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Finance Co. asked to reimburse of current value of gold pledged in Year 2003

While rendering relief to a woman who failed to procure back her gold ornaments from Muthoot Finance Pvt. Ltd., which were pledged while taking a loan, NCDRC directed the Finance Company to reimburse the woman with the current value of 52 grams gold pledged in 2003 with it.

 While rendering relief to the complainant, Commission noted, “If the ornaments were sold, there has to be proof of sending notice to the complainant, as well as proof of the actual sale. Since no such record is available with the respondent, it must necessarily tell us, where the jewellery of the complainant is. That having not been done, the respondent must necessarily pay the current value of the gold ornaments which was stated to be Rs.1,14,400/- to the petitioner / complainant, after adjusting the principal amount lent to the complainant, along with the agreed interest.”

Article referred: http://blog.scconline.com/post/2016/07/15/muthoot-finance-pvt-ltd-asked-to-reimburse-of-current-value-of-gold-pledged-in-year-2003/

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