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2000 (11) TMI 1144 - Commission - Companies Law
Issues:
Claim for refund of principal amount and interest on FDRs, Compensation for mental torture and agony, Claim for damages due to breaking of marriage, Cost of proceedings. Analysis: The complaint was filed by two individuals against two firms for not refunding the amount of fixed deposit receipts (FDRs) purchased by them. The complainants purchased 6 FDRs for a total of Rs. 1,01,000 with the intention to use the amount for their children's marriage. Despite multiple attempts, the opposite parties did not refund the amount after the maturity period, causing mental torture and financial losses to the complainants. The complainants demanded a refund of the principal amount along with interest totaling Rs. 2,10,460, compensation of Rs. 1,50,000 for mental agony, and Rs. 1,50,000 for damages due to the marriage not taking place. They also claimed additional amounts spent on visits and treatment. Notices were issued to the opposite parties, but as they did not respond, the case proceeded ex parte against them. Upon review of the evidence, it was found that the interest rates mentioned on the FDRs varied, with some indicating 18% per annum and others not specifying the rate. The terms and conditions stated that the interest would cease at maturity, making it difficult to prove the 24% interest rate claimed by the complainants. Regarding the claim for mental agony and damages, only a prescription for treatment was provided as evidence. The commission awarded Rs. 10,000 as compensation for mental harassment and agony, along with 18% interest on the deposited amount as per the terms, totaling Rs. 1,01,000. The opposite parties were directed to pay the principal amount with interest and the compensation within six weeks, along with Rs. 2,000 as the cost of proceedings. In conclusion, the complaint was partly decreed, granting the complainants the principal amount with interest and compensation for mental harassment, while rejecting the higher claim for damages due to the marriage not taking place.
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