P THIAGARAJAN Vs. INDIA OVERSEA BANK

JUDGEMENT

(1.) AFTER hearing both sides at length we consider that the dispute between the parties can be satisfactorily resolved by giving the following directions.

(2.) THE entire amounts due under the fixed deposit receipts which form subject matter of the controversy between the parties in these two cases as calculated up to the date of conversion shall be converted into fresh fixed deposits with the first Opposite Party-Bank in the sole name of the Complainant-P. Thiagarajan. Such deposits shall be in the same currency as the existing deposits and the same shall be created with the Coimbatore Main Branch of the Indian Overseas Bank. The Deposits shall be repayable only after a period of three years. On such conversion of the existing deposits in the name of Shri P. Thiagarajan, Opposite Party No. 1 Bank shall stand fully discharged of all its liabilities and obligations under the Original deposits to all the depositors namely Shri P. Thiagarajan, Mr. P. Sivalingam and Mr. Seetha Lakshmi who are all parties to the present proceedings before this Commission. Mr. Thiagarajan shall not be entitled to seek or obtain premature encashment of the new fixed deposits and he shall not create encumbrance of any nature over those deposits until the full period of three years specified above elapses. The aforesaid conditions shall be endorsed by the Bank on the new fixed deposit receipts to be issued to Shri P. Thiagarajan.

(3.) COUNSEL appearing for the Complainant submitted before us that the complainant is not pressing any of the allegations made in the petition attributing deficiency in service to Opposite Party No.1 Bank. This submission is recorded.