IMPORTANT POINT
Non-payment of amount of Fixed Deposit Receipt in accordance with the terms thereof amounted to deficiency in service.

S.C. Vyas, President—This order will govern disposal of Appeal No.603/2004, 604/2004, 605/2004 and 606/2004, which have arisen out of a common order passed by the District Consumer Disputes Redressal Forum, Durg (hereinafter called as “District Forum” for short), in Complaint Case Nos.140/2001, 141/2001, 142/2001 and 181/2001, dated 30.10.2004. For the purpose of convenience, facts of Complaint Case No.140/2001, will be taken into consideration. For reference, the parties will be referred hereinafter as Complainant/OPs, which were their capacity before the District Forum. Original copy of this order be retained in file of Appeal No.603/2004 and copies be placed in the record of remaining three Appeal Nos. 604/2004, 605/2004 and 606/2004.

2. It is not in dispute that the appellant herein, who was OP No.1 before the District Forum is Non-bankiong Financial Institution and works in the name of Shrachi Securities Limited and was having a branch at Bhilai also and Head Office at Kolkata. At Bhilai branch, it collects deposits from the depositors through its agents, who issues deposit receipts to such depositors and then pay back the maturity amount, along with interest after the maturity period. As per case of the complainant, in the year 1999, OPNo.2 Abhay Mishra, was working as Branch Manager of Bhilai Branch of OP No.1, who is appellant herein, later on OP No.2 was posted at Raipur. At the relevant time OPNo.3 Madhuri Rai, was agent of the appellant Company at Bhilai. Through her, complainant of Complaint Case No.140/2001. Hadku deposited Rs. 1,00,000 on 27.2.1999 in cash in a Fixed Deposit Scheme and receipt was provided to him by OP No.2 for such deposit. Fixed Deposit Certificate, was also issued in his favour showing date of maturity as 29.2.2000. Similarly complainants of other complaint cases, have also deposited various amount on different dates in the same Company through the same agent in cash and deposit receipts, were also provided to them by the appellant Company. On the date of maturity, the complainant asked the appellant herein, for payment of the amount of maturity. Letters were written and notice through Advocate, was sent along with Deposit Receipt and Fixed Deposit Certificate, but appellant herein, failed to pay the amount within a reasonable time and thereby committed deficiency in service, so consumer complaints, were filed by all the complainants separately.

3. In reply of the complaints, the appellant herein, refuted allegations levelled against it. It has been stated that at the relevant time, one Sushil Rai was posted as Branch Manager at Bhilai branch and Abhay Mishra, was posted as Branch Manager at Raipur Branch. It has also been averred that as per guidelines of Reserve Bank of India and provisions of the Income Tax Act, more than Rs. 20,000, could not be invested in cash and that much amount, can only be paid by an account payee cheque or bank draft. The same was the policy of the appellant Company and therefore, the complainants, have also deposited the money through cheque and then fixed deposit receipts, were issued in their favour having the condition that it would be subject to realization of the cheque or bank draft. Later on such cheques were dishonoured by the Bank and therefore the Fixed Deposit Receipts issued by the appellant Company, were not to be acted upon and became void. In view of this position, the appellant has denied payment of any amount and thus committed no deficiency in service.

4. OP No.2 has also supported the case of OP No.1. Whereas, OP No.3, who was agent of the appellant herein, has supported the case of the complainant and averred that Abhay Mishra was working as Marketing Executive in the branch of appellant, situated at Civic Centre, Bhilai. Later on that branch was closed in the month of April1999, thereafter Abhay Mishra was shifted to Raipur. It has also been stated by her that all the complainants have deposited the amount in cash and when the matu