STANLEY LAWRENCE PEREIRA Vs. STANDARD CHARTERED BANK

JUDGEMENT

(1.) The appellant / complainant had taken four fixed deposits from Grindlays Bank, Cochin, predecessor in interest of the respondent Standard Chartered Bank. He then shifted to Abu Dhabi, where he took a loan from the respondent against pledge of the said fixed deposits. The said loan was followed by a top up loan taken at Abu Dhabi. The said loans having not been paid, the FDRs taken by the complainant / appellant were compulsorily closed by the bank and transferred to its Abu Dhabi Branch. The amount outstanding in the loans was much less than the maturity proceeds of the FDRs. The said amount having not been paid to the complainant / appellant, he approached the concerned State Commission by way of a consumer complaint.

(2.) The complaint was resisted by the respondent.

(3.) The State Commission vide impugned order dated 27.10.2012 directed as under: