TATA FINANCE LIMITED Vs. PREMNATH PRASAD

JUDGEMENT

(1.) COUNSEL for the petitioner present. Arguments heard. Tata Finance Limited Mumbai -OP -1 floated Fixed Deposit (cumulative) Scheme. The complainant Sh. Premnath Prasad purchased four(4) Demand Drafts, each valued Rs.15,000/ - (Rupees Fifteen Thousand only) including Commission on 31.01.1997 from Syndicate Bank, Shillong, payable at Kolkata. The FDRs were handed over to broker Eastern Financer Limited having its office at Kolkata, which is the Broker of M/s TATA Finance Limited. It was the duty casts upon the Broker to send the FDR to TATA Finance Limited -OP -1.

(2.) THE complainant, however, received payment in respect of only one Fixed Deposit. He alleged that TATA Finance Company did not send the other three Fixed Deposits. He made the claim but the amount was not paid to him.

(3.) THE sequence of the correspondence between the paries runs as follows: -