9911796707
TMI Blog2001 (4) TMI 848X X X X Extracts X X X X X X X X Extracts X X X X ..... deposits under various schemes introduced by them from general public. The complainant had deposited certain amounts with the opposite party, in lieu of which the opposite party had issued fixed deposit receipts. The details as mentioned in the complaint are as under : Date of deposit Amount deposited Date of maturity Maturity value FDR No. 29-1-1999 Rs. 1,24,000 29-1-2000 Rs. 1,45,080 1216537 29-1-1999 Rs. 1,25,000 29-1-2000 Rs. 1,46,250 1220924 6-4-1999 Rs. 50,000 6-4-2000 Rs. 58,500 1246279 3. The complainant had approached the opposite party to get the maturity value after the maturit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not refunding the amount to the complainant ? 5. After considering the whole matter, the District Forum has held that complaint is maintainable. On second point, it was held by the District Forum that the opposite party was deficient in service and was held liable to refund the amount due to the complainant. Ultimately, the complaint was allowed and the opposite party was directed to pay to the complainant the maturity amount in respect of two receipts, i.e., Rs. 2,91,330 and Rs. 58,500 vide third receipt with interest at the rate of 15 per cent per annum from the date of maturity till actual payment, complainant was allowed Rs. 500 as costs also. 6. We have heard the learned counsels for the parties and have gone through the re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent basis. It is specifically stated in the receipts that the amounts of Rs. 1,24,000, Rs. 1,25,000 and Rs. 50,000 were received as security plus development/lease money and the maturity value payable on specific dates, i.e. , on 29-1-2000 and 6-4-2000 was fixed at Rs. 1,45,080, Rs. 1,46,250 and Rs. 58,500, respectively, and it was a pure and simple fixed deposit. It has been held by the Hon ble National Commission in Dhanalakshmi Consolidates Industries Ltd. v. C.S. Menon , III (1993) CPJ 299, that when a company or firm invites deposits promising attractive rates of interest, it amounts to rendering of financial service as it receives deposits from customers and pays interest thereon. In another case SOI Pharmaceuti- cals Ltd. v. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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