Pune consumer forum orders DS Kulkarni & Associates to pay Rs 3.71 lakhs to investor

NPnews24 Online Pune : In a major boost to investors fight, the Pune district consumer disputes redressal forum has ordered the DS Kulkarni & Associates to refund a depositors Rs three lakhs with Rs 51,195 as interest and Rs 20,000 as litigation cost.

Vilas Dnyoba Ghorpade of Nana Peth had filed the complaint before the forum in 2017. On 04/04/2016, he kept an amount of Rs 3,00,000 with DS Kulkarni & Associates as fixed deposit for a period of 24 months with interest @ 12% p.a., vide a cheque dated 01/04/2016 drawn on the State Bank of India, Main Branch, Pune; with a request to credit the monthly interest into his savings bank account with the State Bank of India, Main Branch, Pune.

The company gave him an acknowledgement slip dated 30/03/2016 towards the above transaction. Thereafter, post-dated cheque dated 04/04/2018 was issued by the company to the complainant towards the repayment of the principal amount of Rs 3,00,000. Said cheque was drawn on the Bank of Maharashtra, Bajirao Road Branch, Pune. Together with above-mentioned post-dated cheque, Complainant also received a communication dated 04/04/2016 from the company showing details of maturity value and gross interest. However, it was seen from the details of maturity value and cross interest that the figures of interest are not uniform for each month but are variable. When the Complainant asked about variation, the company told that since the number of days in each month is not exactly the same, there is variation in the figures of interest amount.

“This clearly means that the interest being given by the company is based on the number of days in each month and not a month as a whole. Interest was credited up to the month of October-2016. On the date 28/02/2017, the Complainant handed over a letter to the company. Complainant made it clear that financial position of the company is in dwindling state and this fact is further strengthened by the market reports also. In the circumstances, the Complainant conveyed his decision to withdraw from the scheme. The Complainant also requested to credit the amount of interest till date and return the principal amount of Rs 3,00,000 forthwith”, the complainant submitted to the forum.

The complainant further alleged that even though he has been consistently pursuing the matter with the company, the complainant did not receive his dues. Hence, he filed complaint with the consumer forum.

The forum had issued notice to the company but the company officials did not file any written version. Hence, the Forum passed an order directing to proceed without written version of the DS Kulkarni & Associates.

After going through the documents submitted by the complainant, the forum stated, “It is seen from the details of maturity value and gross interest that the figures of interest are not uniform but are variable. Complainant admitted that interest was credited to his savings bank account up to the month of October-2016. Complainant has filed on record return memo in respect of the cheque issued by the Opposite Party (company) towards the principal amount of Rs.3,00,000 which was returned dishonored with the remark of ‘Account Stopped’ on the date 23/04/2018. It is clear from the record that the Complainant deposited his amount of Rs.3,00,000 as fixed deposit for a period of 24 months as per, ‘Non-Cumulative Scheme (ECS Monthly)’. Maturity date of fixed deposit was 04/04/2018. Post-dated cheque which was issued by the Opposite Party to the Complainant, dated 04/04/2018, returned dishonored with remark, ‘Account Stopped’. It clearly reveals from the documentary evidence produced by the Complainant that the Opposite Party did not pay the principal amount as well as rate of interest mentioned in the details of maturity value and fixed deposit receipt. As the Opposite Party withheld the legitimate amount of the Complainant without any sufficient reason, that amounts to ‘deficiency’ in service on the part of the Opposite Party.”