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| Court says complainant is entitled to maturity amount plus interest | | | Early Times Report
JAMMU, Nov 1: In a 'finance scheme' case, the court of divisional forum, Jammu, has said that the complainant is entitled to maturity amount of Rs 1.5 lakh.In its directive, the court said the maturity amount be given along with interest at the rate of 12 per cent per annum with effect from May 12, 2003, to May 12, 2004.
The interest be given further also along with litigation charges of Rs 3,000, the court ordered.In her complaint, Uma Anand alleged that she had deposited money under a finance scheme with the 'Lachman Dass Om Prakash Bamba' firm, Dal Wali Gali, Kanak Mandi.
She alleged that the firm had invited deposits from people with the promise to refund money along with interest. Impressed by this offer, she had deposited Rs 1.5 lakh vide J&K Bank cheque No 4145488 as fixed deposit for 12 months with interest at the rate of 12 pc per annum.
Against the deposit, the firm had given her a fixed deposit receipt bearing No 008408 dated May 12, 2003.
She said the firm continued to pay interest on the deposit upto seven months, and thereafter stopped paying interest and also failed to encash the deposit receipt.
After the firm failed to pay the interest and the maturity amount, the complainant approached the court of divisional forum, Jammu.In a written reply to the court, the firm, however, refuted the allegations and stated that the complaint was hopelessly time barred
as it had been filed in 2006 after the statutory period of two years.
The firm owners said they dealt in the sale-purchase of wholesale goods. The complainant had contributed for the promotion of the business of the firm being a partner and not as a depositor. She was paid interest of her deposit till the firm suffered huge financial losses, they stated.
After hearing the two sides, the court said it was convinced to the argument that the complaint was filed after the period of limitation. "There is no reason to disbelieve the averments made by the complainant. We are also of the considered view that complainant is covered under the provisions of Consumer Protection Act being a consumer of the firm.
The conduct of the firm operators amounts to deficiency of service with regard to the complainant herein and also to unfair trade practices," the court said.
"The cumulative effect of what has been stated above is that the complainant is entitled to the maturity amount of Rs l,50,000 along with interest at the rate of 12 pc per annum with effect from May 12, 2003, to May 12, 2004. Further interest along with litigation charges of Rs 3,000 be also paid to the complainant," the court ordered. |
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