SATISH MEHRA Vs. CANARA BANK

JUDGEMENT

(1.) This original complaint by Shri Satish Mehra, filed on 25.7.94 under Section 21 of the Consumer Protection Act, 1986 is directed against the Canara Bank seeking direction to them to make payment of two F.C.N.Rs. and interest thereon together with compensation/damages totalling Rs. 40.00 lakhs.

(2.) The allegations made in the complaint are these. The complainant and his wife Mrs. Anita Mehra were permanent residents of New York ard jointly opened Foreign Currency NonResident Fixed Deposit (F.C.N.R.) with the Canara Bank and obtained two F.C.N.Rs. The particulars of the said F.C.N.Rs. are these : FCNR No. Date of Issue Favouring Amount Maturity Value Due Date 22/91 22.11.91 Mr. Satish Mehra and Mrs. Anita Mehra 28111.29 31959.30 21.11.92 9/92 21.1.92 Mr. Satish Mehra & Mrs. Anita Mehra US $ 13387.39 US $ 15228.25 20.1.94

(3.) According to the complainant both F.C.N.Rs. No. 22 of 1991 and No. 9 of 192 were illegally renewed without the instructions of the complainant in favour of Mrs. Anita Mehra and F.C.N.R. 9/92 was renewed even before maturity date and thus the opposite party is guilty of deficiency of service and is liable to make payment of the above F.C.N. Rs. to the complainant alongwith up-to-date interest. It is averred that the action of the opposite party is in violation of the rules and regulations of the Reserve Bank of India and banking practice in India and abroad. The complainant alleges that because of the gross negligence of the opposite party in renewing the F.C.N.Rs. illegally at the instance of an unauthorised person, the complainant has been deprived enjoyment of the proceeds of the two F.C.N.Rs. in question. The complainant prays for a direction to the opposite party to make payment of the two F.C.N.Rs. in question and interest thereon together with compensation/damages totalling Rs. 40.00 lakhs. The complainant has not made either Mrs. Anita Mehra or Shri S.K.Khosla, the unauthorised person, as party to the complaint.