Legal Question in Consumer Law in India

My question is about a bank whose manager offered me an insurance scheme claiming it as an one time investment of Rs 50,000 in 10 years but after 14 days when i received the copy of the insurance policy,i came to realize it was an early investment of Rs 50,000.Without any further delay i requested the insurance company to return the said amount without any deductions but after 3 months i received the amount of Rs 48500 with a letter enclosed saying the deductions took place because of the fluctuation in the stock market. I've filed a case in the consumer court for deficiency in service, concealment of the material facts and under cheating.Please suggest me how to proceed in the moot court and other such prayers.thank you


Asked on 2/08/13, 12:10 am

3 Answers from Attorneys
Sanjay Kalra Sanjay Kalra & Associates

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Answered on 2/08/13, 12:16 am
Fca Prashant Chavan Expert Edge LLP

08.02.2013

Dear Sir / Madam,

(Daria / Kishangarh / Manimajra, Chandigarh, Punjab)

The bank manager is trying to pull a faster one on you saying that the difference is fluctuation in the market.

Your prompt action in the matter is well appreciated. Whenever you make a grievance redressal in the Consumer Court, you should simultaneously specify the claim amount as :

1. the wrongful deduction of Rs. 1,500/- plus;

2. interest loss @ 13.99% per annum (prevailing rate of interest on personal loan) from the date of clearing of the cheque to the date of receipt of the refund cheque on the amount which works out to Rs. 1,748.75 ps plus;

3. ancillary expenses minimum of Rs. 5,000/- incurred by you to obtain the policy, and the other fees paid to your counsel.

The total claim works out to approximately Rs. 8,248.75 ps.

Regards,

FCA Prashant Chavan

Mumbai

(You can also mail me for any further on-line advice at [email protected])

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Answered on 2/08/13, 7:01 am


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