PUNEET KAUR Vs. HINDUSTAN FINANCIAL MANAGEMENT LTD

JUDGEMENT

(1.) THIS complaint has been filed by the complainant Mrs. Puneet Kaur Tucker through her Attorney Mr. Surjit Singh alleging deficiency in rendering service on the part of opposite parties.

(2.) FACTS of the case are that the complainant is a non -resident Indian settled in USA and from her remittances, deposited Rs. 22,40,000/ - with the 1st opposite party under a deposit scheme floated by it. For this Deposit, a receipt was obtained. The scheme envisaged deposit for a period of 3 years and the deposited amount was to carry interest at the rate of 18.80 per cent per annum. In the present case, Public Deposit Receipt issued by the 1st opposite party gives out the amount deposited (Rs. 22.40 lakhs). Rate of interest (18.80 per cent) and the maturity amount of Rs. 35,03,360/ -. The receipt is issued on 7.6.1997 showing the date 8.4.1997 from which interest was payable and Due date is given out as 7.4.2000. After the date of maturity, when the complainant approached the opposite parties, it did not evince any response. A legal notice was also issued on 10.9.2001, still no response was forthcoming.

(3.) A notice was issued to the opposite parties for 25.7.2002 but neither anyone appeared nor any reply filed, hence it was decided to proceed ex parte. Affidavits by way of evidences were filed by the complainant and arguments were heard.