BRANCH MANAGER SAHARA INDIA Vs. PENNUMALLU RAMU

JUDGEMENT

(1.) -the complainants, that is the respondents herein have deposited in all a sum of Rs.7000/- with the appellant that is, the opposite Party in C. D. No.825 of 1991.

(2.) According to the scheme, they have to make deposit every year and on maturity they will be entitled for refund of the same with bonus. But the complainants have paid only one instalment each and failed to pay the balance of the instalments. Therefore, they filed the complaint after expiry of five years period stating that they are entitled for refund of the actual deposit by them with interest.

(3.) This claim was opposed by the opposite party mainly on the ground that, according to the terms and conditions of the scheme, the complainants are not entitled to any interest as they have paid only one instalment each and thereafter committed default in payment of the instalments. Since the claim was made after the period of five years, after starting of the scheme, accordingly they are not entitled for the refund of the actual amount deposited without deduction of any commission, and not entitled to any bonus or interest.