SANTOSH SAWHNEY vs ANAND PRATYABHOOT VIT NIGAM LTD

BRIEFLY the facts are that the complainant deposited a total amount of Rs. 1,44,998/- on different dates as detailed below with the defendant: S. No. FDR No. Date Amount Rate of interest Maturity annum per 1 2 3 4 5 6 1. 4308 17.12.88 10,000/- 14% 17.12.89 2. 4311 18.12.88 20,000/- 14% 18.12.89 3. 4351 27.4.88 11.000/- 27% 27.4.89 4. 4371 27.5.88 15,000/- 27% 27.5.89 5. 4379 28.5.88 19,000/- 27% 28.5.89 6. 10103 21.6.88 20,000/- 27% 21.6.89 7. 10358 7.9.88 50,000/- 12% 7.9.91

THE. defendant paid interest upto June''89 on Fixed Deposit Receipts at S.Nos. 1 & 2 and upto May''89 on F.D. Receipts mentioned at S.Nos. 3 to 6. It paid no interest on F.D. receipt at S.No. 7. The defendant issued post dated cheques No. 868486 dated 18.3.90 for Rs. 65,000/- and No. 868491 dated 8.4.90 for Rs. 50,000/- in payment of FD Rs at S.Nos. 3 to 7, with a promise to pay the interest on the said receipts at a later date. The cheques were presented twice to the Bank but both the times they were not honoured. The defendant, it is pleaded, has not paid the amount inspite of repeated letters of demand. Hence the complaint has been filed by the complainant for recovery of Rs. 1,45,000/- with interest as agreed.

The defendant did not appear on 19.11.90 inspite of service. The. case was consequently adjourned to 10.12.90 and the defendant was proceeded against ex-parte. The representative of the defendant, however, appeared after the order of adjournment had been passed by the Commission and he noted the date. On 10.12.90 the defendant again did not appear.

THE representative of the complainant filed the affidavit of the complainant, Smt. Santosh Sawhney as evidence. She, in order to substantiate her claim, produced all the Fixed Deposit Receipts and agreements as mentioned above. From the receipts and agreements coupled with the affidavit of the complainant it is established that the complainant deposited an amount of Rs. 1,44,998/- with the defendant on the dates as mentioned above. It is admitted by the complainant in the complaint that she. received interest on the Fixed Deposit Receipts mentioned at S. Nos. 1 & 2 upto June''89 and on the receipts mentioned at S.Nos. 3 to 6 upto May''89. She. however, stated that she did not receive any interest regarding the F.D. receipt mentioned at S.No. 7 from the defendant. Consequently the complainant is entitled to interest (@ 14% per annum on Rs. 29,999/- the amount of receipts at S.Nos. 1 & 2 w.e.f. 1st July''89 till the date of payment and on Rs. 64,999/- the amount of receipts at S.Nos. 3 to 6 @ 15% per annum w.e.f. 1st June''89 till the date of payment. On the amount of Rs. 50,000/- she is entitled to interest (a) 12% per annum w.e.f. 7.9.88 till the date of payment. It may be mentioned that the agreed rate of interest on the receipts mentioned at S.Nos. 3 to 6 was 27%. We have, however, reduced the rate of interest from 27% to 15% per annum. With regard to other receipts we have given the interest at the agreed rate.

FOR the aforesaid reasons we accept the complaint and decree the complainant''s claim for recovery of Rs. 1,44,998/- with interest on Rs. 29,999/- w.e.f. 1st July''89 till the date of payment @14% per annum, on Rs. 64,999/- with interest @ 15% per annum w.e.f. 1st June''89 till the date of payment and on Rs. 50,000/- @ 12% per annum from 7.9.88 till the date of payment. The respondent is further directed to pay the said amount within a period of 6 weeks from today failing which appropriate action will be taken under the Consumer Protection Act. As the defendant has not contested the complaint therefore we make no order as to costs. Complaint allowed.