2000 (11) TMI 1144

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Manager of the said firms, opposite party No. 1. 3. They had invited public deposits for furtherance of their business. Attractive rate of interest was offered on deposits and prompt repayment of the principal amount with interest was also assured by the opposite parties. The complainants are husband and wife and they purchased 6 FDRs from the said firm. The first FDR was purchased on 20-10-1990 for an amount of Rs. 12,000 of Maha Laxmi Finance (Regd.) at the rate of interest of 18 per cent per annum for a period of 1 year. Thereafter the opposite party No. 1 promised to pay more attractive rate of interest at the rate of 24 per cent per annum on further investments. Accordingly, the complainants purchased 2 more FDRs from Maha Laxmi Fi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ent of the complainant No. 1. A claim has, therefore, been lodged before this Commission by the complainants for refund of the principal amount along with the interest amounting to Rs. 2,10,460. Besides the compensation of Rs. 1,50,000 for mental torture and agony to the complainants and Rs. 1,50,000 for damage and loss for breaking of the marriage of complainants' son and daughter has also been claimed. An amount of Rs. 5,000 spent by the complainants to visit the opposite parties' place along with Rs. 5,000 as cost of the proceedings have also been claimed. 5. Notices of the claim were issued to the opposite parties on 18-10-1997 and all the notices were not received back unserved. The service on the opposite parties was, therefore,....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....en mentioned. The opposite party Maha Laxmi Finance (Regd.) issued FDR for Rs. 12,000 with 18 per cent interest. All the remaining FDRs were issued by Maha Laxmi Finance Corporation and in all these FDRs the rate of interest has not been indicated although the address given in all the FDRs is the same, i.e., Friends Market near S.B.I. Shyamganj, Bareilly. A perusal of the affidavit filed by the complainants goes to show that Rs. 12,000 was taken on 18 per cent and subsequently the deposits were taken on 24 per cent interest but there is no other evidence to substantiate that 24 per cent interest was admissible on the amount of Rs. 89,000 subsequently deposited through various FDRs. All the FDRs issued by Maha Laxmi Corporation only indic....