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BEFORE THE TELANGANA STATE CONSUMER DISPUTES

REDRESSAL COMMISSION : HYDERABAD.

F.A.No.488 OF 2022

AGAINST ORDERS IN C.C.168/2018

DISTRICT CONSUMER COMMISSION-III, HYDERABAD

Between:

1. The Chairman and Managing Director,

IDBI Bank Limited, Regd. Office: IDBI Tower,

WTC Complex, Cuffe Parade, Mumbai-400 005.

2. The General Manager & GRO,

Hyderabad Zone, 5-9-89/1 and 2, Chapel Road,

Hyderabad- 500 001.

………..Appellants/ Opposite Parties No.1 & 2

And:

1. Mrs. Esrath Yasmeen Khan, Alias Mrs. Yasmeen Fatima,

W/o Javid Hussain Khan, Aged about : 47 years,

Occ.: Business, H.No.17-9-128/2, Kurmaguda,

Beside Sayeed Function Hall,

Saidabad, Hyderabad – 500 023.

……….Respondent No.1/Complainant

2. The Registrar, KARVY Computershare Pvt., Ltd.,

Karvy Selenuim Tower B, Plot No.31 to 32,

Gachibowli, Financial District,

Nanakramguda, Hyderabad -500 032.

3. The Registrar, KARVY Computershare Pvt., Ltd.,

Plot No.17 to 24, Vittal Rao Nagar, Madhapur,

Hyderabad – 500 081.

…..Respondent No.2 & 3/Opposite Parties No.3 & 4

Note : Respondents No.2 & 3 are not necessary parties.

Counsel for the Appellants/Opposite Parties No.1 & 2 :

M/s.B.Harinath Rao

Counsel for the Respondent No.1/Complainant : M/s. F. Rafeeq

Ahmed

The Respondents No.2 & 3/Opposite Parties No.3 & 4 :

Not necessary parties.

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QUORUM:

HON’BLE SMT. JUSTICE DR.G.RADHA RANI, PRESIDENT

HON’BLE SMT. R.S. RAJESHREE, MEMBER – (NJ)

WEDNESDAY, THE 04th DAY OF FEBRUARY

TWO THOUSAND TWENTY SIX

*******

Order: PER HON’BLE SMT. JUSTICE DR.G.RADHA RANI, PRESIDENT

1. This appeal is preferred by the appellants/opposite

parties No.1 & 2 aggrieved by the orders of the District Consumer

Disputes Redressal Commission-III, Hyderabad in CC 168/2018

dated 29.04.2022.

2. The parties are herein after called as complainant and the

opposite parties No.1 & 2.

3. The General Power of Attorney (GPA) holder of the

complainant i.e. the husband of the complainant filed the

complaint on her behalf stating that he purchased an IDBI Deep

Discount Bond “96” in the name of the complainant as Y.Fatima,

with address shown as H.No.10-4-34/1/1, Ameer Manzil

Humayun Nagar, Hyderabad. As per the school records and other

official documents like Aadhar Card, Passport, PAN Card, Voter ID

etc., the name of the complainant was mentioned as Mrs.Esrath

Yasmeen Khan, but her husband chose her name as Mrs. Yasmeen

Fatima and purchased the bonds in the said name. The opposite

parties floated a scheme inviting applications for purchase of IDBI

Deep Discount Bond “96” in short “the bond” from the public at

large. The complainant also applied and paid Rs.5,300/- for the

issuance of bond which was payable after a period of 25 years,

with a maturity amount of Rs.2,00,000/-. The application was

accepted and the bond was issued vide Folio No.FDDB 1040206,

Certificate No.01087821 with an issue price of Rs.5,300/-, with

Distinctive Number 001087821, Face Value Rs.2,00,000/-. The 1^st

holder name as Y.Fatima, address as 10-4-34/1/1, Ameer Manzil,

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Humayun Nagar, Hyderabad and nominee as Javid Hussain. The

GPA holder of the complainant visited IDBI beside the Khan Lateef

Khan Estate, Fateh Maiden Road, Abids, Hyderabad in connection

with the redemption of the IDB Deep Discount bond “96”. The staff

asked him to send a request letter along with original bond and

Photostat copies of the documents required for redemption of the

bond, duly attested. The GPA holder submitted the said documents

on 19.08.2017, acknowledgement was received from M/s Karvy

Computers Pvt., Ltd. The office of M/s Karvy Computers Pvt., Ltd.,

returned the documents thrice requesting to submit some more

documents. As per the bonds, the maturity value of it on early

redemption by either party was as under:-

 On 01.08.2000 Rs. 10,000/-

 On 01.12.2000 Rs. 25,000/-

 On 01.09.2011 Rs. 50,000/-

 On 01.06.2016 Rs.1,50,000/-

Inspite of acknowledging the liability of payment of principal

balance amount of Rs.2,00,000/-, the opposite parties miserably

failed to make payment of the said amount, as such, the

complainant lodged the complaint u/s