UCO BANKS Vs. M R PANDIT

JUDGEMENT

(1.) PETITIONER was the opposite party before the District Forum, where the respondent/complainant had filed a complaint alleging deficiency in service on the part of the petitioner.

(2.) BRIEF facts of the case are that the complainant who was an employee of the petitioner took advantage of the Voluntary Retirement Scheme (VRS). The term of scheme envisaged 50% of the benefit of the VRS to be paid in cash and the other 50% to be kept in fixed deposit for a period of 5 years from the date of retirement with interest payable @ 10% p.a. with half-yearly interest. The undisputed facts of the case are that the complainant was voluntarily retired on 1.7.2001 and he was granted ex gratia amount of Rs. 10,25,800/- of which 50% was paid in cash and remaining 50% amount was kept in FDR on 24.7.2001 and the maturity date was intimated at 24.7.2006. During the currency of this period, there was a change in the scheme as a result of which the total amount was transferred to Savings Bank Account on 23.12.2002 carrying an interest @ 8% p.a. thus, causing a loss of 2% p.a. to the complainant. It is in these circumstances, a complaint came to be filed before the District Forum alleging deficiency in service on the part of the petitioner. The District Forum after hearing the parties directed the petitioner to pay interest @ 10% for the period on the amount of Rs. 5,12,900/- from 24.7.2001 till the date of the payment on 23.12.2002, along with compensation of Rs. 5,000/- for mental agony and Rs. 500/- as costs. Aggrieved/dissatisfied with this order, both the parties filed appeals before the State Commission. While the appeal filed by the complainant was dismissed, the appeal filed by the petitioner was partly allowed by way of deleting amount of Rs. 5,000/- awarded for mental agony. Not satisfied with this order, the petitioner has filed this revision petition before us.

(3.) WE heard the learned Counsel for the petitioner at length.