National Consumer Disputes Redressal
Post Master General And Ors. vs The Khanyara Co-Operative Forest ... on 25 May, 2005
Equivalent citations: I(2006)CPJ149(NC)
ORDER
B.K. Taimni, Member
1. Petitioner , was the opposite party before the District Forum, where the respondent/complainant, Khanyara Co-operative Forest Society Ltd., had filed a complaint alleging deficiency in service on the part of the petitioner.
2. Very briefly the facts of the case are that the respondent/complainant purchased National Savings Certificate for Rs. 10,000 (2 of Rs. 5,000 denomination each) on 10.7.1985. This was to mature on 10.7.1991 when the respondent upon maturity approached the petitioner to pay the maturity amount, this was refused, as according to them, the purchase by the complainant was irregular. However to resolve the issue the matter was taken up by petitioner with the Ministry of Finance who regularized issue in favour of the complainant vide its letter dated 27.8.1997. Therefore, when the maturity amount of Rs. 20,015 was offered in 1997, the complainant refused to accept this amount as it did not carry the interest for the period 10.7.1991 up to year 1997, i.e., when the maturity amount on 10.7.1991 was offered. Since the petitioner was not settling the issue, a complaint was filed before the District Forum, who after hearing the parties directed the petitioner to pay the maturity amount of Rs. 20,015 along with interest @ 12% with effect from 11.7.1991 till the date of payment along with cost of Rs. 300. An appeal filed by the petitioner before the State Commission was dismissed, hence this revision petition before us.
3. We heard the learned Counsel for the petitioner. The learned Counsel for the respondent remained absent despite having known the date from the last date of the hearing.
4. We perused the material on record and heard the learned Counsel for the petitioner. The basic facts are not disputed hence not being reproduced. The issue still remain is that the National Savings Certificates were in the name of Khanyara Co-operative Forest Society Ltd. The con tents and the formulation of the scheme were well known to the petitioner yet for good or not so good reasons they went ahead and issued National Savings Certificates which as per rules were not regular. It is amazed that they did not find out this irregularity for the currency of the deposit, i.e., from 10.7.1985 to 10.7.1991. After the complainant approached for encashment only then the petitioner wake-up from his slumber and in our view rather irresponsibly told the complainant about the irregularity which in our view lay in the domain of the petitioner. Be that as it may, to resolve the issue the matter was taken up with the Ministry of Finance, who regularised the matter in favour of the complainant and the maturity amount was thus offered in the year 1997 to the complainant but without any interest for the interregnum period from 10.7.1991 to September 1997, but this was not acceptable to the complainant. It cannot be denied that since the maturity amount, for all this period was lying, at the cost of the complainant, with the petitioner, we see no reason to depriving the accrued benefit to the complainant, hence in our view, the complainant shall be entitled for interest even after the period of maturity. Having said that we find that the District Forum in its order erred in granting the interest @ 12% with effect from 11.7.1991 till its payment. In our view, the complainant at best would be entitled to interest @ 12% from the date of maturity, i.e., 10.7.1991 till September, 1997 when this amount was offered but was refused. The best course would have been that the complainant should have accepted the amount and contested for the interest for the balance period. Be that as it may, in view of above, we modify the order passed by the District Forum and confirmed by the State Commission to the extent that the complainant shall be entitled to interest @ 12% with effect from 11.7.1991 till 30.9.1997 along with cost awarded by the District Forum. As per our order dated 2.8.1999, the maturity amount had already been paid. The petitioner shall rework the interest payable as per direction given above and make this payment within a period of 6 weeks from the date of this year.
5. No order as to costs.