NIRMALA AGARWAL Vs. CHIEF MANAGER, BANK OF BARODA

JUDGEMENT

(1.) Heard Mr. Prakash Shah, Advocate, for the complainant, Mr. Arun Agrawal, Advocate, for opposite party-1 and Mr. Ramesh Babu M.R., Advocate, for opposite party-2.

(2.) Nirmal Agarwal has filed above complaint for directing Bank of Baroda to pay (i) Rs.15386807.00 i.e. his balance surplus amount; (ii) Rs.8104698.00, i.e. less amount remitted to Cargill; (iii) Rs.6782399.00, i.e. excess amount remitted to the beneficiary; (iv) Rs.53102528.00, i.e. less interest paid as per contractual obligation; (v) Rs.4279581.00, i.e. the amount deducted from the interest payable on the term deposits; (vi) Rs.638151134.00, i.e. debited on account of cancellation of foreign currency forward contract; (vii) Rs.3212292.00, i.e. loss suffered on account of cancellation of foreign currency forward contract; (viii) Rs.11336887.00, i.e. the commission charged on the letters of guarantee, cancelled unilaterally; (ix) Interest on these amounts @18% per annum from 21/3/2007 till the date of payment; (x) Rs.10000000.00, as compensation for business loss; (xi) litigation costs; and (xii) any other relief, which is deemed fit and proper, in the facts of the case. During arguments, the counsel for the complainant informed that after filing the complainant, the bank had paid Rs.3212292.00, i.e. loss suffered on account of cancellation of 'foreign currency forward contract' and Rs.11336887.00, i.e. the commission charged on the letters of guarantee.

(3.) The facts as stated in the complaint and emerge from documents, are as follows:-