Firm told to cough up Rs 10K

Tribune News Service

Chandigarh, October 15

For not paying the maturity amount of a fixed deposit (FD) on time, a company has been penalised by the consumer forum here.

Jai Prakash Associates Limited, Noida, paid the money while the trial was on but was fined Rs 10,000 by the consumer forum and was also asked to pay the interest amount as promised, as well.

The complainants in the case were Vinod Verma and Kiran Verma, both residents of Sector 46 here. As per their complaint, Vermas were approached to invest in various schemes being offered by the company. They agreed to invest a sum of Rs 25,000 in the form of FD and opted for the scheme whereby agreed interest was at 12.50 per cent per annum.

The maturity amount of Rs 36,305 was to be paid after three years on July 10, 2015. It was alleged that when the opposite parties failed to repay the amount on maturity, the complainant got a legal notice served upon them, but the same failed to fructify. Later, then approached the consumer forum.

The company sent a reply via post but did not appear in person and the forum allowed that it be approached ex-parte. The forum observed, “deficiency in service on part of the company is proved from the fact that it paid the maturity amount of Rs 36,305 only after filing of a complaint by the complainant.”

The forum added that the complainant is entitled to interest at the agreed rate of 12.50 per cent per annum from July 11, 2015 till July 6, 2017. It is also proved that due to the deficient act, the complainant had to enter into present unnecessary litigation.

The forum thus directed the company to pay the interest as agreed upon on the principal amount of Rs 25,000. In addition, it was asked to pay Rs 5,000 as compensation on account of deficiency in service and causing mental and physical harassment and Rs 5,000 litigation costs.