complainant made several visits to the OPs for the amount of the bonds so purchased by her father but inspite of furnishing the relevant documents so demanded by the OPs they did not pay any heed to the request of the complainant. Thus the act and conduct of the OPs amounts to deficiency in service which caused mental agony and harassment to the complainant. Consequently, prayer has been made for acceptance of the complaint.

3. Upon notice, OPs appeared through counsel and filed written statement having raised certain preliminary objections. On merits, it is admitted that the bank has sold Sovereign Gold Bond in the year 2015-16 of Rs.1,02,060/- to Sh.Narinder Pal Singh vide SGB account No.079001500274 for 35 units with the interest @ 2.75% per annum. It is also admitted to be correct that said bonds are redeemable on 29.3.2024 with the option to early redemption from the 5^th year on the interest payment dates. It is averred that the OP Bank has already informed the complainant in the month of July,2019 when she visited the bank for the redemption of Sovereign Gold Bond that there is no nomination in the SGB account and as such she required to obtain Succession Certificate (Part X of India Succession Act) from the civil courts and to submit the same alontwith relevant KYCs with the bank and only thereafter the above said bonds can be transferred in her name. But till date the complainant failed to do so. There is no deficiency in service on the part of the OPs. After denying all other averments, the OPs have prayed for the dismissal of the complaint.
4. In evidence, ld. counsel for the complainant has tendered affidavit,Ex.CA of the complainant alongwith documents Ex.C1 copy of Aadhar card, Ex.C2 copy of Sovereign Gold Bond scheme 2015-16 certificate issued dated 29.3.2016,Ex.C3 copy of death certificate of Narinder Pal Singh, Ex.C 4 copy of death certificate of Hans Kaur, Ex.C5 copy of affidavit, Ex.C6 affidavit attestation, Ex.C7 copy of email of Vishal Maken dated 29.7.2019,Ex.C8 copy of information detail and mobile No.8288005379,Ex.C9 to C17 copies of details of call history and closed the evidence.
5. In rebuttal, the ld. counsel for the OPs has tendered in evidence,Ex.OPA affidavit of Sh.Vishal Maken, Deputy Manager, ICICI Bank, Urban Estate Phase-II, Patiala, Ex.OP2 copy of RBI circular dated 23.12.2016, Ex.OP3 copy of annexure-1 of the RBI circular, Ex.OP4 copy of Annexure-II certificate of holding,Ex.OP5 copy of Annexure-III transfer of stock certificates, Ex.OP6 copy of nominations, Ex.OP7 copy of FAQ and closed the evidence.
6. We have heard the ld. counsel for the parties and have also gone through the record of the case, carefully.
7. Admittedly, the father of the complainant had purchased Sovereign Gold Bonds in the year 2015-16 vide certificate No.SGB000001004295012-10044295046,Ex.C2 amounting to Rs.1,02,060/-. These bonds bore interest @2.75% per annum and were redeemable on 29.3.2014. However, there was an option for early redemption from 5^th year onward from the date of the issue of such bonds on the date on which the interest is payable. Father of the complainant i.e.  bearer of the bonds died on 26.2.2019 as per death certificate, Ex.C3. Wife of Narinder Pal Singh i.e. bearder of the bonds had already been died on 7.10.2017. Death certificate in this regard is Ex.C4. Since the only unmarried brother of the complainant had also died on 10.1.2002, therefore, the complainant is the only legal heir of her parents, as per the affidavit,Ex.C5. The complainant then approached the OPs for encashment of the said Sovereign Gold Bond bearing specific registration No.SGB000004295012-1004295046. Repeated mails and telephonic calls Exs.C7 to C16 were also made by the complainant but no heed was paid.
8. The OPs relied upon the guidelines of RBI, Ex.OP3/Ex.OP7, on the basis of which ld. counsel for the OPs has argued that no nomination in the case of said Sovereign Gold Bond was made by the deceased in favour of the complainant. Also the complainant failed to produce any succession certificate in her favour . As such in the absence of any nomination and succession certificate, which was asked from the complainant, the redemption of the bonds cannot be made and same was repudiated.
9. Now since the succession certificate has been submitted by the complainant, as such the complainant  is entitled for redemption of the said bonds. The complaint is accordingly partly allowed and the OPs are directed to redeem the Sovereign Gold Bonds of Rs.1,02,060/- in favour  of the complainant alongwith  interest @2.75%  per annum from the date of issue till compliance of the said order.  Parties are left to bear their own costs.
10. The instant complaint could not be disposed of within stipulated period due to heavy rush of work, Covid protocol and for want of Quorum from long time.
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                                              G.S.Nagi                           S.K.AGGARWAL

                                              Member                          President

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