C VAMSHI KRISHNA Vs. MANAGEMENT OF KRISHNAM RAJU FINANCIERS
ANDHRA PRADESH STATE CONSUMER DISPUTES REDRESSAL COMMISSION
C Vamshi Krishna
MANAGEMENT OF KRISHNAM RAJU FINANCIERS
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(1.) COMPLAINANT is the appellant. Aggrieved by the order of the District Consumer Forum -II, Hyderabad in C. D. No.802/2001 the present appeal has been filed.
(2.) THE brief facts as set out in the complaint are that the complainant deposited an amount of Rs.10,000/ - vide Certificate No.2905 in the name of her minor grand -son in opposite party No.2, Finance Company, of which opposite parties 2 and 3 are Directors. The date of deposit is 30.7.1999 and date of maturity is 30.11.2002 and the maturity amount comes to Rs.20,016/ -. Subsequently, the company was closed and they were not paying the quarterly rate of interest. The complainant got issued a registered notice to opposite party No.1 and did not receive any reply and received information that the office was ceased by police and the postal department has endorsed accordingly. Hence he approached the District Forum seeking a direction for refund of the amount of Rs.10,000/ - with interest at 21% p. a. together with compensation of Rs.10,000/ - and costs of Rs.2,000/ -.
(3.) THE District Forum ordered substitute service on 7.8.2002 since notices were returned unserved on opposite parties 1 and 2 and on 25.9.2002 publication was filed and opposite parties were called absent. Thereafter, the complainant filed his affidavit.
The District Forum addressed itself to the issue and held that as per A. P. Protection of Depositors of Financial Establishment Act and Rules, 1999 which came into force on 1.11.1999, the Competent Authority to try cases of this nature is the Commissioner of Police, Hyderabad and Special Courts are constituted as per Sec.6 of the said Act. Based on this observation, the District Forum directed the complainant to approach this Competent Authority and seek redressal.;
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