STATE CONSUMER DISPUTES REDRESSAL COMMISSION MADHYA PRADESH FIRST APPEAL NO. SC/23/FA/585/2013 BHARTIYA LAGHU UDYOG NIGAM PRESENT ADDRESS - null,MADHYA PRADESH.

.......Appellant(s)

Versus K.R.WAGHMODE PRESENT ADDRESS - null,MADHYA PRADESH.

.......Respondent(s)

BEFORE:

HON'BLE MRS. JUSTICE SUNITA YADAV , PRESIDENT HON'BLE MRS. DR. MONIKA MALIK , MEMBER FOR THE APPELLANT:

BHARTIYA LAGHU UDYOG NIGAM FOR THE RESPONDENT:

K.R.WAGHMODE DATED: 16/10/2025

ORDER

M. P. STATE CONSUMER DISPUTES REDRESSAL COMMISSION, PLOT NO.76, ARERA HILLS, BHOPAL FIRST APPEAL NO. 476 OF 2013

(Arising out of order dated 08.02.2013 passed in C.C.No. 473/2007 by District Commission, Bhopal)

S/O LATE L.K.WAGHMODE,

3. HIMANSHU WAGHMODE, ALL R/O G-122/46, SHIVAJI NAGAR, BHOPAL AT PRESENT R/O 29, BANSAL VIHAR COLONY, E-8 EXTENSION, TRILANGA, BHOPAL-462 039 … APPELLANTS.

Versus SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA THROUGH GENERAL MANAGER, SME VIKAS KENDRA, C-11, G-BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST)

MUMBAI-400 051 BHOPAL OFFICE:

SHIKHAR WARTA BUILDING, 3RD FLOOR, PRESS COMPLEX, M.P.NAGAR, ZONE-I, POST BOX NO.24, BHOPAL-462 011 .... RESPONDENT.

FIRST APPEAL NO. 585 OF 2013 (Arising out of order dated 08.02.2013 passed in C.C.No. 473/2007 by District Commission, Bhopal)

SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA THROUGH GENERAL MANAGER, SME VIKAS KENDRA, C-11, G-BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST)

MUMBAI-400 051 BHOPAL OFFICE:

SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA THROUGH ASSISTANT GENERAL MANAGER, 20-A, ZONE-I M.P.NAGAR, BHOPAL-462 011 … APPELLANT.

Versus

1. K.R.WAGHMODE, S/O LATE L.K.WAGHMODE, 2. MS. ANJIRA WAGHMODE, -2-

W/O SHRI K.R.WAGHMODE, 3. HIMANSHU WAGHMODE, ALL R/O G-122/46, SHIVAJI NAGAR, BHOPAL AT PRESENT R/O 29, BANSAL VIHAR COLONY, E-8 EXTENSION, TRILANGA, BHOPAL-462 039 .... RESPONDENTS.

BEFORE :

HON’BLE JUSTICE SUNITA YADAV : PRESIDENT HON’BLE DR. MONIKA MALIK : MEMBER COUNSEL FOR PARTIES :

Shri Pankaj Waghmode, learned counsel for the complainants.

Shri Ashish Bargale, learned counsel for the opposite party-bank

O R D E R

(Passed On 16.10.2025)

Per Say Justice Sunita Yadav, President:

Aforesaid appeals arise out of the same order therefore they are taken up together and are being disposed of by this common order. Facts of the case are taken up from First Appeal No.476/2013 unless otherwise stated.

2. Aforesaid appeals arise out of the order dated 08.02.2013 passed by the District Consumer Disputes Redressal Commission, Bhopal (for short ‘District Commission) in C.C. No. 473/2007 whereby the District Commission has allowed the complaint filed by the complainants. The complainants have filed First Appeal No.476/2013 for enhancement of compensation and modification in the impugned order whereas the opposite party-

bank has filed First Appeal No.585/2013 for setting aside the impugned order.

3. Facts of the case in short as narrated by the complainant are that the complainant no.1 for himself and his family members on 01.02.1993 had purchased Deep Discount Bond Series-1 of the opposite party-bank under which Rs.1,00,000/- was to be paid on 01.02.2018 to the bond holder and on the issued bonds an option to encash the same was given in the 5th, 9th, 12th, 15th and 20th year from 01.02.1993. It is submitted by the complainants that they changed their address on 11.05.1997 and informed accordingly to the opposite party-bank vide letter dated 27.06.1997. It is alleged by the complainants that the opposite party-bank in the ninth year i.e. on 01.02.2002 by exercising bond option closed the bond of which intimation was received by them in June-2005. It is further submitted that on enquiry being made, it was informed that Rs.7,100/- per bond will be payable. It is submitted by the complainants that on closure of bonds in the 9th year i.e. on 01.02.2002 on the payable amount of Rs.9,600/- interst was also to be paid which comes to Rs.15,600/- per bond and therefore they were entitled to get Rs.93,600/- with interest @ 12% p.a. which was not paid and therefore there