https://www.taxtmi.com/caselaws?id=105959 Fixed-deposit arrangements with a finance company were treated as a service under the Consumer Protection Act, 1986 because depositors hire a repayment-and-interest facility for consideration, and default in repayment constitutes deficiency in service. The consumer forum's jurisdiction was not ousted by proceedings or orders under section 45QA(2) of the Reserve Bank of India Act, 1934, because consumer remedies operate in addition to other statutory remedies unless expressly barred. The contractual nexus was recognised where deposits were routed through authorised dealers and fixed deposit receipts recorded the essential terms. Financial crunch was not accepted as a legal basis to defer repayment, as the obligation to repay fixed deposits remains binding according to its terms. en-us Fri, 21 Jan 2000 00:00:00 +0530 Mon, 12 Mar 2012 11:28:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=105959 Fixed-deposit arrangements with a finance company were treated as a service under the Consumer Protection Act, 1986 because depositors hire a repayment-and-interest facility for consideration, and default in repayment constitutes deficiency in service. The consumer forum's jurisdiction was not ousted by proceedings or orders under section 45QA(2) of the Reserve Bank of India Act, 1934, because consumer remedies operate in addition to other statutory remedies unless expressly barred. The contractual nexus was recognised where deposits were routed through authorised dealers and fixed deposit receipts recorded the essential terms. Financial crunch was not accepted as a legal basis to defer repayment, as the obligation to repay fixed deposits remains binding according to its terms. Case-Laws Companies Law Fri, 21 Jan 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105959