ORDER :

Mr. K. Chandradas Nadar, Judicial Member-This is a complaint filed under Section 17 of the Consumer Protection Act. The complainant is a company registered under the Companies Act having licence to conduct financial business from the Reserve Bank of India. The complainant company accepts deposits and lends money against gold through its branches all over India. The complainant has a branch at Shalimar bagh, Delhi. The complainant took policy for Rs. 75 crores from the opposite party. A memorandum of understanding was executed between the complainant and the opposite party. The policy between the parties covered risks among other things from burglary and house breaking covering the gold and gold ornaments pledged and stored in the premises or branches of the insured inside safes or strong room vaults and locked. As per the terms of the memorandum of understanding in case of burglary of gold and gold ornaments the weight of gold for calculating compensation will be the gross weight of gold. It is alleged in the complaint that burglary took place at the Shalimarbagh branch of the complainant company on 29.1,2009. Gold ornaments weighing 11432.30 gms and cash for Rs. 2.30 lakh w