Puneet Kaur vs Hindustan Financial Management Ltd

THIS complaint has been filed by the complainant Mrs. Puneet Kaur Tucker through her Attorney Mr. Surjit Singh alleging deficiency in rendering service on the part of opposite parties.

FACTS of the case are that the complainant is a non -resident Indian settled in USA and from her remittances, deposited Rs. 22,40,000/ - with the 1st opposite party under a deposit scheme floated by it. For this Deposit, a receipt was obtained. The scheme envisaged deposit for a period of 3 years and the deposited amount was to carry interest at the rate of 18.80 per cent per annum. In the present case, Public Deposit Receipt issued by the 1st opposite party gives out the amount deposited (Rs. 22.40 lakhs). Rate of interest (18.80 per cent) and the maturity amount of Rs. 35,03,360/ -. The receipt is issued on 7.6.1997 showing the date 8.4.1997 from which interest was payable and Due date is given out as 7.4.2000. After the date of maturity, when the complainant approached the opposite parties, it did not evince any response. A legal notice was also issued on 10.9.2001, still no response was forthcoming. It is in these circumstances that this complaint was filed alleging deficiency on the part of opposite parties and praying for following reliefs : Directing the opposite parties to pay the following amounts : (a) Maturity value of the said Fixed Deposit i.e upto 7.4.2000 Rs. 35,03,360/ - (b) Interest at the rate 18.80 per cent per annum from8.4.2000 to the date of filing of this complaint on Rs. 35,03,360/ - Rs. 11,52,618.60 (c) Compensation for harass - ment and mental agony caused to the complainant Rs. 5,00,000/ - (d) Costs of this complaint Rs. 25,000/ - Total Rs. 51,80,978.60

A notice was issued to the opposite parties for 25.7.2002 but neither anyone appeared nor any reply filed, hence it was decided to proceed ex parte. Affidavits by way of evidences were filed by the complainant and arguments were heard.

WE have seen the material on record and the unrebutted evidence by way of affidavit filed by the Attorney holder and find that the Public Deposit Receipt issued by Authorised Signatory of opposite party -1 is on record showing receipt of Rs. 22,40,000/ - as well as the amount on maturity to be Rs. 35,03,360/ - and the date of maturity being 7.4.2000. We have no denial or rebuttal of above. Since all these facts have been stated in the affidavit and since they are not rebutted, they are held to be final piece of evidence, requiring no other proof. In the circumstances, this complaint is allowed and the opposite parties are directed to pay Rs. 35,03,360/ - i.e., the maturity amount as per terms of Public Deposit Receipt issued by the 1st opposite party along with interest at the rate of 12 per cent per annum from 8.4.2000 till the date of payment. Cost of litigation is fixed at Rs. 10,000/ -. All payments shall be made within six weeks of the order failing which the rate of interest payable on maturity amount shall go up to 18 per cent per annum. Complaint allowed.