This complaint coming up before us for hearing on 23.02.2010 in the presence of Smt M. Charulatha, advocate for complainant and opposite parties remained absent and set exparte, upon perusing the material on record and having stood over till this day for consideration this Forum made the following:-
O R D E R
Per Smt T. Suneetha, Member :- This complaint is filed U/S 12 of Consumer Protection Act, 1986 by the complainant seeking directions on the opposite parties for payment of maturity amount of Rs.1,61,366/- for two units along with 24% interest, further sum of Rs.30,000/- towards compensation for mental agony and Rs.2,000/- for costs.
The brief facts of complaint are as follows:
The complainant is Amgothu Karam Chand Naik is resident of Guntur. The opposite parties are Viswam Agro Genetics Private Limited, Guntur. The opposite parties are doing business of sheep unit, income reinvestment deposit scheme and offered to sell the units.
The complainant on believing the opposite parties company purchased two bonds each worth Rs.3501/- on 01-07-95. The opposite parties gave two certificates b.Nos.6319/249 and 6307/249. After that the opposite parties have sent a letter dated 14-12-96 informing about insurance coverage to the certificate holders. Since 1998 there was no communication from the opposite parties. The complainant met opposite parties personally. The opposite parties pacified the customers and had given an assurance that they would pay the amounts as per the prescribed terms. But the opposite parties failed to pay the amounts. They are negligent towards complainant and there is deficiency in service. Hence, the complaint.
The complainant filed affidavit and submitted documents vide Exs.A-1 to A-4. Ex.A-1 is the unit holder certificates (2). Ex.A-2 is the letter from opposite parties dated 14-12-96. Ex.A-3 is the receipts (2) given by the opposite parties. Ex.A-4 is the personal accident insurance for one year by the New India Assurance Company Limited. Ex.A-5 is the sheep unit income re-investment deposit certificates dated 27-12-96.
The opposite parties remained absent inspite of service of notice. Hence, they are set exparte.
An uncontraverted allegation made in the petition as well as in the affidavit including the documents on record do establish the claim of the complainant for refund of maturity value of Rs.80,683/- under each certificate. The total sum is Rs.1,61,366/- under two certificates.
In the result, the complaint is partly allowed in part as indicated below:
- The opposite parties are hereby directed to pay the maturity value of two bonds amounting to Rs.1,61,366/-.
- The opposite parties are hereby directed to pay Rs.3,000/- towards compensation for mental agony pain and suffering and Rs.1000/- towards legal expenses.
- The amounts ordered above shall be paid within a period of six weeks from the date of receipt of copy of the order, failing which the amounts ordered above shall carry interest @9% p.a., till the date of reaslisation.
Typed to my dictation by junior stenographer, corrected by me and pronounced in the open Forum dated this the 25th day of February, 2010.
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MEMBER MEMBER PRESIDENT
APPENDIX OF EVIDENCE
No oral evidence is adduced on either side
DOCUMENTS MARKED
For Complainant:
Ex.A-1 is the unit holder certificates (2).
Ex.A-2 is the letter from opposite parties dated 14-12-96.
Ex.A-3 is the receipts (2) given by the opposite parties.
Ex.A-4 is the personal accident insurance for one year by the New India Assurance Company Limited.
Ex.A-5 is the sheep unit income re-investment deposit certificates dated 27-12-96.
For Opposite parties: NIL
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PRESIDENT
