MANAGING DIRECTOR KIRAN KRISHNA AGRO TECH LTD SITARAMADARA Vs. P V SHANTHA KUMARI R/O JOURNALIST COLONY

JUDGEMENT

(1.) Petitioner which was the Opposite Party before the District Forum has filed this Revision Petition against the order and judgment dated 22.11.07 passed by the State Consumer Disputes Redressal Commission, Andhra Pradesh (in short, 'the State Commission') in appeal No.617/05 whereby the State Commission reversing the order of the District Forum has allowed the appeal filed by the Respondent and directed the Petitioner to pay the maturity amount of Rs.4 lakhs to the Respondent along with interest @ 9% p.a. from 3.2.01 till the date of realization. Rs.3,000/- were awarded as costs.

(2.) Complainant/Respondent deposited an amount of Rs.2,00,000/- on 1.8.97 with the Petitioner under its fixed deposit scheme by way of DD No.539265 for Rs.75,000/- and DD No.164894 for Rs.1,25,000/-. Petitioner issued temporary receipt Nos. 717 and 718 respectively and later on issued permanent receipt Nos. 2332 and 2333 on 3.8.97 for Rs.1,00,000/- each. The maturity date of the deposit receipts was 1.3.2001 (i.e. 31/2 years). On the date of maturity, Respondent approached the Petitioner and requested it to pay the maturity value of the FDRs, i.e., Rs.4,00,000/-. Petitioner after receiving the duly discharged permanent deposit receipts assured the Respondent that the DD for the total amount of Rs.4,00,000/- would be sent within a week. But, Petitioner did not pay the maturity amount of the deposit receipts to the Respondent. Respondent, being aggrieved, filed the complaint before the District Forum seeking a direction to the Petitioner to pay the maturity value of the deposit receipts.

(3.) District Forum dismissed the complaint by observing as under:-