Sunday,
June 9, 2002, Chandigarh, India
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Forum penalises finance company Ludhiana, June 8 According to a complaint, the consumer had deposited Rs 3,00,000 on February 1, 1997 as FDR for a period of three years with the said firm. The consumer, Mr Rajinder Pal Singh, stated before the forum that the amount was payable to him on February 1, 2000, with interest at the rate of 14 per cent per annum. Mr R.P. Singh said that after the expiry of stipulated period (three years), when he approached the respondent’s office for collection of the amount, he was surprised to know the company had closed office. He further added that he came to know that a case had been registered against the company and its officials, but nobody was there to listen to him. He demanded from the forum that he was entitled to recover the principal amount along with interest. The forum observed that according the documentary evidence produced before the forum, the complainant had deposited the said amount on February 1, 1997, as FDR which was payable on February1, 2000. The forum further observed that however the contention of the consumer, Mr R.P. Singh that the deposited amount was not payable with interest, was not correct. The forum stated that as per the FDR, the interest was to be paid on a monthly basis and the consumer should have filed his complaint when the monthly payment of interest was not made. The forum further stated that it could not be said that the interest was not paid. But the forum held that the principal amount deposited was payable to the consumer along with interest at the rate of 14 per cent from the date of deposit till actual payment. |
Painting contest Ludhiana, June 8 |
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